This causes a huge drain on revenue, foreign exchange and has contributed to ballooning debt.
While experts have long advocated for the removal of the costly subsidies and applauded the new government’s move, concerns are mounting about the absence of measures to mitigate the inflationary impact on food, power and transport.At the busy Utako market in the capital Abuja, Bo Eze, 45, is sitting on big bags of garri stacked inside a minibus.
With a 45-minute drive to the market, he has had to increase his prices after petrol soared from about 190 to more than 500 naira per litre.His friend, Augustin Ede, who sells goat meat nearby said it had grown more expensive to transport the animals. “I used to buy 15 goats to sell but now I buy seven,” said the 60-year-old, looking irritated and pointing at the carcasses lined up on a wooden table.
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