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Reading: NNPC spent $10 billion on fuel subsidy in 2022
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Nigeria

NNPC spent $10 billion on fuel subsidy in 2022

According to the most recent information from the state-owned company released on Friday, the Nigerian National Petroleum Corporation (NNPC)...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief January 21, 2023
Updated January 21, 2023 at 10:34 AM
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NNPC spent $10 billion on fuel subsidy in 2022
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NNPC spent $10 billion on fuel subsidy in 2022

According to the most recent information from the state-owned company released on Friday, the Nigerian National Petroleum Corporation (NNPC) spent $4.39 trillion naira ($9.7 billion) in 2022 on a gasoline subsidy.

Data from NNPC revealed that it did not make any transfers to federation accounts in 2022, leaving a gap in the public finances at a time when the government was warning that it was unable to stimulate the economy due to low revenues and huge deficits.

In Nigeria, a nation of almost 200 million people, the subsidy is a political flashpoint, and numerous governments have tried and failed to eliminate or reduce it.

Nigeria today imports the majority of its refined fuels as a result of years of neglect.

Despite a little increase in crude oil production, Nigeria still spends more on imported petroleum than it earns from domestic production. Pipeline damage and crude theft are to blame for this.

By funding 3.36 trillion naira ($7.5 billion) for the programme, Nigeria's expensive but well-liked gasoline subsidy would be maintained through mid-2023, according to Finance Minister Zainab Ahmed.

Tags: Nigeria

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