IMF Warns Nigeria Against Restoring Petrol Subsidy
B: Mardiyyah Abubakar The International Monetary Fund (IMF) has urged the Federal Government not to restore a blanket petrol subsidy, recommending targeted support for vulnerable households affected by rising fuel prices. The Fund warned that broad fuel subsidies place pressure on public finances, cost governments significant revenue and often benefit higher-income consumers more than poorer […]
Subsidy Bill Could Have Hit ₦53tn, Says NRS Chairman
By Oluwakemi Kindness The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, says Nigeria’s petrol subsidy bill could have risen to about ₦53 trillion if the government had retained the policy. Adedeji also claimed that the naira could have weakened to about ₦3,500 to the dollar if the subsidy regime had continued. He made […]