Nigeria has already spent 451bn naira ($2.8bn) of the N888bn budgeted for this year for the payment of subsidies to gasoline and diesel importers. Most of the N451bn was spent on arrears for deliveries at the end of last year, increasing the possibility that funding will be insufficient to meet the cost of product imports this year. The Nigerian government pays importers the difference in price between international market prices and partially subsidised domestic retail prices. State-owned NNPC has warned of potential product shortages if additional funding does not arise.
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