{
  "id": 7198604,
  "title": "Petrol subsidy return may cost Nigeria N19tn annually – CPPE",
  "url": "https://urgent.news/2026/09/13/petrol-subsidy-return-may-cost-nigeria-n19tn-annually-cppe-7198604",
  "topic": "world",
  "section": "World",
  "published": "2026-09-13T23:46:04.000Z",
  "source": {
    "name": "Punch Nigeria",
    "slug": "punch-nigeria",
    "url": "https://punchng.com/petrol-subsidy-return-may-cost-nigeria-n19tn-annually-cppe/"
  },
  "original_language": "en",
  "account": "The Centre for the Promotion of Private Enterprise (CPPE) has warned that reintroducing a universal petrol subsidy could cost the Nigerian government approximately N19.16 trillion annually. This figure was calculated based on an estimated petrol consumption of 50 million litres per day, with a subsidy requirement of N1,050 per litre. The resulting daily subsidy expense would amount to around N52.5 billion, while the monthly cost would be approximately N1.575 trillion. CPPE's Chief Executive Officer, Dr Muda Yusuf, emphasized that the financial burden would not only strain Nigeria's already constrained public finances but could also compete directly with funding for essential sectors such as infrastructure, education, healthcare, security, agriculture, and social protection. Yusuf highlighted that a return to the old subsidy regime would exacerbate Nigeria's fiscal deficit and increase borrowing and debt-service pressures. He cautioned that higher government borrowing could crowd out private-sector credit, maintain high interest rates, and weaken investment, productivity, job creation, and economic growth. Instead of reverting to a universal petrol subsidy, the CPPE urged the government to ensure that the fiscal gains from subsidy removal translate into visible improvements in citizens' welfare. These improvements could include enhanced public transportation, electricity, healthcare, education, food security, infrastructure, and social protection. Yusuf stressed that targeted relief should be provided to households and businesses affected by the recent escalation in petrol prices, rather than returning to the pre-reform universal subsidy system. He also differentiated the recent increase in petrol prices from the broader global energy price surge, emphasizing that the two developments required distinct policy responses. The CPPE maintained that the recent subsidy removal had improved the commercial viability of domestic refining and bolstered revenues available to the Federal, state, and local governments.",
  "summary": "The Centre for the Promotion of Private Enterprise has warned that a return to universal petrol subsidy could cost Nigeria about N19.16tn annually. Read More: https://punchng.com/petrol-subsidy-return-may-cost-nigeria-n19tn-annually-cppe/",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Punch",
        "title": "Petrol subsidy return may cost Nigeria N19tn annually – CPPE",
        "url": "https://urgent.news/2026/09/13/petrol-subsidy-return-may-cost-nigeria-n19tn-annually-cppe",
        "published": "2026-09-13T23:30:04.000Z"
      },
      {
        "outlet": "Daily Trust",
        "title": "Bringing back subsidies will cost Nigeria N20trn annually — Report",
        "url": "https://urgent.news/2026/09/14/bringing-back-subsidies-will-cost-nigeria-n20trn-annually-report",
        "published": "2026-09-14T04:10:26.000Z"
      }
    ]
  },
  "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."
}