The Federal Government spends between N140 billion to N150 billion monthly on fuel subsidy, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, said on Thursday.
Kyari, who disclosed this at a meeting with oil and gas industry stakeholders and security agencies in Abuja, said the open price of petrol increased from N162 per litre to N256 per litre.
According to him, this means the federal government has been subsidizing fuel by N94 per litre.
Those at the meeting were representatives of the Economic and Financial Crimes Commission (EFCC), Department of State Services (DSS), Nigeria Police Force, Nigeria Customs Service (NCS) and Nigeria Security and Civil Defence Corps (NSCDC) among others.
The NNPC boss said: “The difference comes back to as much as N140 billion to N150 billion cost to the country monthly.
“As long as the volume goes up, that money continues to increase and we have two sets of stress to face. We are talking of stress in supply and foreign exchange for the NNPC.”
Kyari also called for solution to petrol smuggling in the country.