Petrol subsidy cost ₦4.7 trillion in 2022, its last full year
What the federation spent each year on petrol subsidy, recorded as under-recovery, from the Nigeria Extractive Industries Transparency Initiative (NEITI).
Petrol subsidy, recorded as under-recovery, cost ₦4.71 trillion in 2022, more than four times the 2021 figure. The subsidy was removed at the end of May 2023, after ₦3.01 trillion had been spent in the first five months of that year.
Source: Nigeria Extractive Industries Transparency Initiative (NEITI), 2021 Oil and Gas Industry Report, Table 57 (2015 to 2021); NEITI 2022 to 2023 Oil and Gas Industry Report presentation, September 2024 (2022 and 2023). The 2023 figure covers January to May only. For 2021, NEITI notes that FAAC approved ₦1.78 trillion of under-recovery but ₦1.16 trillion was deducted; the deducted amount is shown.
Show the figures
| Year | ₦ billion |
|---|---|
| 2015 | 316.70 |
| 2016 | 99.00 |
| 2017 | 141.63 |
| 2018 | 722.30 |
| 2019 | 578.07 |
| 2020 | 133.74 |
| 2021 | 1,159.18 |
| 2022 | 4,714.00 |
| 2023 | 3,010.00 |
The amounts rise and fall with the gap between the cost of imported petrol and the regulated pump price, which widened as oil prices rose and the naira fell.