In January 2012, in an effort to repair its tattered economy, President Jonathan eliminated the country"s fuel subsidy, which costs the government about $8 billion a year. The move caused fuel and food prices to double. Streets protests and strikes broke out all over the country, and Jonathan relented and partially reinstated the subsidy. Nigeria produces two million barrels of crude oil a day, but because of inadequate refineries—the result of poor management and corruption, the country exports most of the crude and imports gas. A series of corrupt governments has profited handsomely by the oil sales while about 75% of the country lives in extreme poverty.