FG spends N18.69bn daily on subsidies—Ahmed

Finance Minister Zainab Ahmed has disclosed that Nigeria spends N18.69 billion daily on petroleum subsidies.

While appearing Thursday before the House of Representatives ad hoc Committee investigating oil subsidies, Ahmed Nigeria consumes 64 million litres per day, admitting  the figure includes that of the quantity smuggled.

According to her,  during COVID-19 locked down, daily consumption dropped significantly.

She stated that the president alone cannot take the decision on removing subsidy, insisting that there must be a multi-stakeholder approach, including all political parties, who must sit to make the decision.

The minister disclosed that the landing cost of petroleum is N448 per litre and that the NNPC takes care of the rest through under recovery.

She further said the Federal Executive Council has also expressed worry about the figure presented by the NNPC.

The minister however noted she has no access to the bank statement of the NNPC.

The Chairman of the Committee, Ibrahim Aliyu questioned the figure provided by the Minister.

Aliyu said even during the COVID19 locked down, Nigeria was still consuming high volume, 32 million litres, which according to him was not logical.

But the minister responded that she is not sure of those figures in the last 10 years.