• Friday, May 24, 2024
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Nigeria spent N8.9trn on subsidy in 10 years – PPPRA


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

PPPRA stated this in a document on subsidy payment released in Abuja on Monday.

The agency 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, while in 2008 N630.57bn was paid to marketers.

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

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

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

“A total of N1,316.63trn in 2013, N1,217.35trn in 2014 and N653.51bn in 2015 was paid as subsidy claims,” it added.

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

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