Nigeria Seeks to Scrap Subsidies That Could Swell to $7 Billion
- Fuel and power costs may reach more than $4 billion this year
- Expenses on subsidy seen beating health and education budgets
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Cash-strapped Nigeria has pledged to end fuel subsidies next year that the World Bank says could cost the government $7 billion over the next 12 months if oil prices remain high.
A provision in a new petroleum law compels the government to let market conditions determine gasoline prices, Zainab Ahmed, minister of finance, budget and national planning, said at an economic summit in Abuja, the capital.