FG SUBSIDY SPENDING TO HIT N11TN IN 2023

The administration of the President, Major General Muhammadu Buhari (retd.), could spend not less than N10.976tn as subsidy on Premium Motor Spirit, popularly called petrol, from when it came to power in 2015 till May 2023.

Already the government has spent about N6.88tn in subsidising the commodity, according to data obtained from the Nigerian National Petroleum Company Limited and the Nigeria Extractive Industries Transparency Initiative.

The President and his party, the All Progressives Congress while campaigning in 2015, kicked against the fuel subsidy scheme that was implemented by the previous administration of the Peoples Democratic Party.

NEITI  stated in a report submitted last month to the House of Representatives ad hoc committee investigating the fuel subsidy regime from 2013 to 2022, that petrol was subsidised all through these years.

Figures from the report showed that fuel subsidy gulped N316.7bn in 2015; N99bn in 2016; N141.63bn in 2017; N722.3bn in 2018; N578.07bn in 2019; and N134bn in 2020.