Petrol Subsidy Cost Could Be More Than N13 Trillion

The Federal Government yesterday acknowledged that the cost of subsidy on petrol between the years 2005 to 2021 could be more than N13 trillion ($74 billion) if the economic and opportunity costs of the policy are computed in financial terms.

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The Secretary to the Government of the Federation, Mr. Boss Mustapha disclosed this during the launch of the Nigeria Extractive Industries Transparency Initiative (NEITI), strategic plan 2022-2026, in Abuja.

THE Federal Government yesterday acknowledged that the cost of subsidy on petrol between the years 2005 to 2021 could be more than N13 trillion ($74 billion) if the economic and opportunity costs of the policy are computed in financial terms.

Mr. Mustapha who was represented by the Permanent Secretary, of General Services, Mr. Maurice Mbaeri said the cost “in relative terms is equivalent to Nigeria’s entire budget for health, education, agriculture, and defense in the last five years, and almost the capital expenditure for 10 years between 2011‑2020.

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The Federal Government yesterday acknowledged that the cost of subsidy on petrol between the years 2005 to 2021 could be more than N13 trillion ($74 billion) if the economic and opportunity costs of the policy are computed in financial terms.

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