Good Morning Nigeria: A variation on fiscal recoveries
​A variation on fiscal recoveries
The template for premium motor spirit (PMS, petrol) on the website of the Petroleum Products Pricing Regulatory Agency (PPPRA) shows that the FGN should be benefitting from a negative subsidy. The agency’s data for 19 February has the open market price, the sum of the landing cost and margins, at N69.7/litre (l). The difference between this price and the retail pump price amounts to N16.3/l or N240bn over a full year on daily domestic consumption of 40 million litres. The agency told the local media last week that such proceeds totalling N2.6bn had been lodged in a new account at the CBN from imports in December.
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