Economics
Nigeria Sees Savings of $2.6 Billion a Year With Subsidies Gone
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Nigeria expects to save as much as one trillion naira ($2.6 billion) a year after it abolished subsidies paid to guarantee cheap gasoline in Africa’s top oil-producing country.
“Already, we have taken off the budgetary provision for subsidy which is about 500 billion naira,” Petroleum Minister of State Timipre Sylva told reporters Thursday in Abuja, the capital. “It will save us up to a trillion naira and more every year.”