Tinubu's Fuel Subsidy Strategy: A $3.72 Billion Plan

Nigeria's President Bola Tinubu received a draft policy proposing $3.72 billion in fuel subsidies and increased borrowing for the 2024 budget. The 'Accelerated Stabilisation and Advancement Plan', developed by the finance ministry, private sector executives, and economists, seeks to tackle issues hampering growth-focused reforms.

Nigeria's President Bola Tinubu on Tuesday received a draft policy outlining possible spending of $3.72 billion this year on fuel subsidies and increased borrowing for its 2024 budget, presidential aide Bayo Onanuga said on Thursday.

The 'Accelerated Stabilisation and Advancement Plan' (ASAP), drafted by the finance ministry with private sector executives and some economists, aims to address challenges affecting reforms aimed at boosting growth.