The federal government of Nigeria has on Wednesday, May 10, 2016 removed subsidy on petrol.
This decision was first exclusively reported by Signal, an online newspaper.
Nigeria’s minister of state for petroleum had hinted that the government was about to announce the removal of subsidy on fuel.
Before this announcement, petrol was selling at an official pump price of N86.50 per litre. With this move, fuel no officially sells for N145 per litre.
Nigeria had suffered untold petrol shortages lasting for over 10 months. Fuel has sold for as high as N400 per litre at times.
More details to come later.