Nigeria spends N679bn on fuel subsidy – PPPRA

29 November 2012, Sweetcrude, Abuja – Executive Secretary of the Petroleum Products Pricing and Regulatory Agency, PPPRA, Reginald Stanley, has said the Nigerian government has spent N679.736 billion on fuel subsidy this year.

While defending the agency’s budget before the Joint Committee of the Senate and House of Representatives on Petroleum (Downstream) in Abuja, Wednesday, Stanley stated that the PPPRA has so far saved N671.706 billion in subsidies this year.

He disclosed that of the N679 billion subsidy payments, the Nigerian National Petroleum Corporation, NNPC, got N337.7 billion, with oil marketers receiving N342 nbillion from January to October, as against N1.351trillion paid for the same period last year.

According to him, of the N1.351tillion subsidy disbursed between January and October last year, NNPC got N517.325billion, while other marketers received N834.117billion

He said the shortfall in payments for January to October this year, represented 49.7 per cent less than the payments for the same period in 2011.

Stanley said a daily average of 35.642million litres of fuel was supplied this year. Tthe NNPC, according to him, supplied 18.232 million litres of this, while other marketers provided 17.409 million litres between January and October this year.

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