Nigeria Spends N17.7 Billion Daily on Fuel Subsidies Amid Weak Naira, Rising Costs

The Nigerian government is secretly spending N17.72 billion daily on fuel subsidies as the pump price remains fixed despite rising costs
Nigeria imports all its fuel, using 44.3 million litres per day, so subsidies are the difference between landing costs and pump prices
Weakening of the naira against the dollar has driven up landing costs, now over N1000/litre, while retail pump prices are fixed around N600/litre
NNPC deducts the subsidy cost before remitting revenues to the Federation Account, resulting in a monthly shortfall of N531 billion
Independent marketers unable to access subsidized NNPC fuel are forced to pay higher depot prices, squeezing their margins