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Nigerian govt spent N8.9tr on subsidy in nine years – PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) said on Monday the Federal Government had spent a total of N8.94 trillion on oil subsidy in the last nine years.

The agency, which disclosed this in a document on subsidy payment released in Abuja, said the amount was spent by the federal government from 2006 to 2015.

According to the PPPRA, the subsidy was paid to oil marketers and the Nigerian National Petroleum Corporation (NNPC) during the period.

A breakdown of the money revealed that the government paid N257.36 billion as subsidy on petrol in 2006 and N271.51 billion in 2007.

READ ALSO: Nigeria to save N1tr annually from fuel subsidy removal —Sylva

A total sum of N630.57 billion was paid to petrol marketers in 2018.

The agency said: “Also, oil marketers were paid N409.31 billion in 2009 and N667.08 billion in 2010 as subsidy claims.

“In 2011, the federal government paid a total sum of N2, 105.92 trillion, an increase of N1, 437.84 trillion from the 2010 payment

“The federal government also paid N1.35 trillion in 2012, N 1,316.63 trillion in 2013, N1,217.35 trillion in 2014, and N653.51 billion in 2015 as subsidy claims.”

Ronald Adamolekun

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Ronald Adamolekun

Ronald Adamolekun is a creative writer with a mixed bag of experience in fields as diverse as data journalism, financial reporting and editing.

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