In case you didnt know it, Angola is planning to reduce its fuel subsidies next year after it increased fuel and diesel prices by 20% last week.
The country depends on oil for 75% of its revenues and just like Nigeria is smacking from the continous fall in oil prices. The reduction in Subsidy is apparently in response to the fall in oil prices and would result in hardship to the citizens of the country.
It just makes you wonder how long Africans will continue to suffer from the oil curse. As most economies in the world anticipate cheaper fuel cost African producers like Nigeria and Angola suffer both ways irrespective of whether oil prices go up or down.
I believe Nigerian government now have another country they can reference if they have plans to cut fuel subsidy. Whilst some analyst expect fuel subsidy cut in Nigeria, others feel it can’t happen till after the election.
Nigeria currently pays an estimated net zero subsidies if the data on the website of PPPRA is anything to by. But
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