Nigeria Spent ₦18.4 Billion Daily On Petrol Subsidy, Tinubu Reveals

According to Ireporter Online, President Bola Ahmed Tinubu has disclosed that Nigeria previously spent as much as ₦18.4 billion daily on petrol subsidy payments before the policy was removed by his administration.

Speaking during his nationwide address marking the third anniversary of his government, Tinubu noted that the country expended over ₦4 trillion on fuel subsidies in 2022 alone, describing the arrangement as unsustainable and damaging to the nation’s economic stability.

He explained that the huge funds committed to subsidy payments could have been redirected to critical sectors such as healthcare, education, housing, and road infrastructure development.

“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies,” the President stated.

Tinubu also criticized the former multiple exchange-rate system, saying it encouraged arbitrage, rent-seeking, and currency speculation. He added that Nigeria lost over ₦8 trillion within three years due to inefficiencies in the foreign exchange framework.

The President maintained that his administration inherited an economy that required bold and urgent reforms, stressing that difficult decisions were necessary for long-term national recovery.

“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he said.