A report presented to the House Committee on Finance by the Nigeria Extractive Industries Transparency Initiative, NEITI says the Nigerian government parted with N13.7 trillion, which is about 74.38 billion US dollars, between 2005 and 2020 as subsidy on petrol.
In the midst of an economic downturn, fuel subsidies remain a hot topic in Nigeria.
As lawmakers continue their meetings with government agencies, NEITI appeared before the Finance Committee to provide needed information regarding fuel subsidy records.
NEITI’s report indicates subsidy on petrol in 2005 was N351 billion, N219.72 billion in 2006, N236.64 billion in 2007, N360.18 billion in 2008, N198.11 billion in 2009 and N416.45 billion in 2010.
The report also showed that subsidy payments for 2011 stood at N1.9 trillion, N690 billion in 2012, and N495 billion in 2013.
NEITI’ said the cost of crude oil and exchange rate determine the cost of imported premium motor spirit.
It bemoaned the fact that Nigeria has remained burdened by the fluctuation of crude price in the global market while all oil-producing nations are grinning to their banks.
The lawmakers expressed grave concern over the geometric increase in the subsidy payment especially before and in election years.
The Nigerian Central Bank, the Nigerian Maritime Administration and Safety Agency, NIMASA, and the Nigeria Ports Authority, NPA will be invited by the Committee after hearing from NEITI.
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