…says ‘local transport will rise 40% above current rates’
The Independent Media and Policy Initiative (IMPI) on Wednesday warns that Nigeria may lose the recently projected over $50 billion Foreign Direct Investment (FDI) into the country, on the backdrop of the planned restoration of fuel subsidy in Nigeria, by former Vice President Atiku Abubakar
The former vice president and presidential candidate of the African Democratic Party (ADC) had recently vowed to restore fuel subsidy, if elected President in 2027, as part of his campaign promises
Recall that President Bola Tinubu, who ended Nigeria’s decades of fuel subsidy regime on the 29th of May, 2023, recently signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, in continuation of his ongoing reforms to unlock up to $50 billion in investments for Nigeria’s petroleum sector.
The Order replaced the old project-by-project negotiations with clear, standard rules to attract long-term capital.
