The pricing template released by PPPRA effectively shows the government has been paying fuel subsidy despite its denials.
As it has become clear the Nigerian government has continued to subsidise the price of petrol, a PREMIUM TIMES analysis has shown the nation may be expending a whopping N102.5 billion monthly to reduce the retail cost of petrol.
The sum is higher than the N70 billion the government budgeted for the provision of Universal Basic Education (UBEC) in the 2021 budget, as well as the N45.19 billion allocated for immunization.
This is according to a PREMIUM TIMES’ analysis of the revelations thrown up by the controversial price template released by the Petroleum Products Pricing Regulatory Agency (PPPRA) last week.
PREMIUM TIMES reported how the agency came under attacks last Thursday when it released a template indicating a huge jump in the retail price of petrol from about N160 to N212.
The decision contradicted earlier assurances by the NNPC that there will be no increment in March, prompting the government to disown it and apologise.
In a statement Friday by its executive secretary, Abdulkadir Saidu, the PPPRA said it does not “fix or announce prices”, and claimed the petroleum pricing template published on its website was not intended to cause an increase in the price of petrol.
However, previous templates released by the agency formed the basis of fuel price increase or decrease in the country.
Prior to latest controversial announcement, the PPPRA published its last template in November 2020.
In his reaction, the Minister of States for Petroleum, Timipre Sylva, also disowned the increment.
