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THE PMS SUBSIDY REFORM REMOVES AN UNSUSTAINABLE FISCAL BURDEN In 2022, the petrol subsidy drained 32 percent of Nigeria's revenues Petrol subsidy accounted for 0.9 percent and 2.2 percent of GDP in 2021 and 2022 Naira, billions 9,000 8,000 Gross oil and gas 7,000 revenue 6,000 Petrol subsidy 5,547 Net oil and gas revenue 5,000 4,000 Other deductions -1,607 3,609 -331 3,000 2,000 1,000 0 NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 2021 8,482 -4,532 3,578 -372 Sources: World Bank calculations based on data from OAGF and NBS 2022 16

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