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Subsidy Out, Transport Allowance In, Libya Overtakes Nigeria As Africa’s Largest Producer

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The Nigerian government through the Minister of Finance has come out to say that for next year, the government has not fully budgeted for subsidy as it seeks to exit the scheme which has depleted the country’s resources midway through the year.

When questioned on how Government would react to NLC’s opposition to the resulting rise in fuel prices, Zainab Ahmed said the government were going to:

Replace petrol-aided vehicles with compressed natural gas vehicles; and
Provide transport allowance to the “right people” by transferring directly to their bank accounts so they can survive the effects of rising fuel prices.
Remember one of the use-cases for the e-Naira is to facilitate welfare payments to citizens. Perhaps it’s time to make its much-awaited debut.

Read Also: Olaiya Flyover: Osun Govt Gives Reason For Delay In Completion , Apologises To Residents

Libya overtakes Nigeria as Africa’s largest producer

Geologically, Libya has always had the potential to be the largest African oil producer for years. The Northern African nation has the largest oil reserves in Africa and is among the top ten in the world. But war and conflicts have kept the country from producing at its optimal capacity.

With the militancy in the region declining and Nigeria’s production faltering – Libya has taken first place as Africa’s top oil producer based on direct communications to OPEC.

Nigeria, Libya and Angola change batons for the position of top African oil producer but Nigeria dominates most of the time.

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In recent months, Nigeria has produced lower than their OPEC quota which should worry the federal government as the country’s budget next year will be majorly funded by her oil earnings. With the subsidy regime about to end, Nigeria can finally enjoy oil revenue as oil prices are still forecasted to remain north of $80 for the coming year.

However, the country has to fix its production issues. 1.23 million barrels a day is very poor given that Nigeria has the capacity to produce over 2 million barrels a day according to Nigeria’s Petroleum Minister.

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Hammed Tajudeen is the editor in-chief of Blaze News, holds Higher National Diploma(HND) in Mass Communication, graduated from Osun State Polytechnic, Iree.

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