Nigeria has spent an average 833 billion Nigerian naira (about $2.3 billion) a year to subsidise petroleum imports in the past 12 years. The real amount has skyrocketed nearly 5,000 per cent and is projected to be at 1.15 trillion naira.
The government, however, allocated only 305 billion naira in its 2019 budget, the country may run into a massive budget deficit if nothing is done about the latest development.
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