By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: FG Spends N18.39bn Daily On Petrol Subsidy – Finance minister,  Zainab Ahmed
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | FG Spends N18.39bn Daily On Petrol Subsidy – Finance minister,  Zainab Ahmed

News

FG Spends N18.39bn Daily On Petrol Subsidy – Finance minister,  Zainab Ahmed

Juliet Amaka
Juliet Amaka
Published: June 14, 2025
Last updated: June 14, 2025
3 Min Read
Share
FG Spends N18.39bn Daily On Petrol Subsidy – Finance minister,  Zainab Ahmed | Daily Report Nigeria
SHARE

Zainab Ahmed, the Minister of Finance, budget and national planning, says Nigeria spends N18.39 billion daily on petrol subsidy petrol payments.

The Minister, made this known on Thursday, August 18, during an inquiry by the house of representatives committee investigating petroleum products for subsidy regime from 2013 to 2022.

Zainab was grilled over funding of subsidy payments by the federal government

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

She said: “For 2023, the projection is that the average daily truck-out will be N64.96 million per day; that is about 65 million per day, using an average rate at open market rate of N448.20 and then a regulator pump price of N165 per litre. This gives us an average under-recovery, that is the difference between N165 and N448, of N283.2.

“So, just multiply the amount of litre per day, the open market exchange rate of naira to the dollar and then, the gap between the pump price and open market price, the total amount of subsidy per day is N18.397bn.

“So, if you are projecting for the full year, from January to December, it will be N6.715 trillion. If you are projecting for half a year, it will be 50 percent of that, 3.375tn. I said earlier in the recommendations that we sent to parliament for consideration on MTEF is half-year, that will be N3.357 trillion.

“Fuel subsidy is the difference between the pump price which is now fixed at N165 (per litre) and the landing cost which we are projecting at an average of N448 per litre in 2023. Even now, the cost is around that.

“So, the PMS subsidy we are carrying today in the nation is around N283 per litre; that is what we are carrying. So, it is the difference between the pump price and the landing cost of petroleum products in the country.”

In the first half of 2022, petrol subsidy claims amounted to N2.6 trillion, which is above crude oil sale receipts from the Nigerian National Petroleum Company (NNPC) Limited.

The federal government has projected to spend N6.7 trillion on petrol subsidy payments in 2023.

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:Top Stories
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

Brake Failure Blamed As Container Truck Crushes Driver in Lagos | Daily Report Nigeria
Brake Failure Blamed As Container Truck Crushes Driver in Lagos
Metro
Atiku Meets Obasanjo, Shettima, El-Rufai, Others | Daily Report Nigeria
Atiku Meets Obasanjo, Shettima, El-Rufai, Others
Politics
Davido Claims Ibiza Nightclub Security Tried to Kill Him | Daily Report Nigeria
Davido Claims Ibiza Nightclub Security Tried to Kill Him
Entertainment
Favour Ofili Switches Allegiance to Turkey | Daily Report Nigeria
Favour Ofili Switches Allegiance to Turkey
Sports
U.S. Bombs Three Iranian Nuclear Sites — Fordow, Natanz, Isfahan | Daily Report Nigeria
U.S. Bombs Three Iranian Nuclear Sites — Fordow, Natanz, Isfahan
News

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

PDP Thinks I'm Not Important - Kwankwaso | Daily Report Nigeria
Politics

PDP Thinks I’m Not Important – Kwankwaso

June 15, 2025
Electoral Bill: Why We Won’t Fund Party Primaries – INEC | Daily Report Nigeria
News

Electoral Bill: Why We Won’t Fund Party Primaries – INEC

June 13, 2025
'It Raises Suspicion For 20 - 30 Year-Old To Have N7 Million Cars' - Ex-SARS Commander | Daily Report Nigeria
News

‘It Raises Suspicion For 20 – 30 Year-Old To Have N7 Million Cars’ – Ex-SARS Commander

June 15, 2025
FG Announces N1.6trn Subsidy For Nigerians
News

FG Announces N1.6trn Subsidy For Nigerians

June 13, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?