Nigeria Spent ₦18.4 Billion Daily On Petrol Subsidy, Says Tinubu

President Bola Ahmed Tinubu has said Nigeria spent as much as ₦18.4 billion daily on petrol subsidies before his administration removed the policy.

Naija News reports that Tinubu stated this on Friday in his nationwide address marking the third anniversary of his administration.

The President said the country spent over ₦4tn on fuel subsidies in 2022 alone, describing the system as unsustainable and harmful to the economy.

According to him, the money could have been used for roads, healthcare, education, housing and other critical infrastructure.

“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies,” Tinubu said.

The President also faulted the former multiple exchange-rate system, saying it created room for arbitrage, rent-seeking and speculation.

He said Nigeria lost more than ₦8tn within three years through the old foreign exchange arrangement.

Tinubu said his administration inherited an economy that required urgent and courageous decisions.

“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he stated.