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| Version 52 | Version 53 |
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| Africa Live: Ghana's finance minister sacked in major reshuffle - BBC News | Africa Live: Ghana's finance minister sacked in major reshuffle - BBC News |
| (about 1 hour later) | |
| Nigeria's Power Minister Adebayo Adelabu has proposed the removal of the electricity subsidy, saying the country can no longer sustain it. | |
| Mr Adelabu said that subsidising the cost of electricity had resulted in the government owing a debt of 1.3 trillion naira ($857m; 682m) to power generating companies and an additional $1.3bn to gas companies, local media reported. | |
| The minister added that Nigeria has allocated 450bn naira to electricity subsidies this year, but findings show that the subsidies could end up costing 2.9 trillion naira. | |
| Earlier this month, the International Monetary Fund (IMF) advised Nigeria to remove fuel and electricity subsidies in order to restore economic stability. | |
| The proposal to remove the subsidy is facing some pushback, amid fears that its withdrawal could worsen economic hardship. | |
| The West African country is currently experiencing a cost-of-living crisis, with many struggling to survive. | |
| In May last year, President Bola Tinubu removed the fuel subsidy, which had been in place for decades and kept the price of petroleum products low. | |
| The move led to increases of up to 200% in fuel prices and had a knock-on effect on the economy, increasing the prices of food and other necessities. | |
| Read more: | |
| Nigeria's fuel subsidy:How the new president has shocked the nation | |
| Nigeria cost of living: | |
| People turn to 'throw-away' rice for food | |
| ShareView more share optionsShare this postCopy this linkRead more about these links. | ShareView more share optionsShare this postCopy this linkRead more about these links. |
| Copy this link | Copy this link |
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