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Nigeria Spends N2.13tn In Petrol Forex Subsidy Between 2016 – 2019

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The Nigerian government spent N2.13tn from 2016 to 2019 as subsidy on foreign exchange for marketers, Group Managing Director of the Nigeria National Petroleum Corporation, Mele Kyari, said on Friday.

Kyari made this known at a downstream stakeholders’ meeting held at the NNPC headquarters in Abuja, according to a statement by the spokesperson of the corporation, Kennie Obateru.

The statement said that Kyari had taken concrete steps to address the main concerns of marketers, particularly the availability of foreign exchange.

The NNPC boss was quoted as saying, “It is really not in our interest to be the sole importer of PMS in the country.

“We have taken definite steps to exit the situation. This is a definite step taken and the details would be communicated to stakeholders like MOMAN, DAPMAN, IPMAN and others outside this forum.”

The NNPC boss added that the government plans to inject about N2.7tn into the economy to stimulate production, stabilise the exchange rate and cushion the inflationary effect of the pump price increase.

According to him, the Federal Government is keen on driving the deregulation programme to create value for the country and ensure that Nigerians enjoyed the benefits.

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