The average consumption of Premium Motor Spirit, popularly called petrol, has dropped from 66.9 million litres daily to 48.4million litres since May 29 when the President Bola Tinubu-led government announced the removal of fuel subsidy. Figures from the Nigerian government agency indicated that between June 1 to June 28, 2023, which was described as the post-deregulation period, the total petrol consumption across the country was 1.36 billion litres as against 11.26billion between January and May.
Fuel subsidy removal: Monthly consumption drops by 18 5m litres after deregulation – FG thestreetjournal.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreetjournal.org Daily Mail and Mail on Sunday newspapers.
The power sector was privatised by the Federal Government on November 1, 2013, with the expectation that supply to homes and industries would by now exceed 40, 000 Megawatts (MW).
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Despite dwindling revenue and increasing debt profile, the Nigerian National Petroleum Corporation (NNPC) spent about N33 billion on repairs and maintenance of pipelines within a space of 13 months.
The rate of pipeline vandalism has proven to be a recurrence, and as a result, part of the monthly remittances to the Federation Accounts is used for repairs and maintenance.
Between January 2020 and January 2021, data from the Federal Account and Allocation Committee (FAAC) showed that in the first quarter of 2020, a total of N10.2 billion was expended on repairs, with a crude and product loss valued at N21.6 billion.
In the second quarter of same year, the FAAC report also showed that despite the COVID-19 lock down which crippled economic activities across the country, N13.2 billion still went for repairs.