In a significant disclosure, the Federal Government revealed that it has spent a staggering N15.8 trillion on price differentials and under-recovery costs associated with fuel importation.
The expenditure covers a total of 200.85 billion litres of petrol brought into the country.
This monumental sum reflects the financial burden the government has shouldered to maintain fuel prices at levels that Nigerians can afford, despite fluctuating global oil prices.
The subsidy system, designed to cushion the effects of rising fuel costs, has long been a topic of debate, with some arguing that it is unsustainable and puts a strain on the country’s economy.
According to the government’s report, this subsidy spending spans several years, illustrating how deeply embedded the policy has been in the nation's energy management.
With rising calls for the removal of subsidies and the recent deregulation efforts, this revelation further underscores the immense financial weight that comes with keeping fuel prices stable for consumers.
As the country navigates the challenges of transitioning away from this subsidy regime, the focus now shifts to finding more sustainable solutions for Nigeria's energy needs while minimizing the impact on citizens.
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