How much? N 2.19 trillion spent on fuel subsidy in 2011

by Staff Writer

The country should be awash with petrol, if the figures from last year’s fuel subsidy payments are to be believed.

The finance minister Ngozi Okonjo-Iweala said yesterday at a public hearing that the nation has spent N2.19 trillion on subsidising fuel for Nigerians.

According to the statements made before the public hearing organised by the Senate Joint Committee on Petroleum Resources (downstream), Appropriation and Finance, the government made payments of N451 billion carried over from last year. N1.7 trillion was already paid last year.

In the course of her disclosures, Okonjo-Iweala also told the committee that she was unable to determine the amount to be paid out this year as a different body, the  Petroleum Products Pricing Regulatory Agencies (PPPRA) that handles the allocation of products to the various marketers.

 

 

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