Oil rigs Nigeria, Africa’s biggest oil producer, has come under fire from the International Monetary Fund as well as World Bank for the heavy financial burden it carries in providing subsidies for fuel and kerosene. The criticism is rooted in the belief that the money could be better spent on other essential services, such as healthcare and education. The Conversation Africa’s Wale Fatade asks Steve Onyeiwu about fuel subsidies in Nigeria. How long have subsidies been in place? Fuel subsidies have been in place in Nigeria since the 1970s . It began with the government routinely selling petrol to Nigerians at below cost. But most Nigerians were unaware that this was being done. Fuel subsidies became institutionalised in 1977, following the promulgation of the Price Control Act which made it illegal for some products (including petrol) to be sold above the regulated price. This law was introduced by the […]