Boss Mustapha Reported That In 16 Years, Nigeria Spent N13 Trillion On Petroleum Subsidies
The Secretary to the Government of the Federation, Boss Mustapha, stated that the nation spent N13 trillion on subsidies payments from 2005 to 2021 notwithstanding the misunderstanding surrounding the termination of gasoline subsidies.
At the Nigeria Extractive Industries Transparency Initiative's 2022–2026 Strategic Plan Unveiling on Monday in Abuja, Mustapha made this disclosure.
He clarified that the Federal Government, under President Muhammadu Buhari's leadership, had handled the gasoline subsidy the best.
The president-elect Bola Ahmed Tinubu's upcoming administration would have a solid foundation to build on, he continued.
"From that policy advisory, over N13tn is documented to have been expended on the subsidy payment between 2005 - 2021. The figure is equivalent to Nigeria's health, education, agriculture, and defence budget in the last five years and almost the capital expenditure for ten years between 2011 and 2020," he said.
Recall how the Federal Government proposed that the new government act on the suspension of subsidy withdrawal until the end of June.
By eliminating fuel subsidies by the end of June, Nigeria would save $3.36 trillion, according to Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning.
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