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Subsidy Hits 45% Of Fuel Import Bill In Q1
The National Bureau of Statistics has disclosed that Nigeria spent N1.51 trillion on the imports of premium motor spirit, also known as petrol, in the first quarter of 2022. This was 25.54 percent of the total imports for this quarter, and an increase of 17.05 percent when compared to the N1.29tn spent on importing fuel…
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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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Electricity Subsidy Gulps N30bn Per Month
The Federal Government has said that the amount spent on subsidising electricity in the country every month in Nigeria is now about N30 billion. The reduction by N20 billion, according to the government, is following improvements in the collection of power tariffs by distribution companies. The government stated this in a document on the progress…
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Petrol: Subsidy And Pump Prices in Nigeria
The oil and gas industry has been a significant source of service to the Nigerian economy since 1956. Agriculture was the major source of Nigeria’s revenue through the exportation of cash crops such as rubber, hide and skin, groundnut, oil and palm kernels, cocoa, and coffee before the discovery of petroleum in Oloibiri, in the…