Nigeria Prioritizes Fuel Subsidy Over Health and Education

(Bloomberg) -- Africa’s largest oil producer spends four times more money subsidizing fuel than building new schools, health centers and equipping new science labs. Fuel subsidies swallowed 648 billion naira ($1.8b) last year as the country kept prices pegged at 145 naira ($0.40) a liter, figures from the Budget Office show. Cheap fuel in the West African nation has led to large-scale smuggling of the product to neighboring countries where it is twice more expensive.

©2019 Bloomberg L.P.