Chief Executive Officer and Managing Director of Pinnacle Oil and Gas Limited, Robert Dickerman has revealed that Tinubu’s Government still pays about one trillion naira monthly on petrol subsidy.
President Bola Ahmed Tinubu had on his inauguration anounced total removal of petrol subsidy.
But contrary to his government’s claim, the Pinnacle Oil CEO has now said that Nigeria is currently spending approximately N1 trillion every month on petrol subsidies.
Dickerman made the disclosure at the Nigeria International Energy Summit held recently in Abuja.
He stated that contrary to what is known by many, a significant amount is still paid as subsidy by the Tinubu’s Government, adding that this has enhanced affordability and is potentially fueling smuggling of the product to nearby countries.
“Smuggling causes Nigeria to subsidize neighboring countries while our economy struggles. The cost is hurting the entire budget, federal and state. It is currently calculated to be about 1 trillion Naira monthly.
“Also, ceasing subsidy payments would result in no petrol supply, if there are no refineries producing gasoline. All supplies come from the international market which will only sell at market prices.”
