President Tinubu’s Policy Shift Sees 92% Drop in Nigeria’s Daily Petrol Consumption

A significant decline in Nigeria’s daily petrol consumption has been recorded since President Bola Tinubu assumed office on May 29, 2023.

Data from the Nigerian Midstream and Downstream Product Regulatory Authority (NMDPRA) reveals a 92% drop in consumption, from 60 million liters in May 2023 to 4.5 million liters by August 20, 2024.

This drastic reduction is largely attributed to President Tinubu’s decision to end petrol subsidies, which had cost the country approximately N12 trillion over the past decade. The president deemed the subsidies unsustainable, citing the massive debt they had incurred.

Only 16 out of 36 states received petrol allocations from the Nigerian National Petroleum Company Limited (NNPCL) in August. The breakdown of allocations is as follows:

Niger received 21 trucks, amounting to 940,000 liters daily,

Lagos got 12 trucks, totaling 726,001 liters daily,

Kaduna received 12 trucks of 454,001 liters.

Other states received significantly less:

Oyo got 12 trucks of 454 liters,

Kano received 9 trucks,

Ondo got 6 trucks,

Kwara received 6 trucks,

Edo got 4 trucks,

FCT received 4 trucks,

Sokoto received 4 trucks,

Ogun got 3 trucks,

Osun received 3 trucks,

Gombe received 1 truck,

Benue received 1 truck,

Ekiti received 1 truck,

Kebbi received 1 truck.

The end of subsidies has led to increased petrol prices, from N195 per liter to around N1,300 per liter, contributing to rising inflation and poverty.