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(32 minutes later)
Nigeria's Power Minister Adebayo Adelabu has proposed the removal of the electricity subsidy, saying the country can no longer sustain it.
Mr Adelabu said that subsidising the cost of electricity had resulted in the government owing a debt of 1.3 trillion naira ($857m; 682m) to power generating companies and an additional $1.3bn to gas companies, local media reported. Central African Republic (CAR) President Faustin-Archange Touadera and a delegation from South Africa's ruling ANC party are among those attending a forum in Russia, which is aiming to create a body that will fight against neo-colonialism and the influence of the West.
The minister added that Nigeria has allocated 450bn naira to electricity subsidies this year, but findings show that the subsidies could end up costing 2.9 trillion naira. The two countries are among Russia's biggest allies in Africa.
Earlier this month, the International Monetary Fund (IMF) advised Nigeria to remove fuel and electricity subsidies in order to restore economic stability. South Africa's delegation has been led by ANC Secretary-General Fikile Mbalula.
The proposal to remove the subsidy is facing some pushback, amid fears that its withdrawal could worsen economic hardship. The event is titled "Forum of Supporters of The Struggles Against Modern Practices Of Neo-colonialism – For The Freedom Of Nations".
The West African country is currently experiencing a cost-of-living crisis, with many struggling to survive. It has been convened by the United Russia party, the country's largest political party, Russian state-owned news agency Sputnik reported.
In May last year, President Bola Tinubu removed the fuel subsidy, which had been in place for decades and kept the price of petroleum products low. The two-day event will also be attended by a delegation of North Korea's ruling party and other representatives from countries in the Global South that are perceived by Russia as "advocates of the fight against new manifestations of colonialism".
The move led to increases of up to 200% in fuel prices and had a knock-on effect on the economy, increasing the prices of food and other necessities.
Read more:
Nigeria's fuel subsidy:How the new president has shocked the nation
Nigeria cost of living:
People turn to 'throw-away' rice for food
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