"$6 Billion Gasoline Debt: Nigeria's Rising Debt and Failing Currency Create Economic Disaster"
Nigeria is grappling with a soaring gasoline debt that has now reached $6 billion, exacerbating the country's financial woes and igniting concerns over its economic stability. The debt surge is primarily attributed to the partial reintroduction of fuel subsidies by the Nigerian National Petroleum Corporation (NNPC) and the devaluation of the naira. President Bola Tinubu had announced the end of costly fuel subsidies last year, leading to a significant increase in pump prices. However, the NNPC soon imposed a cap on these prices as public discontent over the rising cost of living grew. This cap, coupled with a sharp decline in the naira, has allowed the subsidy to re-emerge. The government anticipates that the subsidy will cost at least $3.7 billion this year, adding to the financial strain. Fuel subsidies have long been a contentious issue in Nigeria. Analysts, non-governmental organizations, and government officials have criticized them for being inefficient and corrupt. Des