Nigeria to spend N1.6trn on oil subsidy in 2018 ― Afrinvest

NIGERIA is projected to spend a total of N1,595.6 billion (N1.6 trillion) on fuel subsidy in 2018 according to figures presented by Afrinvest, an independent investment banking firm.

In its 2018 Nigerian Banking Sector Report 2018 and An Economic Agenda for a New Government launched in Abuja, the firm also projected that Nigerian banking industry is projected to make a profit of N1.023.9 billion or N1.023 trillion by the end of this year.

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Making a presentation at the Yar’Adua Centre in Abuja, Group Managing Director, Afrinvest (West Africa) Limited, Ike Chioke lamented that the cost of opaque subsidy regime continues to escalate as oil prices rise.