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Costly $550bn fuel subsidies have failed poor Nigerians, Africans-IEA

The IEA, in its World Energy Outlook 2014 (WEO-2014) released last week, said the US$550 billion subsidies were more than four times the subsidies spent…

The IEA, in its World Energy Outlook 2014 (WEO-2014) released last week, said the US$550 billion subsidies were more than four times the subsidies spent for renewables, thereby discouraging investment in more efficient and renewable energy sources like solar, coal and others.
The Nigerian government spent a total of N971 billion to subsidise petroleum product consumption in 2013.
The amount was N21bn higher than what was expended on fuel subsidy in 2012.  
Petroleum subsidy in 2014 gulped about N971 billion as government also announced plans recently to spend the sum of N971 billion to subsidise the supply of petrol in 2015.

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