Budget Office: NNPC paying N53 subsidy on every litre of petrol

Ben Akabueze, the Director General of the Budget Office, says the Nigerian National Petroleum Corporation is paying N53 on every litre of petrol consumed by Nigerians.

Speaking on Wednesday at the Strategic Dialogue on the Morocco-Nigeria Relations in Abuja, the DG said Nigeria would have been celebrating high oil prices but is not because of the subsidy.

At the Department of Petroleum Resources’ estimate that 45 million litres of petrol are consumed daily, this means that the NNPC records N2.38 billion as under-recovery daily.