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Nigeria: Removal of fuel subsidies suspended

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Nigeria has suspended the planned removal of subsidies on petroleum products by June this year, saying it was not a “favourable time for the action”.

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

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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 (£640m) 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.

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Africa’s biggest economy set aside 3.36 trillion naira ($7.3bn) 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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