The fuel subsidy dividend: Where did the money go?

    Oluwatobi Ojabello | Editor’s picks | Jul 06, 2026    
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Three years after Nigeria ended one of Africa's largest fuel subsidies, the country's finances look healthier than they have in years. Government revenues have surged. States are receiving record allocations. Investors have returned. Yet for millions of Nigerians, one question remains unanswered: Did the promised subsidy dividend ever arrive?

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