Fuel subsidy hits N1.593tn, refinery rehabilitation gulps N54.66bn

Fuel subsidy hits N1.593tn, refinery rehabilitation gulps N54.66bn Fuel subsidy hits N1.593tn, refinery rehabilitation gulps N54.66bn

The federal government has spent N1.593tn between January and June 2022 in subsidising Premium Motor Spirit, popularly called petrol.

This is according to a statistics released in Abuja on Monday

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It was also gathered that the Nigerian National Petroleum Company Limited pumped N54.66bn into refinery rehabilitation during the six months period.

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ding GIF

Figures obtained from the NNPCL’s presentation to the Federation Accounts Allocation Committee meeting for July 2022 showed that subsidies on petrol were implemented in June. The company transited from a public oil firm to a commercial entity last month.

It also made it clear in July that subsidy on petrol was now a burden of the Federal Government and not its own responsibility.

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