Bringing back subsidies will cost Nigeria N20trn annually — Report
Restoring petrol subsidy will cost Nigeria approximately N20 trillion every year and could push the country into a deeper fiscal, debt and foreign exchange crisis, the Centre for the Promotion of Private Enterprise [CPPE] has said Daily Trust recalls that the Presidency and the former Vice President Atiku Abubakar, have been at loggerheads over the […]
The Centre for the Promotion of Private Enterprise (CPPE) has warned that reviving the petrol subsidy in Nigeria could cost the country an estimated N20 trillion annually. The non-profit organization's CEO, Dr. Muda Yusuf, stated that this expenditure, alongside the economic fallout, could exacerbate Nigeria's fiscal, debt, and foreign exchange crises.
Yusuf's report, based on a policy position, contrasts the short-term relief offered by subsidising petrol with the long-term costs to Nigeria's economy. The CPPE suggests that the subsidy removal, though challenging, is a vital step towards attracting investment and improving Nigeria's energy security. The report advocates for targeted relief measures to alleviate the cost of living and business costs, without creating further fiscal strain.
Written by urgent.news from Daily Trust's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
