Nigeria has reduced petrol subsidies by 90 percent this year due to the global decline in oil prices.
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.
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.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Tinubu secures $600m seaport investment from Danish company
‘Warri Boys in Lagos’ launches ₦1bn appeal fund for multipurpose complex
Tinubu grants approval for design of Sokoto-Badagry Coastal Highway - Umahi
Ganduje: IGP lauded for withdrawing police attached to Kano anti-graft commission
Gunmen brutally murder Aiyedatiwa’s campaign coordinator in front of his house
Tinubu best thing to happen to northern Nigeria - Arewa group
Nursing mothers lament high cost of diapers, mull alternative
PDP wins chairmanship seats in all 33 LGs in Oyo State
Air Force strikes terrorists in Niger and economic saboteurs in Niger Delta
ADVERTISEMENT