FG spent N5trn on fuel subsidy

                       
The Nigerian National Petroleum Corporation (NNPC) revealed that the Federal Government of Nigeria spent N5trillion between 2006 and 2012 on fuel subsidy.

This was made known to energy correspondents by the Group Managing Director of NNPC, Emmanuel Ibe Kachikwu who spoke through a representative.

The NNPC boss said “that over N5 trillion has been expended on fuel subsidy between 2006 and 2012, a development which makes the fuel subsidy regime unsustainable.”

“Subsidy creates distortions in government revenue distribution as a result of round tripping and unnecessary carry over of expenditures every year in a way that is difficult for government to control or sustain,” Kachikwu said.