Petroleum Sector Nigeria slashes fuel subsidies by 90 per cent

The Federal Government plans to gradually phase out the subsidy payments, after an unsuccessful attempt to stop them completely in 2012.

  • Published:
Minister of Finance, Dr. Ngozi Okonjo-Iweala play

Minister of Finance, Dr. Ngozi Okonjo-Iweala

(Goldmyne)
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Nigeria has reduced petrol subsidies by 90 percent this year due to the global decline in oil prices.

The Federal Government plans to gradually phase out the subsidy payments, after an unsuccessful attempt to stop them completely in 2012.

Nigeria suffers from frequent oil crises despite being Africa's biggest producer, due to its abandoned refining system.

It is thus forced to import the bulk of the 40 million litres of fuel it consumes per day.

The National Assembly allocated the sum of N145.2 billion for oil subsidy payments in the 2015 fiscal budget as against the N971.14 billion budgeted in 2014.

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