Nigeria will probably be hit by fuel shortages in three weeks as the
\ngovernment doesn\u2019t have enough money to pay for gasoline subsidies,
\naccording to the head of Seplat Petroleum Development Co Plc.<\/p>\n
\u201cIn three weeks we will be back to scarcity because we simply don\u2019t have
\nthe money to pay for the subsidy,\u201d Austin Avuru, chief executive officer
\nof Lagos-based Seplat, said on Thursday at a Bloomberg conference at the
\nNigerian Stock Exchange.<\/p>\n
Nigeria almost ground to a halt last month during the country\u2019s worst fuel
\nshortage in a decade due to a dispute between oil-product marketers and
\nthe outgoing government. The shortage left service stations closed,
\naircraft grounded, and businesses unable to operate.<\/p>\n
A lack of oil refining capacity means Nigeria subsidizes gasoline imports
\nand suffers frequent fuel shortages even though it\u2019s Africa\u2019s biggest
\ncrude producer of about 2 million barrels a day. President Muhammadu
\nBuhari, who took office on May 29, said this week his government is facing
\nsevere financial strain from a Treasury that\u2019s \u201cvirtually empty\u201d and
\nbillions of dollars in debt.<\/p>\n
Bloomberg<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria will probably be hit by fuel shortages in three weeks as the government doesn\u2019t have enough money to pay for gasoline subsidies, according to the head of Seplat Petroleum…<\/p>\n","protected":false},"author":1,"featured_media":40009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-40008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n