With continued plummeting of crude oil prices, Nigeria now records a monthly average of N15.859 billion as under-recovery on importation of petrol or Premium Motor Spirit (PMS) into the country.

Though the Federal Government claimed it had exited the era of subsidy payment on imported PMS, data from the NNPC showed an under-recovery of N190.314 billion between January 2017 and January 2018.

Apart from the huge cost of subsidising the product, the country’s consumption increased from 28 million litres in 2017 to 60 million during the first quarter of 2018, according to latest consumption data from the National Bureau of Statistics.

Source: The Guardian