Nigeria's fuel subsidies surpassed $1 billion in August as it supplied more petrol - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The cost of Nigeria’s fuel subsidies rose to 525.714 billion naira ($1.22 billion) in August, bringing the total spent this year to 2.568 trillion naira, according to figures submitted to the government by state oil company NNPC.

A gas station attendant pumps fuel into a customer's car at the NNPC Mega petrol station in Abuja, Nigeria March 19, 2020.A gas station attendant pumps fuel into a customer's car at the NNPC Mega petrol station in Abuja, Nigeria March 19, 2020.

The ballooning costs of keeping petrol prices low in Africa’s most populous nation are straining the budget and draining revenue from the Nigerian National Petroleum Corp . NNPC has not submitted any money to the federal government this year due largely to subsidy costs. August’s bill compared with 448.782 billion naira in July, according to a document NNPC submitted on Friday to the Federation Account Allocation Committee.

 

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1 billion rand equals 525 what what naira? No wonder they love our country

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