• June 15, 2021

FG Spent N8.9trillion On Subsidy From 2006 To 2015- PPPRA

By Franca Joseph (AGENDAWATCHDOG) – The Petroleum Products Pricing Regulatory Agency (PPPRA) has disclosed that the Federal Government spent a total of N8.94 trillion on oil subsidy between 2006 and 2015.

This was contained in a document on subsidy payment released in Abuja on Monday, NAN reports, in which it said that the subsidy was paid to the Nigerian National Petroleum Corporation (NNPC) and oil marketers in the period under review.

A breakdown of the money showed that in 2006 a total of N257.36bn was paid; in 2007, N271.51bn; in 2008 N630.57bn was paid to marketers; in the year 2011, the federal government paid a total of N2, 105.92t, an increase of N1,437.84t from 2010 payment; while in 2012, N1.35t was paid as a subsidy, the highest in the period under review.

The PPPRA noted that the NNPC since 2016 had been the sole importer of the product to the country.

Agenda Watchdog

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