Posted 12/13/2023, 2:54:39 PM
World Bank: Nigeria's True Petrol Costs ₦750/Litre, Subsidies Likely Persist Despite Claims
- World Bank reveals Nigeria's petrol price should be ₦750 per litre without subsidy, much higher than the ₦650 currently paid
- Estimates suggest Nigeria may still be subsidizing fuel despite government's removal of petrol subsidy
- Actual cost of petrol is not fully adjusting to market conditions based on importation costs
- World Bank calls for more transparency from NNPC on profits and oil revenues to ensure accurate remittances
- FAAC has previously accused NNPC of shortchanging federation account by over ₦2 trillion from oil sales and taxes