The Minister of Finance, Budget and National Planning, Zainab Ahmed has disclosed that the federal government is spending 18.397 billion Naira per day on fuel subsidy.

This translates to N283 Naira per liter of Premium Motor Spirit popularly called Petrol.

The Minister stated this yesterday before the House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022 that grilled her over payments of subsidy on Petrol by the Federal Government.

While speaking on this on a monitored programme, the Chief Executive Officer of Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yussuf said the government cannot afford to continue paying billions of naira as subsidy on fuel.

Dr Yusuff said though the impact of subsidy removal on average Nigerian will be huge, it can be removed gradually.