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Nigerian fuel prices have soared 81% in three years

0 admin 2023-04-14 17:16:42

Nigerian fuel prices have soared 81% in three years


According to the Basher, data from the National Bureau of Statistics shows that between February 2020 and February 2023, fuel prices in Nigeria increased by 81%, from 145.41 naira per litre to 263.76 Naira per litre. 

According to a September 2022 report by the Nigeria Extractive Industries Initiative, Nigeria spent 13.7 trillion Naira ($74.386 billion) on fuel subsidies from 2005 to 2022. Fuel subsidies have increased in each of the last three years, from 134 billion naira in 2020 to 1.43 trillion Naira in 2021, 4.39 trillion Naira in 2022 and 3.63 trillion Naira in June 2023. 
The federal government has reaffirmed its policy of removing fuel subsidies and plans to deregulate the oil market by June. 
The Minister for Budget and National Planning, Ms. Zainab Ahmed, said Nigeria has borrowed $800 million from the World Bank to provide mitigation measures until fuel subsidies are removed. However, those involved fear that removing fuel subsidies could have a huge impact in the populace.


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