A view of an oil spill from a well head is pictured at Santa Barbara, in Nembe, Bayelsa, Nigeria, November 25, 2021. REUTERS/Temilade Adelaja/File Photo
for fuel supplies and is trailing four to six months behind schedule in repaying them with cargoes of crude, four traders and executives told Reuters. In his first two weeks in office, Tinubu removed petrol price caps and restrictions on the naira currency – liberalisation changes that investors have been awaiting for more than a decade.
The subsidy costs about $10 billion last year. The last time the government tried to end the scheme, the move led to protests. Nigeria needs imports because it lacks the refinery capacity necessary to meet domestic demand.it was ending the swaps - known as Direct Purchase Direct Sale - after years of criticism by civil society groups including the Nigerian Extractive Transparency Initiative for a lack of transparency and corruption.
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Source: ReutersAfrica - 🏆 31. / 53 Read more »