NewStats: 3,264,418 , 8,183,679 topics. Date: Wednesday, 11 June 2025 at 01:51 AM 1e1a2y

The International Monetary Fund, (IMF) and the Nigerian National Petroleum Company, are locking horns on claims and counterclaims on secret return of petrol subsidy in the country.

The IMF is still saying that Nigeria’s reintroduction of a gasoline subsidy months after it was scrapped is expected to guzzle almost half of its projected oil revenue this year.

The implicit subsidy will cost the country an estimated N8.43 trillion ($5.9 billion) of its projected N17.7 trillion oil revenue, in 2024, the IMF said in a report published on Thursday.

Its forecasts are similar to Bank of America’s, which projects it could cost Nigeria between $7 billion and $10 billion this year if it imports between 18 and 25 billion litres of gasoline, Tatonga Rusike, BofA sub-Saharan Africa economist, wrote in a note.

It said that rising crude oil prices are set to send Nigeria’s ‘secret’ bill for fuel subsidies rocketing, threatening to exacerbate the already precarious economic situation of Africa’s largest oil producer.

Brent, the benchmark for Nigeria’s crude oil, has gone from an average of $77 in January to as much as $86 per barrel as of Tuesday.

Although the rising price of crude oil could help in boosting funding for the country’s 2024 budget, which has a benchmark of $77.96 per barrel, the country has been unable to meet its production quotas as its declining production means it cannot increase crude oil revenue from oil sales.

Higher oil price also translates to a larger petrol subsidy burden on the Nigerian National Petroleum Company (NNPC) Ltd.

This is because the federal government has forced a lid on the retail price of petrol, even as the landing cost has long crossed the pump price, leading to the conclusion that the government has begun subsidising the commodity.

However, this calculation has been seen and described as misrepresentation of facts by the NNPCL.

“We are recovering our full costs from the products we import. It is important to emphasise that the subsidy is no longer in place. Contrary to allegations, petrol subsidy has not been reinstated, Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, said in a note to LEADERSHIP.

There are however reports that the NNPCL was using proceeds from Nigeria LNG dividends to pay subsidies on petrol while other reports claim the company deducts the subsidy amount from the proceeds of Nigeria’s crude oil sales before remitting the remaining balance to the federation .

The exact amount deducted by NNPCL remains unclear, but unofficial data claims it could be as high as N17.72 billion daily, raising concerns about transparency.

A report by the Federation Allocation Committee last August showed that over N169 billion was used to pay subsidies, a development that reveals what the country is up against.

The World Bank last December also claimed that Nigeria has a partial subsidy in place and that petrol should be priced at N750 per litre at the pumps.

https://leadership.ng/petrol-subsidy-return-nnpcl-imf-disagree-over-n8-43trn-loss/

Government of BATeria, by BATeria and for BATeria.

I agree with the NNPCL

"Subsidy is gone"--Bola A Tinubu. 29th May, 2023

TINUBU HAS FINALLY FINALLY FINISHED THIS COUNTRY ,
I dont even know what is wrong with Nigerians, how can they believe that someone who is incoherent and cannot make a straight speech without losing it for some minutes will be able to direct the affairs and economy of this great nation the right way ??

COMRADES, abeg make una leave tinubu alone, the man don cast, and confused, I'm pretty sure that Tinubu is regretting ever rigging election in Nigeria by now

IMF knows how much foreign refineries sell their petrol.

NNPC should tell us the cost price of imported petrol.

The Nigerian media who are only good in copyiog and pasting are too lazy to a foreign refinery, try to import petrol and a proforma invoice will reveal the real cost.

Thats what?

Paraman:
I agree with the NNPCL

Who dey subsidize who dey complain.

IMF abeg leave us alone

We no dey even know when there's subsidy or no subsidy?Why is IMF so concerned about this subsidy?

IMF dey mad, the way they interfere in our affairs is crazy. Are they the one paying the subsidy on our behalf?. Ukraine and Gaza need loans but na African matter go kill them.

onatisi:
TINUBU HAS FINALLY FINALLY FINISHED THIS COUNTRY ,
I dont even know what is wrong with Nigerians, how can they believe that someone who is incoherent and cannot make a straight speech without losing it for some minutes will be able to direct the affairs and economy of this great nation the right way ??

This bitter obidient is still in campaign mode. Tinubu cannot make straight speech but the ones he has been making both home and abroad, na your papa dey make am for him.

I don't understand what NNPC abi what's there new name is try to do actually?

You want to lie or use propaganda on IMF?

Your total petrol import is known to them
How much you paid for the petrol is Known to them
How much it cost to transport is known to them
How much you sale the petrol is known to them

You buy petrol plus landing cost of around 1100 ( yes that's the landing cost of petrol) ... You sale to marketers at 580
Taking a loss of 520 per litres... This is obvious to any smart person na

We have been saying it here

Trial and error government

Push and start regime

Propaganda cannot sustain a nation

It's official , IMF controls Nigeria

Lol...

Tinubu has made history as the worst civilian president to ever rule Nigeria.

Buhari intentionally ed Tinubu so Nigerians would see him as a saint.

Bad leaders always worse successors.

BATeria and his trial and error policies that's driving the nation to a ditch.

And his brainless gullible followers said he spent over 4decades preparing for the job and knows how to assemble best useless brains.

Only empty headed ph00lz will be ing an obvious natural disaster.

U

Nigeria will stain your white 💔

Haaa. Apc want to find ways to increase the price. Wicked group of people.

Fraudulent Govt.

Over to Urchins!

You guys should come and defend your pay master.

Joke of a Nation

Buhari was the worst president in the history of Africa, but was 100 million times better than the useless man we have now, atleast buhari had a direction. Tinubu is just moving with no direction, no plan, no sense, no nothing.
Only to say " it's my turn"

Tinupoo is impotent both in bed and in governance.

Iribaji drug_ant with fake certificate, what a rhetorical shame..

The Jaujau leader will be humbled by force. For weeks now, he's been quiet over the major cause of the return of queues in petrol stations nationwide but we knew why....they've certainly exhausted their lies . The naira he floated was the greatest mistake any leader would make. The impact would last up to 5 years cos Nigeria hasn't been the same since he committed the blunder. Where are the subsidy palliatives, one year after? We're so gullible in this country. When the time is right, we will fight for our right. Is the PH refineries working now despite the recent noise?

No leader dwells on propaganda ever succeeeds in ruling their people veritably. How can you be lying even when everyone knows the truth.? A few minutes ago, I read here on NL that Mr ojo, the interior minister was going to review the visa policy, I lafff. This is tantamount to a local adage which says, ęfi ętę silę, ę npa lapa lapa...which literally means, you're abandoning leprosy and busy treating eczema. I wonder which is worse a disease out of the two. You are not dealing decisively with insecurity, which is next to corruption and bad economic policy first, which is one of the reasons naira is falling, you're reviewing visa policy. For who exactly? Which investors would come with their dollars to spend in an insecure nation where foreigners are being kidnapped and key security operatives are being killed? Nip this menace in the bud first and see the investors coming on their own, uninvited. They know everything about Nigeria more than the citizens do.

All the African nations with currencies stronger than naira are making it mainly via tourism. What is Botswana producing? What of Seychelles, Zambia, including an ordinary Benin Republic? Any doubting thomas should just cross our border and enter cotonou. You'd think you're in Europe when you see Canadians, Americans, Asians lying on the floor of the Obama beach without a single armed security operatives guiding them. They walk freely even in town

Nigeria my country, who do us like this? Other nations import fuel too, we hear the news on both local and international media, they don't queue like we see in Nigeria for fuel. They dont even have fuel as we do. There's only one cause of all these mess..... bad leadership brought about by sentiments and bigotry. I wonder if an ordinary hausa/fulani benefited from buhari istration. The only detribalised democratic government was that of obasanjo, which was why his istration witnessed such prosperity. No tribe or ethnicity was secluded as he picked the best across board. Everyone prospered

I hope they won't wake up tomorrow and say na those smuggling petrol into cotonou cause fuel scarcity. Awon oniranu, spreading propaganda all around.

Dangote must pump out petrol as soon as possible

Tinubu is worse than catastrophe.

We told dem dangote refinery won't change anything! They laughed and called us enemies of Nigeria. Lol. This set of crooks are the worst we've had in recent times. Thiefs in the buhari govt even gey smal sympathy

If Government can print money


Then why are we paying taxes?!?