Ayuba Wabba, the NLC President, said this at the opening ceremony of the 18th edition of NLC Harmattan School.
Browsing: Petroleum Subsidy Removal
It will cost Nigeria, Africa’s second largest producer of crude oil, an estimated N4 trillion naira to subsidise the price of petrol in 2022. To put this cost in proper context to examine the magnitude of Nigeria’s subsidy cost, the cumulative budget size of the 36 States of the Federation for 2022 is N9.65 trillion. The total revenue realised in 2020 by the Nigerian National Petroleum Corporation (NNPC) Group, including all its subsidiaries, is N4.6 trillion. Similarly, the federal government generated N3.9 trillion as revenue in 2020..