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Monday, October 3, 2022

Petrol Subsidy Costs N18.39bn Daily – Finance Minister

Finance, Budget and National Planning Minister, Mrs. Zainab Ahmed

The Minister of Finance, Zainab Ahmed, has put the projected daily payment for fuel subsidy at N18.39 billion.

She stated 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.”

According to the Minister, this was calculated using the information provided by the Nigerian National Petroleum Company (NNPC) and the regulator.

She said the information showed that 64.96 million litres of fuel is the projected average daily truck out.

She also said N1.774 trillion was paid to independent oil marketers as subsidy in four years.

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