PMS Deregulation: Buhari’s unfulfilled promise

According to the Fuel consumption Statistics [1] published by the Nigeria Office of Statistics, the average daily consumption of PMS in Nigeria is between 41m and 52m litres per day. This was the statistics in 2016. It means that the total Annual consumption will be 365 x 41m, ie 14,965million litres, or simply put, 15Billion litres per year. The figure has now risen to 55m litres in 2018 [2].

At the current retail price of N145 per litre, it means the total annual expenditure of Nigeria on PMS is N2,169Bn or N2.1Tn. Is is therefore disturbing to read in the news that Nigeria spends N774m daily on fuel subsidy [3]. Continue reading “PMS Deregulation: Buhari’s unfulfilled promise”