1st Anniversary: Niger Republic Military Junta Reduces Prices Of Petroleum Products
The General Abdourahamane Tiani-led military government in the Republic of Niger, has announced a drastic reduction in the prices of petroleum products as part of activities marking his one year anniversary of taking over power through a coup d’état.
General Tiani, who has been consolidating power after overthrowing a civilian government, said the reduction in prices of petroleum products is meant to ease the economic hardships being experienced by the people as the country is recovering from the effects of a political crisis that followed the military takeover of the country last year.
The Nigerien military Government clocked one year in office today, Friday, July 26, 2024 since it overthrew ousted President Mohamed Bazoum, who is still being held in detention.
Following the announcement, prices of petroleum products particularly Premium Motor Spirit (petrol) was reduced from 540 CFA (0.9$) to 499 CFA while diesel was also reduced from 668 to 618 CFA.
Following the military intervention, Niger’s economy was severely hit by sanctions imposed by its West African neighbours on the aegis of ECOWAS which later lifted the sanctions as a result of the country threat to pull out of the regional body.
Similarly, international aid that was suspended as a result of the military coup was restored just as the International Monetary Fund last week announced a $71 million disbursement.
While appraising the situation in the Republic of Niger, Antoinette Sayeh, IMF Deputy Managing Director, said that the country’s economic growth is expected to rebound to 10.6 percent this year.
In the words of Sayeh; “The near and medium-term economic outlooks have improved owing to the start of oil exports, the lifting of sanctions, and increased agricultural production”.
