The Governor of Kaduna State, Malam Nasir El-Rufai, has stated that Nigeria loses N250 billion a month on petrol subsidies. State governors are committed to supporting the Federal Government in ending the fuel subsidy regime.
According to the News Agency of Nigeria, the Governor disclosed this at the presentation of the World Bank Nigeria Development Update, November 2021 edition titled, “Time for Business Unusual”.
Speaking at the event, the Kaduna State Governor said, “This hullabaloo about petrol is something that we must as a country have a conversation about and agree that it has to end.
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“We cannot continue to provide petroleum to our neighbouring countries, which is what we are doing.
“Why are we doing this? For whom are we doing it? Who is the beneficiary? Which cabal is the beneficiary of this, and why should they hold this country to ransom and bankrupt the Nigerian economy?
“Right now, we are losing N250 billion a month, and this has to end. State governments are committed to supporting the Federal Government on this.
“We do our bit, engage stakeholders and put the facts on the table so that everyone understands the danger the country is in if the subsidy continues, as well as the benefits that will accrue.”
The World Bank had reported that subsidies had cost Nigeria N864 billion ($2.1 billion) in the first nine months of 2021. It also added that the cost of petrol subsidy for 2022 could reach N13,000 per person
