Why monthly fuel subsidy cost shot up by 989% in 7yrs


fuel subsidy

fuel subsidy

…Experts cite high oil prices, logistics costs, corruption

…System breeds corruption, smuggling to other countries —EnergyHub

…Calls for deregulation, implementation of PIA

…Reps to sanction agencies for stalling investigations into fuel consumption rate

By Udeme Akpan, Energy Editor, Levinus Nwabughiogu & Obas Esiedesa, LAGOS

As Nigerians  continue to groan  nder the severe impact of the lingering fuel scarcity, amid raging controversy over huge subsidy costs, investigations revealed a combination of higher oil prices, skyrocketing logistics costs and corruption led to a gargantuan 989 per cent increase in the average monthly fuel subsidy cost in seven years.

This is even as the House of Representatives yesterday threatened to  sanction   critical agencies of government in the oil and gas sector for failing to appear before its committee investigating the rate of daily consumption of fuel in the country.

Fuel subsidy jumps skywards 

Vanguard checks…

Source: Vanguard Newspaper