..consumption drops to 4.5m from 60m litres per day
Nigeria’s daily consumption of Premium Motor Spirit (PMS), commonly known as petrol, has reduced by a staggering 92% following the removal of fuel subsidies, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
As of August 20, 2024, petrol consumption had dropped to 4.5 million litres per day, compared to 60 million litres per day in May 2023, a sharp decline since President Bola Tinubu’s inauguration.
The NMDPRA’s Daily Truck Out Report reveals that only 16 out of Nigeria’s 36 states received product allocations from the Nigerian National Petroleum Company Limited (NNPCL) during August 2024.
This limited distribution led to widespread fuel scarcity in states that did not receive allocations.
Among the states that did receive allocations, Niger had the highest distribution, with 21 trucks supplying 940,000 litres of petrol daily. Lagos followed with 12 trucks delivering 726,001 litres, while Kaduna received 12 trucks carrying 454,001 litres.
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Other states such as Oyo, Kano, and Ondo also received allocations, but in smaller quantities, with Sokoto, Ogun, Osun, Gombe, Benue, Ekiti, and Kebbi receiving significantly less.
The drastic reduction in petrol consumption follows President Tinubu’s announcement on May 29, 2023, ending a decade-long subsidy program that had cost the government approximately N12 trillion ($15.7 billion).
Tinubu cited the unsustainable nature of the subsidy regime, which had heavily burdened Nigeria’s finances and contributed to rising national debt.
Global Financial Digest
