Nigeria to be hit by more fuel shortages because government lacks money, press report
The government of Nigeria has run out of funds to pay for more gasoline subsidies and as a result the country will probably face fuel shortages within three weeks, the CEO of Seplat Petroleum Development told Bloomberg News in a late June report.
Austin Avuru, CEO of Seplat, based in Lagos, said at a Bloomberg conference in the stock exchange of Nigeria that “in three weeks we will be back to scarcity" because of the lack of money to pay for the subsidy.
The country already suffered in recent weeks its worst fuel shortage in over 10 years which was the result of a dispute between oil-product marketers and the outgoing government.
Nigeria, despite being the biggest crude producer in Africa, not only has a “virtually empty” treasury but owes billions, according to newly inaugurated officials who took over the government in late May.
