FG spent N8.94trn as petrol subsidy in 10 years, says PPPRA

petrol landing cost

The Federal Government spent N8.94 trillion on petrol subsidy between 2006 and 2015, figures released by the Petroleum Products Pricing Regulatory Agency (PPPRA) on Monday has indicated. The Latest statistics showed that during the 10-year period, the government consistently spent billions of naira subsidising Premium Motor Spirit (PMS), popularly called petrol. It said that in 2006, 2007, 2008, 2009 and 2010, the government spent N257.36 billion, N271.51 billion, N630.57 billion, N469.31 billion and N667.08 billion respectively. The government also paid N2.104 trillion, N1.354 trillion, N1.315 trillion, N1.217 trillion and N653.51…

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NNPC lost N5.3bn as under-recovery in June

NNPC spends N966bn on pipeline repairs

Latest figures from the Nigerian National Petroleum Corporation (NNPC) have shown that the government-owned oil firm made an under-recovery of N5.348 billion in June this year. Under-recovery is the losses incurred by the oil firm due to the difference between the subsidised price at which the corporation sells petrol and the price which it should have received to meet its production cost. The Federal Government through the Petroleum Products Pricing Regulatory Agency (PPPRA) officially commenced a petrol pricing regime on March 19, 2020 that saw to the halt in petrol…

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