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Nigerian govt reveals details of N4.2trn petrol subsidy payment in five years

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The Office of the Accountant General of the Federation (oAGF) on Wednesday revealed the full details of the N4.194 trillion fuel subsidy paid to oil marketers between January 2017 and June 2022.

A breakdown of the subsidy payments/deductions from the Federation Account computed by the oAGF through the Federation Account Department for the period under review showed that the sum of N126.539 billion was paid in January-December 2017; N691.586 billion was paid from January-December2018.

Others are N537.209 billion paid from January-December 2019; N133.625 billion paid from January-December 2020; N1.159 billion paid from January-December 2021, while N1.545 trillion had been paid between January and June 2022.

Read also:Nigerian govt gives breakdown of N74bn subsidy payment to petroleum marketers in seven months

The details of the subsidy payment were contained in a 2-page document submitted by the Director Overseeing the oAGF, Mr. Sylva Okolieaboh to the House of Representatives Ad-hoc Committee inaugurated to ‘Ascertain the actual daily consumption of premium motor spirit (PMS) in Nigeria’, chaired by Hon. Abdulkadir Abdullahi.

This also came a few days after dealer under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) denied being paid N74 billion by the Federal Government as bridging claims for the transportation of petroleum products.

In a statement last Thursday, the marketers warned that Nigeria could witness “the mother of all queues” from the following week if the Federal Government failed to pay the 12 months bridging claims being owed operators in the downstream oil sector.

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