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Thursday, April 22, 2021

FG releases reports on 10yrs subsidy programs, expenses

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The Federal Government has released reports on the country’s subsidy programmes and expenses, saying the government spent no fewer than N8.94 trillion on oil subsidy between 2006 and 2015.

It explained that the said amount was paid to oil marketers and the Nigerian National Petroleum Corporation (NNPC) in the period under review.

The Petroleum Products Pricing Regulatory Agency (PPPRA) said that the released details was in line with the President Muhmmadu Buhari-led administration transperancy and anti-corruption drive and towards giving proper account to Nigerians.

Giving the breakdown through a document on subsidy payment released yesterday in Abuja, the agency indicated that in 2006 a total of N257.36 billion was paid, in 2007, N271.51 billion while in 2008 N630.57 billion was paid to marketers.

“Also, oil marketers in 2009 were paid N409.31 billion and N667.08 billion in 2010 respectively as subsidy claims,” it said.

The document further revealed that in the year 2011, federal government paid a total of N2, 105.92 trillion an increase of N1,437.84trillion from 2010 payment.

The PPPRA in the document also noted that in 2012, N1.35 trillion was paid as subsidy, the highest in the period under review.

“A total of N 1, 316.63 trillion in 2013, N1,217.35 trillion in 2014 and N653.51 billion in 2015 was paid as subsidy claims, “it added.

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

It assured that subsequent releases would revealed the amount paid on subsidy before the deregulation of the downstream oil sector.

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