Fuel subsidy surges higher than pre- Tinubu administration

Nigeria’s petrol subsidy is reportedly higher than Buhari’s administration.

According to an analysis, Nigeria is paying approximately N907.5 billion monthly in the landing cost of the product.

Findings show that the landing cost, which was N720 per liter as of October 2023 has now surged to N1,009 per liter.

As reported by BusinessDay, the NNPCL remains the main importer of petrol in Nigeria after marketers declared that due to the volatility in exchange range, they could no longer bring in the product.

On May 29, 2023, President Bola Ahmed Tinubu announced the removal of fuel subsidy, stating that Nigeria could invest the surplus into other important areas.

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