The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says Nigeria spent N1.16 trillion on fuel subsidy in 2021. RMAFC chairman Dr Mohammed Shehu made the disclosure on Thursday in Abuja while presenting information to the Senate Public Accounts Committee (SPAC), which is examining 2021–2023 audit reports related to the oil and gas sector. According to the presentation, the fuel subsidy figure is part of broader costs tied to downstream petroleum operations. In addition to subsidy payments, the commission cites other related components for 2021 including crude and product losses of N16.20 billion. It also reports pipeline repair costs of N22.05 billion and strategic stock holding expenses of N6.75 billion. The RMAFC’s remarks are presented in the context of the committee’s review of audit findings for the oil and gas industry, as lawmakers seek clarification on public financial management in the sector over the stated period.
Nigeria spent N1.16trn on fuel subsidy in 2021, RMAFC says
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says Nigeria spent N1.16 trillion on fuel subsidy in 2021. RMAFC chairman Dr Mohammed Shehu made the disclosure on Thursday in Abuja w...
- RMAFC chairman Dr Mohammed Shehu says Nigeria spent N1.16 trillion on fuel subsidy in 2021.
- Shehu made the statement in Abuja while presenting to the Senate Public Accounts Committee (SPAC).
- The presentation is part of SPAC’s review of 2021–2023 audit reports on the oil and gas industry.
- RMAFC lists crude and product losses of N16.20 billion in 2021.
- RMAFC also cites pipeline repairs of N22.05 billion and strategic stock holding of N6.75 billion for 2021.
The chairman added that aside the fuel subsidy, crude and product losses also accounted for N16.20 billion, pipeline repairs N22.05 billion and strategic stock holding N6.75 billion. The post Fuel Subsidy gulped N1.16trn in 2021 – RMAFC appeared first on Vanguard News.
3 hours agoThe Chairman of the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, Dr Mohammed Shehu, has said that Nigeria spent N1.16 trillion on fuel subsidy in 2021. Shehu made this known on Thursday in Abuja in his presentation to the Senate ‘s Public Accounts Committee, SPAC, probing 2021-2023 Audit reports on the oil and gas industry conducted by […] Fuel subsidy gulped N1.16trn in 2021 – RMAFC
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