According to our independent analysis based on average domestic fuel consumption, subsidies claimed by fuel marketers cost Nigeria $2.9bn over the last year. This is a 400% increase since 2007 and a sum equivalent to 13% of the Federal Budget, passed in April 2015.
Whatever strategy President Buhari chooses to address this program one thing is clear – he will be moving against very powerful forces, entrenched since the advent of democracy. But even small steps will go a long way to restoring public faith in political leadership where a lifetime of oil politics is characterised by violence, pollution and patronage.
