By Tope Alake
Africa’s largest oil producer spends four times more money subsidizing fuel than building new schools, health centers and equipping new science labs.
Fuel subsidies swallowed 648 billion naira ($1.8b) last year as the country kept prices pegged at 145 naira ($0.40) a liter, figures from the Budget Office and state-owned oil company show.
Cheap fuel in the West African nation has led to large-scale smuggling of the product to neighboring countries where it is twice more expensive.
(Adds state-owned oil firm NNPC as second data source.)