The rising cost of crude oil will increase the cost of Nigeria’s gasoline subsidy by nearly ten times what it had originally budgeted, Nigeria’s President Muhammadu Buhari said in a recent letter to lawmakers. Nigeria’s Petroleum Motor Spirit subsidy is now set to cost 4 trillion naira this year, or $9.6 billion. This compares to Nigeria’s previous projections, which called for just 443 billion naira in gasoline subsidies. Even though Nigeria is a major producer of crude oil, the high price of crude oil has come with drawbacks…
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