- Nigeria spent an estimated ₦12 trillion on fuel subsidy in 12 years
- ₦30 billion spent on electricity subsidies monthly
Energy sector experts have decried the inefficiencies of Nigeria’s subsidy regimes. Nigeria spent an estimated ₦12 trillion on petroleum subsidies in the last 12 years and ₦30 billion monthly on electricity subsidies. Energy Experts have decried the unsustainable subsidy regimes and inefficiencies of government agencies.
The National President, Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Mr Billy Gillis-Harry, has condemned subsidy payments, stating that it benefits only the rich. Gillis-Harry further stated that the methodology for the subsidy payments in the electricity sector is arguable.
”We do not want any resources of government to be frittered away in the name of subsidy. So let all forms of subsidy be removed and in its place, let us have what will impact the average Nigerian.” Gilly-Harry said.