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FG to Spend N1.68tn on Petrol Subsidy from September to December

by Vicky Oselumese
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FG to Spend N1.68tn on Petrol Subsidy from September to December

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The Nigerian government is facing accusations of secretly reintroducing fuel subsidies, despite previous claims that they had been removed.

Fuel subsidies were officially removed in 2020, but recent reports suggest that the government is once again providing financial support to keep fuel prices stable.

The government has not made any official statements regarding the reintroduction of subsidies, but industry insiders and oil marketers claim that the Nigerian National Petroleum Corporation (NNPC) is performing some kind of “magic” to keep fuel prices steady.

The NNPC has been importing fuel and has assured the public that there is enough stock to last until the refineries start working again in December.

However, critics argue that it is impossible for the government to maintain a balance in fuel prices when it is in the hands of private sector individuals who may manipulate prices for their own benefit.

They also accuse the government of lacking transparency and accountability in its handling of the petroleum sector.

The reintroduction of fuel subsidies could have significant financial implications for the country, as subsidies have cost Nigeria billions of naira in recent years.

Civil society organizations are calling for greater transparency and accountability in the government’s actions and are urging the government to build a democracy centred on public trust.

This article was updated 5 months ago

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