A Review of the Nigerian Energy Industry

Subsidy payments decline from N2.2tr to N971bn

Fuel dispencer24 September 2013, Abuja -Nigeria’s Federal Government has reduced public spending on oil subsidy payments from N2.2 trillion in 2012 to N971 billion last year.

This represents a reduction of over N1.2 trillion, or 56 per cent, a statement has said.

Issued by the Special Adviser to the Coordinating Minister for the Economy and Minister of Finance said,  Paul C Nwabuikwu, it said in 2011, “there was a huge public outcry. This administration hired new auditors and put in place different checks and balances. As a result, last year, we brought subsidy payment down to about N950 billion, and we expect that this year, we will pay about N971 billion, this is a huge achievement for which the Jonathan Administration deserves some credit, something that should make Nigerians proud of their government.”

Also, in furtherance of the administration’s commitment to transparency and accountability in the management of fuel subsidy payments, the Federal Ministry of Finance said it has released the sum of N46,764,191,448.16 as latest payment to oil marketers whose claims have successfully gone through the verification process.
This means that, so far in 2013, a total of N287,351,770,696.16 has been paid in verified claims to verified marketers.

– The Nation

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