Nigeria Sees $5 Billion Silver Lining to Oil Rout on Subsidy End
- Scrapping of fuel subsidies to save Nigeria $5 billion
- Financing budget deficit remains challenge, Osinbajo says
Kachikwu: No OPEC Meet Unless Majority Calls for It
This article is for subscribers only.
Nigeria’s government, which relies on oil for about two-thirds of its revenue, sees a silver lining to the plunge in crude prices because it will no longer have to subsidize fuel, Vice President Yemi Osinbajo said.
“Lower oil prices also mean there is some advantage,” Osinbajo said in a panel discussion at the World Economic Forum in Davos, Switzerland, on Thursday. The decline “means that we are not paying any subsidies, which frees up something in the order of about $5 billion.”