FG Spent N8.94tn On Petrol Subsidy In 10 years- PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) newly released figures shows that the Federal Government spent N8.94tn on petrol subsidy between 2006 and 2015.

Data from the PPPRA, released on Monday showed that during the 10-year period, the government consistently spent billions of naira subsidising Premium Motor Spirit, popularly called petrol.

It said that in 2006, 2007, 2008, 2009 and 2010, the government spent N257.36bn, N271.51bn, N630.57bn, N469.31bn and N667.08bn respectively.

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Also in 2011, 2012, 2013, 2014 and 2015, the government paid N2.104tn, N1.354tn, N1.315tn, N1.217tn and N653.51bn respectively on petrol subsidy.

The PPPRA had in March commenced the deregulation of the downstream oil sector in a bid to halt the continued payment of subsidy.

Before March, the Nigerian National Petroleum Corporation, the sole importer of petrol into Nigeria, had been recording under-recoveries as a result of its subsidy spendings on petrol.

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