President Buhari advised to end fuel subsidy: sources

President Muhammadu Buhari, has been advised by his transition committee to end a fuel subsidy programme and privatise Nigeria's four refineries, senior sources in his party told Reuters on Sunday.

The federal government heavily subsidises gasoline and relies on imports for the bulk of its domestic demand due to an under performing refining system.

The subsidy, which was revealed to have paid out more than $6 billion in fraudulent claims in 2012, is proving to be increasingly costly.

A second APC source also told Reuters that these recommendations were contained in the report given to Buhari earlier this month.