News with the tag "Fuel subsidy"

The Nigerian government declared a food price emergency after the latest data from the National Bureau of Statistics (NBS) showed that the country’s inflation rate had gone up by 0.38% to 22.79%. The NBS said the June inflation figure does not “fully capture the impact of the fuel subsidy removal an...

The Nigerian government is set to make substantial savings of over 21 trillion naira ($28 billion) over the next two years, according to the World Bank. This development is anticipated to relieve the financial burden facing President Bola Tinubu’s administration, which has been grappling with record...

The new Nigerian president Bola Ahmed Tinubu has deplored the Central Bank of Nigeria (CBN)’s aggressive interest policy which he has reportedly labeled “anti-people” and “anti-business.” Tinubu also announced the scrapping of a fuel subsidy which has been in existence since the 1970s. Tinubu: Niger...