‘We Spend ₦18.39b Daily On Petrol Subsidy’ – Finance Minister

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Zainab Ahmed, Nigeria’s Minister of Finance projected that the nation spends ₦18.39 billion every day as payment for the petrol subsidy.

The finance minister disclosed the amount this during an investigative hearing of the House ad hoc committee which is investigating the petroleum subsidy regime between 2017 to 2021.

“The total amount of subsidy per day is ₦18.397 billion per day,” she said. “So if you are projecting for the full year, it would be ₦6.715 trillion.

“If you are projecting for half year, it would be 50 percent of that.”

She said that the figure was calculated using the information provided by the Nigerian National Petroleum Company Limited (NNPC) and the regulator.

The information provided showed that 64.96 million litres of fuel is the projected average daily truck out and ₦1.774 trillion was paid to independent oil marketers as subsidy for four years.

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