Nigeria’s point out-owned Countrywide Petroleum Company used 1.78 trillion naira ($ 4.2 billion) on gasoline subsidies between January and July, according to the company’s latest data demonstrated on Wednesday, Aug.31.
Nigerian Finance Minister Zainab Ahmed warned previously this month that Africa’s premier oil producer could invest as a great deal as $ 16.2 billion upcoming year if subsidies are taken care of.
Successive governments in Nigeria have attempted unsuccessfully to remove or reduce subsidies, a issue of political sensitivity in the state of 200 million persons.
Nigeria imports all of its refined gas desires mainly because neighborhood refineries are shut because of to many years of neglect.
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