Nigeria petrol consumption plummets regulator

The fuel industry regulator in Nigeria says average daily petrol consumption has fallen by nearly a third since President Bola Tinubu scrapped a fuel subsidy when he took office in May.

The financial support had kept petrol prices low for decades in Africa’s biggest economy but became increasingly expensive for the country.

The government spent $10bn (£7.8bn) on the subsidy last year – increasing its deficit.

The regulatory authority (NMDPRA) says since the subsidy ended, a black market in neighbouring Cameroon, Benin and Togo that relied on petrol smuggled out of Nigeria has also collapsed.

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