From a mere N443 billion budgeted for fuel subsidy in the Federal Government’s 2022 Appropriation Act, the subsidy incubus now guzzles trillions of Naira. It is already being projected that fuel subsidy would gulp nothing less than N6 trillion by the close of 2022. In a recent interview with Bloomberg’s Mike Cohen, President Muhammadu Buhari reportedly defended the fuel subsidy policy, saying: “My government set in motion plans to remove the subsidy late last year (2021). Indeed, burdened by the huge fuel subsidy bill, the NNPC is no longer able to meet its remittance obligations to the Federation Accounts Allocation Committee (FAAC). Consequent upon these unique challenges, rather than reap the bounties or ‘windfall’ arising from the very high oil prices engendered by the war, Nigeria is practically getting impoverished.

Source: The Guardian July 04, 2022 10:12 UTC