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

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.

'Given the current rates, fuel subsidy expenditures are expected to reach 5.4 trillion naira by the end of 2024, compared to 3.6 trillion naira in 2023 and 2.0 trillion naira in 2022,' stated the finance ministry in the draft document. Presidential aide Bayo Onanuga noted that President Tinubu received the draft on Tuesday, highlighting that it is a proposal with suggestions for enhancing the Nigerian economy.

Fuel Fuel Prices Subsidies Dangote Tinubu

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