BREAKING: Nigeria spent ₦18.4bn daily on fuel subsidy, Tinubu says

….. lost ₦8tn to forex distortions

President Bola Tinubu says Nigeria spent as much as ₦18.4 billion daily on petrol subsidies before his administration removed the policy, describing the regime as unsustainable and damaging to the nation’s economy.

In his nationwide address marking the third anniversary of his administration on Friday, Tinubu revealed that the country spent over ₦4 trillion on fuel subsidies in 2022 alone — funds he said could have been channelled into roads, healthcare, education, housing, and other critical infrastructure.

“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies,” the President said.

Tinubu also blamed the former multiple exchange-rate system for massive economic distortions, stating that Nigeria lost more than ₦8 trillion within three years to forex arbitrage, rent-seeking, and speculative practices.

According to him, the economic situation his administration inherited demanded “urgent and courageous action” to prevent the country from sliding into deeper fiscal and economic crisis.

“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” Tinubu stated.

More details later…