• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, September 2, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Nigeria May Overshoot N4trn 2022 Petrol Subsidy Budget–Analyst

As NNPC spends over $1bn in August alone

by Chika Izuora
3 years ago
in Business
Overshoot
Share on WhatsAppShare on FacebookShare on XTelegram

With the federal government spending over $1 billion on fuel subsidy payment in August alone, analysts have expressed concerns that the country may overshoot the N4 trillion budgeted for fuel subsidy payment this year.

Advertisement

The chief executive officer of the Centre for the Promotion of Private Enterprises(CPPE), Dr. Muda Yusuf, warned that at this rate the nation is close to spending about N5 trillion in petrol subsidy payment before end of the year.

The Nigerian National Petroleum Company Limited(NNPCL), just disclosed that the federal government spent about $1.22 billion or N525.714 billion in payment of subsidies in August, bringing the total spent this year to N2.568 trillion.

In an interview with LEADERSHIP, he recalled predicting that federal government might spend up to that figure going by level of consumption and foreign exchange disparity as the nation imports most of its white products.

The rising costs of sustaining subsidy regime in Nigeria is reportedly straining the budget and draining revenue from the NNPC.

RELATED

Kogi Communities Benefit From Dangote Cement’s Scholarship Awards

Kogi Communities Benefit From Dangote Cement’s Scholarship Awards

14 hours ago
Investors Reap N4.43trn Profit From Equities In 2 Months

NGX Suspends Trading In 3 Firms’ Shares

14 hours ago
ADVERTISEMENT

In April, the National Assembly approved a N4trillion petrol subsidy for this year after the government in January reversed a pledge to end its subsidies to avert protests in the run-up to presidential elections in February 2023.

The NNPCL has not submitted any money to the federal government this year due largely to subsidy costs.

August’s bill compared with N448.782 billion in July, according to a document NNPC submitted on Friday to the Federation Account Allocation Committee.

ADVERTISEMENT

 


Join Our WhatsApp Channel



SendShare10173Tweet6358Share
ADVERTISEMENT
Previous Post

South East Coalition Commends Afenifere For Endorsing Peter Obi

Next Post

Next Administration Must Maintain Momentum Built On MSMEs – Osinbajo

Chika Izuora

Chika Izuora

You May Like

Kogi Communities Benefit From Dangote Cement’s Scholarship Awards
News

Kogi Communities Benefit From Dangote Cement’s Scholarship Awards

2025/09/02
Investors Reap N4.43trn Profit From Equities In 2 Months
Business

NGX Suspends Trading In 3 Firms’ Shares

2025/09/02
Global Financial Systems: Shettima Champions Fair Treatment For African, Caribbean, Pacific States
News

Nigeria Economic Society Seeks Inclusive Growth, Honours Shettima, Others

2025/09/02
Phone Users Choose Data Calls Over Voice Amid High Tariffs
News

Phone Users Choose Data Calls Over Voice Amid High Tariffs

2025/09/02
DMO Opens September FGN Savings Bond
News

DMO Opens September FGN Savings Bond

2025/09/02
Equities Market Opens September Trading With N362bn Loss
News

Equities Market Opens September Trading With N362bn Loss

2025/09/02
Leadership Conference advertisement

LATEST

Another Monarch kidnapped In Kogi

Police Arrest Suspected Cultist, Recover Firearms In Imo

NNPCL Appoints Odeh, Adewunmi As Chief Communications, Relations Officers

NCAA Reports Airlines To EFCC Over Non-remittance Of 5% TSC, CSC

BREAKING: Tinubu Reverses NTA Appointments, Reinstates Dembos, Adewuyi

Tinubu Celebrates Zamafara Governor Lawal At 60

We Will Cooperate With Fubara When He Returns To Power — Rivers APC

Let Trump Do His Worst, Nigeria’s Economy Is Stable — Tinubu

Gov Aiyedatiwa Approves N350m For 2025 Scholarship, Bursary For Ondo Students

Burkina Faso Criminalises Homosexuality, Approves Jail Terms, Fines

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.