In a stark contrast, Nigerians are paying higher petrol prices than residents of Metro Atlanta, USA, despite Nigeria’s status as an oil-rich nation. While petrol in Atlanta costs around $2.70 per gallon (67 cents per litre), equivalent to 1,102 naira per litre at the current exchange rate, Nigerians face an average price of 1,300 naira … Read more
IMF urges Nigerian government to eliminate fuel and electricity subsidies to avoid increased GDP impact. Despite removal of fuel subsidies, IMF criticizes inadequate compensatory measures Protestors call for reversal of electricity tariff changes amidst IMF recommendations EKO HOT BLOG reports that the International Monetary Fund (IMF) has cautioned the Nigerian government to eliminate what it termed … Read more
Trillions of dollars wasted on subsidies for agriculture, fishing, and fossil fuels could have addressed climate change, according to the World Bank. Governments spend $1.25 trillion annually on these sectors, six times more than their Paris Agreement commitment. Repurposing these subsidies can tackle global challenges and create a better future. EKO HOT BLOG reports that … Read more