N10trn wasted on petrol subsidy between 2006 and 2018

N10trn wasted on petrol subsidy between 2006 and 2018 - BudgIT sends message to Buhari

- BugdIT releases a report saying the Nigerian government has spent N10 trillion on petrol subsidy 2006 and 2018

- BudgIT wants an end to subsidy regimes in Nigeria as it believes the fund can be channeled to other areas of development

- The organisation says the fund spent on subsidy between the years under review is enough to build 27,000MW of electricity

The Nigerian government has wasted at least N10 trillion on subsidizing the premium motor spirit, also known as petrol, BugIT has said in a message calling for its end.

BudgIT, a civic organization that applies technology to intersect citizen engagement with institutional improvement, asked President Muhammadu Buhari to remove fuel subsidy as it believes that the country was putting itself in problem.

“To the detriment of socio-economic developments, Nigeria has spent nothing less than N10 trillion on petrol import subsidy between 2006 and 2018,” Shakir Akorede, the communications associate of BudgIT, said in a statement.

Daily Trust reports that the group noted that Nigeria currently imports an average of 91% of its daily petrol needs.

“The continuation of petrol price regulation perpetuates safety nests for exceptional forms of corruption within the country’s subsidy regime.

“Import subsidy creates petrol price arbitrage - the differential between the regulated price in Nigeria and the high petrol prices in neighbouring countries - which is big enough to incentivise smuggling of subsidized products to neighbouring border towns.

“According to NNPC, there are 2,201 petrol stations in Nigeria’s porous border towns and coastal frontiers, with a combined fuel tank capacity of 144.9 million litres. Analysts argue, ringing corruption alert, that the population around that area is far from justifying the size of the petrol market,” the statement said.

BudgIT argued that fuel subsidy deprives Nigeria of the funds needed for critical socio-economic development and that it discourages investors, who prefer a deregulated industry.

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The organisation noted that the amount consumed by subsidy in the years under review could build 27,000MW of electricity or construct about 2,400 units of 1000-bed standard hospitals across 774 local government areas of Nigeria.

“It’s high time fuel subsidy is removed. Efficient palliative measures should be provided for those that will be worse hit by the removal. Four sectors - transportation, power, health and education - should be prioritized to cushion the effects” Gabriel Okeowo, BudgIT’s principal lead, said.

Legit.ng earlier reported that the group managing director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, recently said that the under-recovery recorded on petrol has dropped to N20 per litre from over N80.

Baru made this known in Abuja on Monday, December 24, during a tour of filling stations with the Department of Petroleum Resources (DPR) and Nigeria Security and Civil Defense Corps (NSCDC) officials to ascertain the effective distribution of products to customers.

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