‘How Much Tinubu’s Govt Pays Monthly On Petrol Subsidy Exposed’ (See Amount)

Ogbechie said,“When Mr President came last year, one of the things he said is that subsidy is gone and truly, subsidy was gone because immediately, the price of fuel moved from N200 per litre to N500 per litre.

He said that with the current daily consumption of 40 million litres and the FX rate of N1,300, the government’s subsidy per litre on petrol falls between N400 and N500.

So subsidy is definitely back on petrol.” Ogbechie said the Nigerian National Petroleum Company (NNPC) being the only petrol importer in the country proves the continued existence of subsidy.

“If you look at what our daily consumption say, conservatively 40 million litres a day if you’re spending N500, that’s at least N20 billion every day, N600 billion every month or N7.2 trillion depending on how you look at it.

Recall that President Bola Tinubu, in his inauguration speech on May 29, 2023, said the subsidy on petrol “is gone”..

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