EXPOSED: Despite Tinubu's Statement, Nigeria's Fuel Subsidy To Exceed N700bn Monthly - Marketers Reveal | READ DETAILS

Nigeria's fuel subsidy expenditure is now surpassing N700 billion monthly, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN). This alarming disclosure was made by Mohammed Shuaibu, the Secretary of IPMAN, Abuja-Suleja, in response to data indicating a significant rise in petrol landing costs.

In a statement on Monday, Shuaibu highlighted concerns over the Nigerian National Petroleum Company Limited (NNPC) and the government's transparency regarding fuel subsidy spending. This comes after the Major Energies Marketers Association of Nigeria (MEMAN) reported that the landing cost of petrol as of the previous day was N1,117 per liter.

Shuaibu cautioned Nigerians to brace for potential fuel pump price hikes, explaining that petrol prices are influenced by international market forces and foreign exchange rates. "The N1,117 per liter landing cost is not just based on our foreign exchange rate but also the global PMS cost," he stated. "NNPC, the sole importer, is not telling us the truth."

Further analysis revealed a significant gap between the landing cost and the ex-depot price set by NNPC, suggesting that monthly subsidies have indeed crossed N700 billion. Shuaibu noted that daily subsidy spending, based on October 2023's petroleum consumption figures, amounts to N23.57 billion.

This revelation has sparked debates, especially following President Bola Tinubu's assertion that "subsidy is gone." Despite this, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has maintained that fuel subsidies have been removed in Nigeria.