SUBSIDY REINSTATED: The International Monetary Fund (IMF) estimates that the reintroduction of a gasoline subsidy in Nigeria could consume almost half of the country’s projected oil revenue this year. President Bola Tinubu halted the subsidy at in mid-2023 to help government repair its finances. However, the removal and a devaluation of the naira, led fuel prices to more than triple, fanning inflation and protests. The IMF said it expects the fuel subsidy to be phased out within two years, as a cash-transfer programme was implemented to cushion poor consumers. Photograph: Bloomberg
Edited by: Creamer Media Reporter
EMAIL THIS ARTICLE SAVE THIS ARTICLE
ARTICLE ENQUIRY
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
