FG reveals fuel subsidy gulps N18.39bn daily

FG reveals fuel subsidy gulps N18.39bn daily

The Federal Government (FG) has disclosed that the projected daily payment for fuel subsidy stands at N18.39 billion.

This was disclosed on Thursday, August 18, 2022 by the Minister of Finance, Zainab Ahmed,.

Specifically, she made this known 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 Finance Minister, this was calculated using the information provided by the Nigerian National Petroleum Company (NNPC); as well as the regulator. The FG said the information showed that 64.96 million litres of fuel are the projected average daily truck out. Also, she said N1.774 trillion was paid to independent oil marketers as subsidy in four years.

Meanwhile, Presidential Candidate of the Peoples Democratic Party (PDP) Atiku Abubakar on Thursday, August 18, boasted that he had the most proactive plan to lead Nigeria out of darkness.

Atiku made this call in a statement he issued in Abuja.

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The former Vice-President said that, having keenly observed developments in the power sector within the last 24 hours; he was again convinced of his planned solution to the electricity crisis.

He said that the solution as encapsulated in his Policy Document titled ‘My Covenant with Nigerians’, remains the most proactive plan to lead Nigeria out of darkness.

The former vice president said his approach; if elected as president, was to first remove the entire electricity value chain from the exclusive list; thereby giving states the power to generate, transmit and distribute electricity for themselves.

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“An industrial dispute with the Federal Government in Abuja should not affect an industry in Lagos or a factory in Aba or in Kano or even an average Nigerian who just wants to get home, watch the news, and sleep under a ceiling fan.

“Secondly, my policy shall aim at achieving greater coordination of investments in the entire electricity value chain.”

 

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