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Nigeria: Four major drains on government revenue

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Tinubu has carried out a number of reforms. He has removed costly petrol subsidies which consume trillions of naira annually, floated the currency and increased a number of taxes – including a 7.5% value-added tax on petrol – to shore up revenue. Future plans to cut subsidies on electricity, for example, will also help boost coffers.

But the poor have been at the receiving end of these policies, with many families struggling to cope with rising inflation and spiralling cost of living in Africa’s most populous nation.

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