According to an official, in 2022, the Nigerian government expended more than N4 trillion on PMS subsidy.
on Tuesday said Nigeria imported a total of about 23.5 billion litres of Premium Motor Spirit , also known as petrol, in 2022.
“The country needs a very robust mid and downstream sector to maximise the inherent values that can be derived from these resources. The mid and downstream sector is where the most value derivable from the nation’s hydrocarbon resources can be obtained through the creation of employment, accelerated industrialization of Nigeria, security of energy and generation of revenue to list just a few,” Mr Ahmed said.
He noted that the NMDPRA is working with all its stakeholders to effectively develop a transparent midstream and downstream sector in line with the mandates defined in the PIA. “This important milestone ushered in a new dawn in the history of the growth and prosperity of the Nigerian oil and gas industry through key industry reforms which include the removal of fuel subsidy and migration to a full market-based pricing for petroleum products which is the only way to attain a transparent mid and downstream value chain for petroleum products supply,” he said.
“The financial implication of PMS subsidy rose to over N400 billion monthly which translates to over N4.8 trillion annually making it unsustainable in the short to medium term.
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