Fuel subsidy crisis triggers higher inflation rate in Nigeria
Inflation is on the rise in Nigeria. Since December, inflation in the country has jumped from 10.3% to 12.6%, according to the country’s National Bureau of Statistics.
This is due to the partial withdrawal of fuel subsidy, which has led to a hike in the pump price of petroleum products and prices of basic commodities.
Government scrapped the subsidies on January 1, 2011 but was forced to partially re-instate them to quell protests over the cost of petrol.
Fuel prices fell, but stayed higher than they had been before the subsidy was removed.
WADR’s Abuja Correspondent Martins Martins has more on this story.
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