Nigeria's new president, Muhammadu Buhari, has been advised to end a fuel subsidy program and privatize Nigeria's four refineries in a report by his transition committee, senior sources in his party told Reuters on Sunday. Africa's top oil producer and biggest economy heavily subsidizes gasoline and relies on imports for the bulk of its domestic demand due to an underperforming 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.
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