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Government fuel subsidy payment increases to N2b daily

07 April 2014, 19:28

Abuja - The Federal Government’s petrol subsidy bill is now N2 billion daily up from the N1.9 billion figure in March., reports National Mirror.

The new subsidy level is a reflection of high prices of some crude oil grades, including Nigeria’s Bonny Light which many refiners prefer.

The latest Petroleum Products Pricing Regulatory Agency (PPPRA) statistics showed that the Federal Government subsidy, which stood at N47.66 per a litre in March, has increased to N49.81 per a litre.

Based on the estimated daily consumption of 40 million litres of the product, the government’ s daily subsidy payment stands at N2 billion .

Read more at National Mirror.

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