Nigeria’s full year estimate for petrol subsidy payment for 2022 will hit nearly US$16 billion or double the total expenditure budget of all the 36 states in 2021, according to leading economist, Mr Bismarck Rewane. Last year, all the 36 states in the country spent the equivalent of $9.8 billion, half what the nation will spend this year to cover …

Nigeria spends N18.397 billion per day on petrol subsidy payments, according to the Minister of Finance Minister, Budget and National Planning. Hajia Zainab Ahmed. The Minister told a House of Representatives’ ad-hoc committee investigating petroleum subsidy regime on Thursday that the figure is calculated from N283 per litre of Petroleum Motor Spirits (PMS) on 65 million litres per day. Subsidy …