Nigeria suspends the  removal of fuel subsidies

Nigeria has suspended the removal of subsidies on petroleum products  saying it was not a “favorable time for the action”.

Nigeria’s Finance Minister Zainab Ahmed said the council would continue talks with the incoming administration.

President-elect Bola Tinubu plans to stop subsidy payments once he assumes office in May this year.

Earlier this month, the federal government secured $800m in grants from the World Bank to scale up its national social programme ahead of removing its petroleum subsidies in mid-2023, aimed at reducing the impact of fuel subsidy removal.

Africa’s biggest economy set aside 3.36 trillion naira this year to spend on petroleum subsidies until mid-year 2023 when it will cease payments.

Nigeria is one of Africa’s largest crude oil producers but imports petroleum products due to malfunctioning refineries.

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