A Review of the Nigerian Energy Industry

Nigeria to resume fuel subsidy payment in July

20 June 2012, Sweetcrude, LAGOS – THE committee set up by the Nigerian government to verify subsidy claims by fuel marketers and the Nigerian National Petroleum Corporation (NNPC) and payments made to them has completed its report, paving way for recommencement of subsidy payment to the NNPC and the marketers, involved in fuel importation, next month.

Minister of State for Finance, Alhaji Yerima Ngama, who disclosed this Tuesday, said the committee report was expected to be submitted to the government soon.

Ngama stated that since the committee had completed the reconciliation, the Federal Ministry of Finance would restart subsidy payments in July.

He told news men after the monthly meeting of the Federation Account Allocation Committee (FAAC) meeting in Ibadan, Oyo State, that Nigeria’s gross revenue for the month was N586.918 billion, adding that, that was lower than the N633.795 billion recorded in the previous month.

A total of N519.351 billion was yesterday shared among the three tiers of government for May.
The minister said the N46.877 billion difference in revenue for this month and the last was due to a decrease in crude oil exports in May following production shutdowns and disruptions caused by maintenance work at various terminals.

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  • sweet crude n bitter economy. If only we could manage ds gift of oil well