The Petroleum Merchandise Pricing Regulatory Company (PPPRA) has mentioned that the Federal Authorities has spent a complete of N8.94 trillion on oil subsidy between 2006 and 2015.
PPPRA said this in a doc on subsidy cost launched in Abuja on Monday, NAN stories.
The company mentioned that the subsidy was paid to the Nigerian Nationwide Petroleum Company (NNPC) and oil entrepreneurs within the interval below assessment.
A breakdown of the cash confirmed that in 2006 a complete of N257.36bn was paid, in 2007, N271.51bn, whereas in 2008 N630.57bn was paid to entrepreneurs.
‘’Additionally, oil entrepreneurs in 2009 had been paid N409.31bn and N667.08bn in 2010 respectively as subsidy claims,” it mentioned.
The doc additionally revealed that within the 12 months 2011, the federal authorities paid a complete of N2, 105.92t a rise of N1,437.84t from 2010 cost.
The PPPRA within the doc famous that in 2012, N1.35t was paid as a subsidy, the very best within the interval below assessment.
“A complete of N 1, 316.63t in 2013, N1,217.35t in 2014 and N653.51bn in 2015 was paid as subsidy claims, “it added.
It famous that the NNPC since 2016 had been the only importer of the product to the nation.
It assured that subsequent releases would reveal the quantity paid on subsidy earlier than the deregulation of the downstream oil sector.