A total of N864.07bn has been spent by the Nigerian National Petroleum Corporation between January and September, in subsidising Premium Motor Spirit, popularly known as petrol. This amount represents 31 per cent of the total revenue of N2.7tn generated by the corporation between January and September. An analysis of a report submitted by the corporation to the Federation Account Allocation Committee at its last meeting showed that the NNPC did not incur petrol subsidy cost in January, but spent N25.37bn on subsidising the product in February. The subsidy cost ballooned…
Read MoreFuel Subsidy payment costs N864.07bn in nine months –NNPC
