A more transparent market-driven approach.
By May 29th, the current administration of President Bola Ahmed Tinubu will have spent two years in office.
The administration, from the very first day, did not leave Nigerians in doubt as to the direction of the government, as President Tinubu took the bull by the horns, declaring an end to Nigeria’s several years of unprofitable petroleum subsidy regime.
A most recent policy report issued by Nigeria Extractive Industries Transparency Initiative (NEITI), in what they titled “The cost of fuel subsidy: A case for policy review,” Nigeria spent over N13 trillion or US$74 billion, as at the prevailing exchange rate then, on fuel subsidies between 2005 and 2021.
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