Analysis: Petrol Subsidy nears N1trn Monthly, Bigger than when Tinubu Came
Nigeria’s petrol subsidy has returned and is now bigger than the amount being paid before President Bola Tinubu stopped the costly practice last May. Major events that defined Tinubu's 100 days in office BusinessDay’s analysis has revealed that the country is paying about N907.5 billion subsidy on premium motor spirit (PMS) popularly known as petrol monthly as the country’s foreign exchange crisis pushed the actual cost of litre of fuel to N1,203. One week before the 2023 presidential election which brought in the new administration, Mele Kyari, the Group CEO of the Nigerian National Petroleum Company (NNPC) Limited, said at the final cutover ceremony of NNPC and the birth of NNPCL at the corporation’s towers in Abuja, that the country is spending over N400 billion monthly on petrol subsidy. Recent investigations into Nigeria’s petrol pricing dynamics have revealed a significant surge in the landing cost of petrol, attributed to the escalating black-mar...