The Nigerian government has once again denied paying a subsidy on petrol, despite recent reports suggesting otherwise. Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, stated on Tuesday that the government has remained committed to its policy of not paying fuel subsidies since the deregulation of the sector in May last year.
This statement comes after a PREMIUM TIMES report claimed the government is paying an average of N501.47 as a subsidy per litre of petrol in several Nigerian cities. The Nigerian National Petroleum Company (NNPC) recently admitted to owing suppliers $6 billion, fueling speculation about hidden subsidy payments.
Mr. Onanuga dismissed these claims as false, stating that the government has been faithful to its policy of no fuel subsidies. He further explained that the NNPC’s efforts to absorb rising petrol costs aim to protect Nigerian consumers amid the fluctuating crude prices and a weakened Naira.
The IMF recently reported that Nigeria’s fuel subsidies could consume nearly half of the nation’s oil revenue this year. Meanwhile, the government argues that local refineries like the Dangote Refinery will soon alleviate these financial burdens by reducing dependency on imported fuel.
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