FG spends ₦8.9t on subsidy in 10 years -PPPRA
The Petroleum Products Pricing Regulatory Agency (PPPRA) says the Federal Government has spent a total of ₦8.94 trillion on oil subsidy between 2006 and 2015.
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The agency disclosed this in a document on subsidy payment released in Abuja on Monday.
Daily Times Nigeria gathered that it said that the subsidy was paid to oil marketers and the Nigerian National Petroleum Corporation (NNPC) in the period under review.
A break down of the money indicated that in 2006 a total of ₦257.36 billion was paid, in 2007, ₦271.51 billion while in 2008 ₦630.57 billion was paid to marketers.
‘Also, oil marketers in 2009 were paid ₦409.31 billion and ₦667.08 billion in 2010 respectively as subsidy claims,” it said.
The document further revealed that in the year 2011, federal government paid a total of ₦2, 105.92 trillion an increase of ₦1,437.84trillion from 2010 payment.
The PPPRA in the document noted that in 2012, ₦1.35 trillion was paid as subsidy, the highest in the period under review.
“A total of₦1, 316.63 trillion in 2013, ₦1,217.35 trillion in 2014 and ₦653.51 billion in 2015 was paid as subsidy claims, “it added.
It noted that the NNPC since 2016 had being the sole importer of the product to the country.
It assured that subsequent releases would revealed the amount paid on subsidy before the deregulation of the downstream oil sector.
(NAN)
