The Director-General of the Budget Office Ben Akabueze has said that Nigeria pays N53 as a subsidy for every litre of petrol imported in the country.
Akabueze said this on Wednesday at the Strategic Dialogue on the Morocco-Nigeria Relations in Abuja.
According to him, the Department of Petroleum Resources’ reveals that 45 million litres of petrol is used every day in the country.
“Also at the moment, in terms of pricing of petroleum products, for every litre of petrol, there is an N53 under-recovery,” he said.
“Well, that is the term that the NNPC, which has this responsibility, calls it and so who am I?
“This represents a significant value for us. Hence, the need to diversify the economy remains urgent.”