Petrol Subsidy Amounts To N18.39bn Per Day– Finance Minister

The Minister of Finance, Zainab Ahmed says the payment of fuel subsidy in Nigeria amounts to N18.39 billion per day.

Channels TV reports that the minister disclosed 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.

The Minister added that this was evaluated using the information provided by the Nigerian National Petroleum Company (NNPC) and the regulator.

Zainab said the data indicated that 64.96 million litres of fuel is the projected average daily truck out.

Also, she said N1.774 trillion was paid to independent oil marketers as subsidy in four years.

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