LAGOS, Sept 3 (Reuters) - Nigeria is “no longer in the business of fixing” fuel prices, Timipre Sylva, the minister of state for oil, said on Thursday.
Africa’s largest oil producer had been spending 1 trillion naira ($2.63 billion) a year subsidising petrol prices but the global oil price crash had made removing the subsidies “inevitable”, Sylva told an online briefing.
“It is about the survival of our country, the economic survival,” he said. “There are certain things that the country can ill-afford at this time.”
$1 = 380.7000 naira Reporting by Libby George; Writing by Paul Carsten; Editing by Catherine Evans
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