There are indications that the Federal Government through the Nigerian National Petroleum Company Limited (NNPC Ltd) is now spending N17.72 billion daily to fund subsidies on petrol.
Though still shrouded in secrecy, the funding strategy, 9News Nigeria learned, is consummated by way of crude sales and direct cost recovery by NNPC.
An executive of a major petroleum marketing company in Lagos revealed to our correspondent that the N17.7 billion subsidy cost represents the difference between the landing cost of imported petroleum products and the effective wholesale price to petroleum marketers.
Nigeria imports all the petrol it consumes and according to the Chief Executive, of Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, daily petrol consumption in the country is around 44.3 million liters.
At the current average deport price and exchange rate, the FG through NNPC may be incurring about N531 billion in losses or revenue shortfall monthly.
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi
The economic crisis and hardship in Nigeria are parts of the discussion.
Watch, leave your comments, and share to create more awareness on this issue.
#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com