The daily consumption volume of petrol in Nigeria has dropped badly in one year of President Bola Ahmed Tinubu taking over the reins of government on May 29, 2023.
Official figures show that daily consumption has plunged south by 92 percent to 18 percent since May 2023.
The pump price of fuel has since skyrocketed from N195 per litre to about N1,300 today.
Data from the Nigerian Midstream and Downstream Product Regulatory Authority (NMDPRA) Daily Truck Out Report for September 2024, showed that consumption as of August 20, 2024, was 4.5 million litres per day.
The daily petrol consumption as of May 2023 was 60,000 million litres per day, according to the NMDPRA.
Those figures show that daily consumption has plunged south by 92 percent to 18 percent since May 2023.
On his Inauguration Day, Tinubu declared an end to petrol subsidies, which at that time had gulped about N12 trillion in 10 years.
According to the President, payment of petrol subsidies was no longer sustainable as it had plunged the country into huge debts.
