Petrol subsidy gulps N18.39 billion daily: Finance Minister

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Selling fuel at a petrol station

The Minister of Finance, Zainab Ahmed said Nigeria will spend N6.7 trillion on petrol subsidy this year, at the rate of N18.39 billion per day.

“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 the projection was made 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.

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

She revealed the figures to the House of Representatives ad-hoc committee, investigating the petroleum subsidy regime between 2017 to 2021.

Ahmed was summoned by the House on 9 August.

The House asked her to furnish it with all documents relating to subsidy claims from 2013 till date,
stating the beneficiary companies. .

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