In November previous yr, Nigeria’s Finance Minister, Zainab Ahmed, disclosed that the federal authorities was planning to close all oil subsidies in Nigeria by June 2022 and then switch it with N5K transport grant to “poor citizens” that they think would be most affected.

Even though speaking to Globe Bank executives for the duration of the start of the World Bank Progress Update (NDU), she complained that “the subsidies regime in the [oil] sector stays unsustainable and economically disingenuous.”