Nigeria to Spend Nearly $4 Billion on Fuel Subsidies This Year ...Middle East

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Nigeria to Spend Nearly $4 Billion on Fuel Subsidies This Year
source : OILPRICE ( Middle East ) () 93
Nigeria is projected to allocate 5.4 trillion naira ($3.7 billion) in 2024—50% more than the previous year—to maintain stable petrol prices. Additionally, the country plans to borrow an extra 6.6 trillion naira to address budgetary deficits, according to a draft document reviewed by Reuters on Thursday, shining a light on the country’s troubled refinery industry. The "Accelerated Stabilisation and Advancement Plan" (ASAP), developed by the finance ministry in collaboration with private sector leaders and economists, aims to tackle…

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