Plunging oil prices and collapsing state revenues have seen Nigerian authorities vow an end to a controversial fuel subsidy scheme long criticised as a graft-ridden drain on public finances.
But there are major doubts that Africa’s most populous country is finally ready to wean itself off a system that has helped some in high places syphon billions from government coffers.
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The fuel subsidy scheme has been described as a sprawling web of patronage and mismanagement that encapsulates the dysfunction plaguing the continental powerhouse.
Despite being Africa’s largest oil producer, OPEC member Nigeria has limited refinery capacity and actually imports the bulk of its refined products, including fuel.
Daily Nation
