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FG spends N8.9trn on subsidy in 10 years – PPPRA

 

 

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

 

The agency disclosed this in a document on subsidy payment released in Abuja yesterday. It said that the subsidy was paid to oil marketers and the Nigerian National Petroleum Corporation (NNPC) in the period under review.

 

A breakdown of the money indicated that in 2006, a total of N257.36 billion was paid, in 2007, N271.51 billion while in 2008 N630.57 billion was paid to marketers. “Also, oil marketers in 2009 were paid N409.31 billion and N667.08 billion in 2010 respectively as subsidy claims,” it said.

 

The document further revealed that in the year 2011, Federal Government paid a total of N2,105.92 trillion, an increase of N1,437.84 trillion from 2010 payment. The PPPRA, in the document, noted that in 2012, N1.35 trillion was paid as subsidy.

 

“A total of N1,316.63 trillion in 2013, N1,217.35 trillion in 2014 and N653.51 billion 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.

 

Meanwhile, the Nigerian Ports Authority (NPA) yesterday said that 20 ships at the Lagos ports were discharging petroleum products and foodstuff.

 

The NPA made this known in its publication, ‘Shipping Position’. It listed the contents of the ship as general cargo, containers, bulk wheat, petrol, frozen fish, butane gas, bulk sugar, maize, bulk salt and automobile gasoline. It said that other 12 ships had arrived the ports, waiting to berth with containers, bulk wheat and general cargo.

 

The authority said it was expecting 13 other ships with petroleum products, food items and other goods from September 21 to 30. It said that the ships contained bulk wheat, bulk sugar, petrol, bulk gypsum, frozen fish, maize, bulk salt and general cargo. They are expected to arrive at the Lagos Port Complex.

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