{
  "id": 2908483,
  "title": "ZACCH ADEDEJI’S ARITHMETIC",
  "url": "https://urgent.news/2026/08/24/zacch-adedejis-arithmetic",
  "topic": "world",
  "section": "World",
  "published": "2026-08-24T00:44:00.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/08/24/zacch-adedejis-arithmetic/"
  },
  "original_language": "en",
  "account": "Zacch Adedeji, the chairman of the National Revenue Service (NRS), recently gave a speech on Sunday Politics on Channels TV, revealing that Nigeria could have spent approximately ₦53 trillion annually on petrol subsidy if President Bola Tinubu hadn't removed the scheme. This revelation aimed to shed light on the subsidy regime's impact on the nation. Subsidy, introduced by General Yakubu Gowon's military regime in 1973, aimed to stabilize fuel prices and protect Nigerians from inflation. It became a permanent fixture in the country's economic landscape, with the government absorbing the difference between local pump prices and production/import costs. However, the introduction of the Petroleum Price Control Act of 1977 unified retail prices across the nation, including essential commodities. The subsidy burden escalated during oil booms in the 1970s, with the government using public funds to bridge the gap without significantly affecting the economy. Despite its populist intentions, the subsidy regime became unsustainable over time due to competing needs and mounting fiscal deficits. Successive administrations continued to borrow to sustain the subsidy regime, even as it became increasingly unviable. In 2021, the Petroleum Industry Act (PIA) was enacted to address the issue. Zacch Adedeji emphasized that the subsidy regime had become structurally unviable, likening its funding to pouring water into a basket with countless gaps. The NRS chair projected that subsidy payments would have consumed over 76% of the Nigerian budget. Removing subsidy was a reality-check decision for President Tinubu, as it presented a stark economic reality.",
  "summary": "JOSHUA OCHEJA argues the need to set aside political considerations in the analysis of subsidy regime I watched the recent interview of the chairman of the National Revenue Service (NRS), Zacch",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}