The Petroleum Products Pricing Regulatory Agency (PPPRA) of Nigeria has revealed that the Federal Government spent a total of N8.94 trillion on oil subsidy between 2006 and 2015.
The agency revealed this in a document on subsidy payment released in Abuja yesterday.
It said that the subsidy was paid to oil marketers and the Nigerian National Petroleum Corporation (NNPC) in the specific period of time.
A break down of the money indicated that in 2006 a total of N257.36 billion was paid, in 2007, N271.51 billion while in 2008 N630.57 billion was paid to marketers.
“Also, oil marketers in 2009 were paid N409.31 billion and N667.08 billion in 2010 respectively as subsidy claims,” In the year 2011, federal government paid a total of N2,105.92 trillion, an increase of N1,437.84 trillion from 2010 payment”.
The Agency noted that in 2012, N1.35 trillion was paid as subsidy, the highest in the period under review.”A total of N 1, 316.63 trillion in 2013, N1,217.35 trillion in 2014 and N653.51 billion in 2015 was paid as subsidy claims,” it added.
The NNPC since 2016 had been the sole importer of petroleum product to the country.
