The Money Spend Daily On Petrol Subsidy Has Declined From N1.07 Billion To N889.44 Million

The Federal Government’s daily spending on petrol subsidy has declined from the N1.07 billion it recorded as at September 8, to N889.44 million as at September 22. Since June 2015, Nigeria's daily payment on fuel subsidy has continued to decline, dropping from N2.4 billion to N1.07 billion, two weeks ago.

The country’s daily subsidy per liter of fuel has decreased from the N22.42 per liter it earlier recorded to N18.53 per liter, using the exchange rate of N197.

According to the Petroleum Products Pricing Regulatory Agency, PPPRA's pricing template made available yesterday, based on daily petrol consumption of 48 million liters, the total subsidy cost on the product as of September 22, would amount to N889.44 million at N18.53 per liter.