A recent revelation by the Nigerian National Petroleum Corporation that it spent N774 million daily to subsidise petrol consumed in the country was a confirmation of Nigeria’s return to the subsidy regime, which has been generally described as unsustainable and prone to corruption. Group Managing Director of Nigerian National Petroleum Corporation, Dr. Maikanti Baru, recently made a mind-boggling revelation when he disclosed that the corporation currently spent N774 million daily as subsidy on the 50 million litres of petrol consumed across the country. This translates to a whooping N282.510 billion in a year. Fuel Smuggling Baru had attributed the huge subsidy cost to the sale of petrol at N145 per litre, which under the defunct Petroleum Support Fund, was described as “under-recovery,” and the proliferation of filling stations in communities with international land and coastal borders across the country. Speaking when he led a management team of the corporation […]