In October 2019, the past administration approved the increment of minimum wage from N18, 000 to N30, 000 and up till date, about 15 state governments have yet to partially or fully implement it. The subsidised price for Premium Motor Spirit otherwise called petrol when the government increased the minimum wage was about N145/litre.
When the immediate past administration was handing over to the current government on May 29, the Nigerian National Petroleum Company Limited approved subsidised price for PMS was N185/litre, and it had alleged that consumption had risen to about 98 million litres per day. Of course, the Nigerian Midstream and Downstream Petroleum Regulatory Authority eventually revised that volume to 66.8 million litres, while the NNPCL claimed it paid out $9.7 billion as subsidy for 2022.
Applying basic mathematics to determine the estimated cost of subsidy per litre of PMS, calculated over the 18.236 billion litres consumed between Q1-Q3 of 2022 , and assuming NNPCL made payments for only Q1-Q3 by the time it made the claim of paying $9.7bn in January 2023 as fuel subsidy; N4.39tn divided by 18.236 billion litres arrives at a subsidy of N240/litre.
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