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Petrol Subsidy Gulps N18.4bn Daily
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that the government spends N283 per litre of Premium Motor Spirit or N18.397bn per day as subsidy. She said this during an interaction with the House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022 over…
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In Nine Months, Nigeria’s Petrol Imports Hit N2.52tn
From January to September 2021, the cost of Premium Motor Spirit, also known as petrol, imported into Nigeria increased by 55.56 percent. This is a rise to N2.52tn from the N1.62tn spent in the same period of 2020. This development is coming amid the plan to remove subsidies from petrol by February 2022. Data…
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Federation Account Remittances Drops To N1.58tn In 10 months
Data obtained from Nigerian National Petroleum Company Limited showed that remittances by the federation account plunged by N1.581tn between January and October this year. The drop was due to the money spent on subsidizing Premium Motor Spirit, popularly called petrol, pipeline security and maintenance cost, among others during the period. Figures obtained from the NNPC…
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In Nine Months, Nigeria Subsidized Fuel With N864.07bn
The Nigerian National Petroleum Corporation has said it spent a total of N864.07 billion between January and September subsidising Premium Motor Spirit, popularly known as petrol. This amount represents 31 percent of the total revenue of N2.7 trillion generated by the corporation between January and September. Breakdown by months Analysis from the report submitted by…
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Fuel Demand To Hit 17.3 Million MT By 2025
Nigeria’s demand for petroleum products is expected to grow from 15.1 million metric tonnes in 2020 to 17.3 million MT by 2025. The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari said this at the 15th OTL Africa Downstream Week 2021 in Lagos. “The country needs a refining capacity of about 1.52…
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NNPC Incurs N756.99bn Petrol Subsidy In 7 Months
The Nigerian National Petroleum Corporation has incurred N756.99billion petrol subsidy costs from January to July in 2021. This is according to the latest data obtained from the corporation. The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged…