The Nigerian Economic Summit Group and oil marketers, under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria, are worried of an impending fiscal crisis in Nigeria following the continued rise in subsidy on petrol.
NESG expressed its concern in the group’s September 2022 report titled, “The State of Nigeria’s Economy,” obtained in Abuja on Monday, as figures from the Nigerian National Petroleum Company Limited indicated that petrol subsidy gulped N2.04tn between January and July this year.
NNPC said its under-recovery of PMS/value shortfall, otherwise called fuel subsidy, was N210.38bn, N219.78bn, N245.77bn and N271.59bn in January, February, March and April 2022.
