ONE YEAR IN OFFICE: Niger military govt reduces prices of fuel
The m8litary government in the Republic has slashed fuel prices ahead of its one year anniversary of coming to power through a coup.
The DEFENDER reports that the reduction of fuel prices is meant to ease the economic hardships as it is still recovering from the effects of a political crisis following a military takeover last year.
It comes amid plans to commemorate on Friday July 26, 2024 the first anniversary of the coup d’etat that ousted President Mohamed Bazoum, who is being held as a prisoner.
Petrol prices have been reduced from 540 CFA (0.9$) to 499 CFA while diesel will sell at 618 CFA from 668 CFA.
Niger’s economy was severely hit by sanctions imposed by its West African neighbours after the coup – which have since been lifted.
International aid that was suspended has also resumed. The International Monetary Fund last week announced a $71 million disbursement.
“The near- and medium-term economic outlooks have improved owing to the start of oil exports, the lifting of sanctions, and increased agricultural production,” IMF deputy managing director Antoinette Sayeh said in a statement.
The IMF noted that the country’s economic growth is expected to rebound to 10.6 percent this year.
