Nigeria's Reinstated Fuel Subsidy Set to Drain Almost Half of Oil Revenue in 2024, IMF Says [BNN Bloomberg (Canada)]
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The implicit subsidy will cost Africa's largest crude producer an estimated 8.43 trillion naira ($5.9 billion) of its projected 17.7 trillion naira of oil revenue, the IMF said in a report published on Thursday. Its forecasts are similar to Bank of America's, which projects it could cost Nigeria between $7 billion and $10 billion this year if it imports between 18 and 25 billion liters of gasoline, Tatonga Rusike, BofA sub-Saharan Africa economist, wrote in a note. “Fuel subsidies were reformed in June 2023, however, adequate compensatory measures for the poor were not scaled up in a timely manner and subsequently paused over corruption concerns,” the IMF said. President Bola Tinubu halted the $10 billion subsidy at his inauguration mid-last year to help the government repair its finances after debt-service costs jumped to 96% of revenues. Read More: Nigeria Economy Challenged Even as Reforms Hold Upside, IMF Says The removal and a devaluation of the naira days later, which w
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