Investigations have revealed that Nigerians will spend about N6.732tn on the purchase of petrol annually once the Federal Government stops subsidising the commodity from February next year.
This came to the lead on Wednesday as the Nigeria Labour Congress described the government’s plan as a “penny wise-pound foolish” gamble.
The Senate and economic experts also decried the Federal Government’s plan to pay N5,000 each to 40 million Nigerians to cushion the effect of fuel subsidy removal.
The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, had on Tuesday announced at a World Bank event in Abuja that petrol would sell for between N320 and N340 per litre from February 2022.
According to the revelation of the NNPC boss that subsidy on petrol would end in February, findings showed that Nigerians would spend about N18.7bn daily for the over 55 million litres of petrol consumed each day across the country.
Users of petrol would spend about N561bn for the average of 30 days in a month, while in the 12-month period, consumers would pay about N6.732tn.
The NNPC put the daily petrol consumption in Nigeria at 55.79 million litres in its most recently published monthly operational and financial report, which was for April 2021.
