The federal government of Nigeria on Thursday admitted paying as much as 120 billion naira or its equivalent of nearly 316 million dollars to subsidise the price of petrol monthly.
The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, said this at the fifth edition of the special ministerial briefings coordinated by the presidential communications team.
He said the cost was covered by the NNPC.
Mr Kyari said while the actual cost of importation and handling charges amounts to 234 naira per litre, the government is selling at 162 per liter litter.
He said sooner or later Nigerians would have to pay the actual cost for the commodity.
