ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, September 18, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • 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 News

NBS Report: Ekiti Confident Interventions Will Reduce High Inflation Rate

15 hours ago

All Federal Airports Fully Insured, Runways Under Overhaul — FAAN

20 hours ago

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.

 

Join Our WhatsApp Channel

SendShare10173Tweet6358Share

Other News Updates

Business

NBS Report: Ekiti Confident Interventions Will Reduce High Inflation Rate

2025/09/17
Business

All Federal Airports Fully Insured, Runways Under Overhaul — FAAN

2025/09/17
Agriculture

Federal Government Unveils $3.14bn Agric Investment Scheme With FAO

2025/09/17
Business

Upstream Sector Attracts $18.2bn Investment, Unlocks 1.4bn Oil Barrels

2025/09/17
Business

CBN Enlightens Kano Residents About New Banking Initiatives

2025/09/17
Business

Rehoboth City Estate Unveils Wazobia, Smart Housing Project In Abuja

2025/09/17
Leadership Conference advertisement

LATEST

Pate, Salako, Regulators For OneBarrow Health Conference

College Asks Commission To Step Up Advocacy For Patients’ Bill Rights

Nigeria To Harness WTO Fish Fund For Maritime Protection – Deputy Speaker

Governor Mutfwang To Implement Recommendations On Plateau Killings

Kwara Trust Fund Awards Scholarship To 12 Pupils

Boundaries Of Federal And State Governments In Electricity Regulations

ECOWAS Chair Bio Meets Burkina Faso Leader

Galaxy Backbone Achieves Global Success On ISO Recertification Across 4 Key Standards

Benue Varsity Promotes 146 Lecturers To Professor Rank

Joint Security Operatives Crush IPOB/ESN Strongholds, Neutralise Many

© 2025 Leadership Media Group - All Rights Reserved.

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

© 2025 Leadership Media Group - All Rights Reserved.