Nigeria saved $20 billion by ending petrol subsidies, but faces debt and potential subsidy return.

Nigerian Finance Minister Wale Edun announced that the country has saved $20 billion by ending petrol subsidies and adopting market-based foreign exchange pricing. Previously, subsidies cost around 5% of Nigeria’s GDP. The savings will be allocated to infrastructure, health, social services, and education. Despite the savings, there are reports of the government owing ₦7.8 trillion for under-recovery, hinting at possible subsidy reintroduction.

November 24, 2024
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