- The fuel subsidy regime in Nigeria is about to come to an end as the administration of President Buhari winds up.
- The in-coming president, Bola Tinubu had earlier in his manifesto and campaigns declared that he would put an end to fuel subsidy in Nigeria,
- However, stakeholders have warned that Nigerians should prepare to buy petrol at a higher price should the fuel subsidy be removed.
As the debate for and against fuel subsidy removal continues, experts in the sector have hinted that the pump price of petrol could go up as much as N600 per litre if the subsidy for the product is removed.
For decades, the has subsidised fuel and fixed retail prices of petroleum products. Despite rising global oil prices, Nigeria’s fiscal deficit continued to widen in 2022, mainly due to the high costs it pays on fuel subsidy.
