Nigeria’s core problem is that it relies almost entirely on expensive imports to meet its gasoline needs, despite being Africa’s largest oil and gas producer, as none of the country’s refineries is working at capacity due to mismanagement
. According to a parliamentary report in June this year, for instance, Nigeria spent more than $10 billion in a decade on three oil refineries that produced hardly any fuel.
The agency said Nigerian government owes these countries a total of $5.16 billion as at March 2023. By subsidising, the Federal Government attempts to lower the fuel cost by providing direct financial support to oil firms, thereby lowering the fuel price for Nigerians. It’s however regrettable that the people for whom subsidy was meant were not actually the direct beneficiaries of the scheme.
Absurdly, the Federal Government was said to have paid as much as $10 billion , which was over 24 per cent of Nigeria’s total expenditure, as oil subsidies for last year, 2022, while the country’s spending on capital projects for the 2022 financial year was only N4.95 trillion. Can you imagine! With the declaration of the Nigeria National Petroleum Corporation, NNPC, that it was owed N2.
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