The Minister of Finance and National Planning, Zainab Ahmed, has disclosed that Nigeria spends N18.69 billion daily on petroleum subsidies.
She stated this on Thursday when she appeared before the House of Representatives ad hoc Committee investigating oil subsidies.
The Minister claimed Nigeria consumes 64 million litres per day. and that the figure could have been influenced by smuggling.
Ahmed said the executive is also concerned about the increment in daily consumption.
She noted that some of the products are being smuggled outside the country, adding that during COVID-19 locked down, daily consumption dropped significantly.
She stated that the president alone cannot take the decision on removing subsidy, insisting that there must be a multi-stakeholder approach, including all political parties, who must sit to make the decision.