Shedrack Adeboye Johnson
The amount spent on fuel subsidy monthly rose from N60.39bn in March 2021 to N245.77bn in March 2022, indicating an increase of 306.97 per cent.
Within this one-year period, fuel subsidy gulped N2.08tn, according to data obtained from the Nigerian National Petroleum Company Limited.
NNPC described its subsidy spending as an under-recovery of PMS/value shortfall.
In March, April, May, and June 2021, under-recovery for PMS amounted to N60.39bn, N61.96bn, N126.29bn, and N164.33bn respectively.
In July, August, September, October, November, and December 2021, the NNPC spent N103.28bn, N173.13bn, N149.28bn, N163bn, N131.4bn, and N270.83bn, respectively.
Figures from the NNPC further showed that the oil firm spent N210.38bn, N219.78bn, and N245.77bn as the subsidy on petrol in January, February, and March 2022 respectively.
Despite the increasing cost of the fuel subsidy, Nigerians still suffered a hike in the cost of transportation within the period under revie.
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