“N15trn Subsidy Under Tinubu Amid Fuel Scarcity”
The Nigerian government, under President Bola Tinubu, has spent N15.096 trillion on petrol subsidies in 14 months, exacerbating fuel scarcity across the country. Despite Tinubu’s initial declaration to remove the subsidy, the naira’s devaluation and high landing costs of petrol have led to a significant increase in subsidy spending. Economists and industry experts argue that this spending negatively impacts government revenue and hinders efforts to stabilize the fuel market. The situation is worsened by the inability of private marketers to import petrol due to forex challenges, leaving the state-owned NNPC as the sole importer.
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