Nigeria's savings from fuel subsidy removal rise to N647m daily

The government of President Muhammadu Buhari is currently saving N647.2 million daily following the suspension of subsidy on petrol in Nigeria.

According to the government, the savings are kept in an escrow account to serve as a cushion in case of any eventuality, especially in the international oil market.
The move was informed by the continuous decline in the price of crude oil in the international market, which in turn dragged the open market price of petrol to N70.32 per litre in Nigeria.
The N647.2 million quoted is based on the average daily consumption of petrol by Nigerians which is estimated to be 40 million litres by the federal government.
According to Vanguard, since the announcement and commencement of the price modulation regime by the federal government, the open market of petrol had fluctuated between N4 and N12 per litre before rising to its current level.

The report was jointly compiled by both the NBS and the Petroleum Products Pricing Regulatory Agency (PPPRA).