Losses to Fuel Subsidies in Nigeria

in Business Risk, Environmental Threats

Fraud, corruption and black market smuggling of fuel leads to an estimated loss of $4 Billion a year in Nigeria, according to a legislative committee.

59 million liters of fuel is discharged from vessels across the country, yet only 35 million liters are consumed, leading to 24 million liters being smuggled out of the country.

Source:  James Jukwey, “Nigeria investigates $4 billion fuel subsidy fraud,” Reuters, January 19, 2012.

Previous post:

Next post: