FG Spent N18.39bn on subsidy daily — Minister Of Finance

 FG Spent N18.39bn on subsidy daily — Minister Of Finance 

The Minister  of Finance, Budget and National Planning, Mrs. Zainab Ahmed has noted  that N6.210 trillion was paid as fuel subsidy to independent oil marketers from 2013 to 2021, Knowledge Trend Reports 

The minister however, said the her ministry paid N1.774 trillion from 2013 to 2016, while the rest came under PMS under-recovery by the Nigerian National Petroleum Corporation, NNPC Limited

She also said the Federal Government was paying N18.397 billion as subsidy per day. Ahmed disclosed these before the House of Representatives ad hoc Committee investigating the subsidy payments regime from 2013 to 2022, led by Ibrahim Aliyu.

The minister added that in the Medium Term Expenditure Framework, MTEF, already sent to the National Assembly, the government projected N3.335 trillion as subsidy for half year.

She said: “One thing that stands out in the Medium Term Expenditure Framework, MTEF, was that if the nation holds on to fuel subsidy as it is designed now, we will be incurring from January to December subsidy cost of N6.4 trillion.