Petrol: Report Shows Subsidy Gulped N650.2bn In 12 Months - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Editor 4
September 2, 2019
The Federal Government spent about six hundred and fiftybillion naira on petrol subsidy in twelve months.
Latest statistics from the Nigerian National PetroleumCorporation, NNPC have showed that petrol is imported into Nigeria solely bythe Federal Government-owned Corporation.
The NNPC subsidises the commodity to ensure that it is notsold above one hundred and forty five naira per litre at filling stationsacross the country.
The NNPC, however, classifies its subsidy spending as under-recoveryas it has constantly argued that only the National Assembly can approvesubsidy.
Under-recovery is the additional cost that the NNPC isincurring in subsidising the price of petrol in order to ensure that it is soldat the regulated price of one hundred and forty five naira per litre, even whenthe real market price is above this regulated rate.