(Bloomberg) -- Africa's largest oil producer spends four times more money subsidizing fuel than building new schools, health centers and equipping new science labs. Fuel subsidies swallowed 648 billion naira ($1.8b) last year as the country kept prices pegged at 145 naira ($0.40) a liter, figures from the Budget Office show. Cheap fuel in the West African nation has led to large-scale smuggling of the product to neighboring countries where it is twice more expensive.
To contact the reporter on this story: Tope Alake in Lagos at talake@bloomberg.net
To contact the editors responsible for this story: Anthony Osae-Brown at aosaebrown2@bloomberg.net, Dulue Mbachu
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