Nigeria spent 1.59 trillion naira ($3.83 billion) on fuel subsidies in the first half of the year and accrued a $1.2 billion funding shortfall for oil and natural gas projects, according to the report by the State Oil Company of the Nigerian Petroleum Company.

The report, which was presented to the Federation Accounts Allocation Committee on Tuesday and seen by Reuters, underscores Nigeria’s budgetary trouble from spiraling fuel costs and limited oil production. The document showed that as a result of rising subsidy costs, NNPC had not remitted money to federal accounts all year. Last year, Nigeria was spending about 100 billion naira.


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