Economy
Fuel Subsidy Gulps N650b in 12 Months
Nigeria spent N650.2 billion on petroleum subsidy in 12 months between April 2018 and March 2019 according to the Nigerian National Petroleum Corporation (NNPC).
In a report released by the state-owned petroleum company, the sum of N104.35 billion was spent on subsidy in January 2019 alone which is the highest in the period. This was also followed by N102.34 spent in February this year.
Further analysis of the report revealed that subsidy gulped N52.5 billion, N60.6 billion, N80.2 billion, N51.2 billion, N65.9 billion and N45.8 billion in April, May, June, July, August and September 2018, respectively.
In October, November and December 2018, the government, through the NNPC, spent N40.5 billion, N2.9 billion and N13.3 billion, respectively.
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