N13trillion spent on subsidy in 16 years———Fed Govt

 


Over N13 trillion spent by Nigeria on petrol subsidies in 16 years, the Federal Government said yesterday.


This was said Yesterday by the Secretary of the federation Boss Mustapha in Abuja.


Mustapha spoke in Abuja at the launch of the Nigerian Extractive Industries Transparency Initiative (NEITI) 2022 – 2026 Strategic Plan.


He said the Presidential Transition Council (PTC) would release the guide that emanated from the discussions on the Premium Motor Spirit (PMS) petrol subsidy to the incoming administration of President-elect Bola Tinubu.

“From that Policy Advisory, over N13 trillion (N74billion) is documented to have been expended on the payment of subsidy between 2005-2021,” he said.


He assured Nigerians that the Federal Government had been keenly following subsidy conversations having borne the burden of fuel subsidy over the years.



“While we remain open to the ongoing debate, a comprehensive position to guide the incoming administration on when and how to make this decision is being developed by the Presidential Transition Council which I currently head,” Mustapha added.


According to him, the N13 trillion figure in relative terms is equivalent to the country’s entire budget for health, education, agriculture, and defence in the last five years.


Khaleel Reporting For Championmedia123


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