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Nigeria to spend $7.5 bln on petrol subsidy to mid-2023

Nigeria to spend $7.5 bln on petrol subsidy to mid-2023

CAMILLUS EBOH NIGERIA will keep its costly but popular petrol subsidy until mid-2023 and has set aside 3.36 trillion nairas ($7.5 bln) to spend on it, Finance Minister Zainab Ahmed said. Africa's biggest economy spent 2.91 trillion nairas ($7 billion) towards a petrol subsidy between January and September 2022, state-owned firm NNPC said, a cost the government has blamed for dwindling public finances. President Muhammadu Buhari signed the 2023 budget of 21.83 trillion nairas ($49 billion) into law on Tuesday after lawmakers increased the size by 6.4% and raised the oil price assumption. "Petrol subsidy will remain up to mid-2023 based on…
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