Over 13 trillion naira spent on subsidy in 16 years

Nigeria has spent over N13 trillion on petrol subsidies in 16 years.

Secretary to the government of the federation, Boss Mustapha, made the disclosure at the launch of the Nigerian Extractive Industries Transparency Initiative, NEITI, 2022 – 2026 strategic plan

Mustapha said the money was spent between 2005 and 2021.

He explained that the N13 trillion figure is equivalent to the country’s entire budget for health, education, agriculture, and defence in the last five years.

Boss Mustapha added that it is also almost the capital expenditure for 10 years between 2011 and 2020 if the government computed in financial terms other economic and opportunity costs to the nation.

He said the presidential transition council would release the guide that emanated from the discussions on the premium motor spirit, petrol subsidy to the incoming administration of president-elect Bola Tinubu.

He assured Nigerians that the federal government had been keenly following subsidy conversations having borne the burden of fuel subsidy over the years.