It's an old topic but this puzzled me as well - one of the Corsairs has the same characteristic. Hitech's answer from 2009 was that "we found out the water cooling of the air let them run a leaner mixture, while at the same time increased efficiency do to lower inlet temperature. Hence more HP for less fuel."
The combination of huge fuel and efficient WEP was the N's secret weapon - on the deck it could WEP almost forever and was faster than anything that had similar range.
Right thats all well and good, water-meth injection allows you to run a slightly leaner air fuel ratio and more ignition timing to achieve more power with a given amount of airmass. However we know that we always have to add more fuel with more air even with the same air fuel ratio to keep that ratio consistent.
Manifold pressure = pressure of the air coming into the cylinders and directly related to the airmass the motor is consuming at a fixed RPM.
More manifold pressure = more airflow
More RPM = more airflow
If you know about ideal gas law or are familiar with "speed density" fuel injection systems you know where this is going.
54" manifold pressure (11.8 PSI of boost) going to 72" manifold (20.8 PSI of boost). Even with the charge cooling from water meth that allows you to lean the mixture maybe 1 point of air fuel ratio. Thats still 33% more airflow through the motor and as such requires 33% more fuel to go with it