Nigeria has spent over 10.3 trillion naira on fuel subsidy between 2006 to 2019. Fuel subsidy is aimed at lessening the burden of the cost of fuel on Nigerians. There have been several protestations against subsidies and in 2021 while announcing the removal of subsidies, the Finance Minister described subsidies as “..unsustainable and economically disingenuous”.
The highest spent on subsidy in the years under review was in 2011 with a total of 2.105 trillion naira. 2020 is the year with the lowest amount spent on subsidy with a total of 102 billion naira, followed by 2017 with N144.5 billion and no amount was recorded spent in 2016. The low figures in these years may be due to the crash of oil prices between 2014 and 2016 and then again in 2020.
10 trillion
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