The retail price of petrol touched a new peak in early September over a supply shortfall created by NNPC Limited’s inability to import fuel after a revelation its subsidy debt to suppliers had climbed past $6 billion.
According to a forecast by the International Monetary Fund, Nigeria’s subsidy spending for 2024 could rise to 3 per cent of gross domestic product.
The shortage sparked long queues across Nigeria, disrupting commercial activities in cities and towns and driving transportation costs sharply higher.
