"Nigeria will use Eurobond cash to fund 2022 petrol subsidy

" \n Nigeria will use Eurobond cash to fund 2022 petrol subsidy - Minister of finance \n \n\n \n Nigeria\u2019s minister of finance Zainab Ahmed has announced plans to fund its 2022 petrol subsidy bill from more local borrowing and a $2.2 billion account raised from a Eurobond sale last year. \n \n\n \n The country\u2019s rising fiscal deficit makes a mockery of the government\u2019s continued petrol subsidy regime that gulps over a trillion naira per annum. \n \n\n \n \u201cRising oil prices has put us in a very precarious position \u2026 because we import refined products \u2026 and it means that our subsidy cost is really increasing,\u201d Ahmed told reuters on the sidelines of an Arab-African conference in Cairo. \n \n\n \n Read: Republic Bank donates GHS 100,000 to First Lady\u2019s Infanta Malaria Prevention Foundation to build CHPS Compound \n \n\n \n President Muhammadu Buhari, who touted subsidy as \u2018a scam\u2019 before coming to power in 2015, is preparing to spend $7 billion a year in revenue on the scheme and analysts say it may not be unconnected with the imminent 2023 general elections. \n \n\n \n There are concerns that the removal of subsidy will raise transportation costs and worsen the plight of 105 million extremely poor Nigerians, but experts are concerned with lack of transparency in the scheme. \n \n\n \n The International Monetary Fund (IMF) says Nigeria is not going about the scheme in the right manner, noting that sustaining the regime will likely depend on overdrafts from the Central Bank of Nigeria. \n \n\n \n The IMF says fuel subsidy impacts Nigeria\u2019s fiscal position negatively and increases the country\u2019s fiscal deficit . \n \n\n \n \u201cCertainly, subsidy is not sustainable, which is why there is need to accelerate engagement with relevant stakeholders to come up with a policy transition strategy that is sustainable, realistc and pragmatic,\u201d Economist and the Chief Executive Officer of Centre for Promotion of Private Enterprise (CPPE) Muda Yusuf said. \n "

"Nigeria will use Eurobond cash to fund 2022 petrol subsidy

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