Nigeria currently subsidises petrol consumption for other African countries

The massive petrol subsidy currently being reported by the Nigerian National Petroleum Corporation (NNPC), may be a reflection of petrol consumption not only by Nigerians, but also those used by neighbouring African countries.

This development is being justified by the sudden appreciation in daily petrol consumption for Nigeria from 35 million litres to 60 million litres. However, some oil marketers, who spoke to newsmen, maintained that the 60 million litres daily consumption of petrol being quoted was not possible for Nigeria’s current population and potential petrol users.

They described the figure as over bloated, saying the sudden rise to 60 million litres daily is questionable, and should be investigated. This is just as regulatory agencies including, the Petroleum Products Pricing Regulatory Agency (PPPRA), National Bureau of Statistics (NBS), the Petroleum Equalisation Fund (PEF), have opened investigations into the sudden surge in consumption levels.

Source: The Guardian



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