Nigeria spent N1.03 trillion on subsidies in 2021, according to data from the Nigerian National Petroleum Corporation (NNPC).
The World Bank has condemned the continued spending by Africa’s biggest economy on petrol subsidy, which could hit N3 trillion in 2021.
Shubham Chaudhuri, country director for Nigeria, speaking during a panel session at the ongoing NES27, said Nigeria could channel the money being spent on subs
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Josephine Okojie-Okeiyi
Josephine Okojie-Okeiyi is a journalist with over five years’ reporting experience. She writes on industry, agriculture, commodities, climate change, and environmental issues.
She is fellow of Thomson Reuters Foundation and Bloomberg Media Initiative for Africa.
