Nigeria's government secretly pays an average N501.47 per litre of petrol despite denying subsidies.

Nigeria's government is reportedly paying an average N501.47 per litre of petrol in eight cities, despite denying subsidies after announcing subsidy removal in May 2023. Data from the Premium Motor Spirit (PMS) pricing framework reveals a discrepancy in official statements. The International Monetary Fund estimates subsidy payment will consume almost half of Nigeria's projected oil revenue this year.