Gabriel Ogbechie, chief executive officer of Rainoil Limited, claims the federal government now spends N600 billion on petrol subsidy monthly.
However, according to Ogbechie, the federal government resumed petrol subsidy following the devaluation of the naira in the foreign exchange market.He said with the current daily consumption at 40 million litres and the FX rate at N1,300, the government’s subsidy per litre on petrol falls between N400 and N500.
“At that point, truly subsidy was gone, because officially, naira was exchanging maybe for anything between N450 to N470. But a few weeks later, they merged the exchange rates and naira officially moved to about N750. At that point, subsidy was beginning to come back.“Again, depending on what the exchange rate was, we could go into an argument on whether the exchange was N750 or N500, or whatever.
“If you look at what our daily consumption say, conservatively 40 million litres a day if you’re spending N500, that’s at least N20 billion every day, N600 billion every month or N7.2 trillion depending on how you look at it. So subsidy is definitely back on petrol.”
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