Metro
N1.16Trillion Spent On Subsidy In 2021 – NEITI Report
The Senate Public Accounts Committee has heard that Nigeria spent ₦1.16 trillion on fuel subsidy in 2021, while ₦1.20 trillion was deducted from federation crude oil sales proceeds during the same period….
The Senate Public Accounts Committee has heard that Nigeria spent ₦1.16 trillion on fuel subsidy in 2021, while ₦1.20 trillion was deducted from federation crude oil sales proceeds during the same period.
The disclosure came from the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission, Dr. Mohammed Bello Shehu, during the committee’s ongoing investigation into the 2021 to 2023 NEITI audit reports on the oil and gas sector.
According to the Commission, crude and petroleum product losses cost ₦16.2 billion, pipeline repairs accounted for ₦22.05 billion, while strategic stock holding attracted ₦6.75 billion.
The Commission also argued that the current method of calculating the 13 percent derivation fund undermines the constitutional intention of the policy.
Meanwhile, the committee stood down the Niger Delta Development Commission’s presentation until next Wednesday to allow lawmakers review its submission.
The committee also expressed displeasure over the absence of the Auditor-General of the Federation, warning that he must appear before lawmakers next Tuesday or face compulsory appearance through the constitutional powers of the National Assembly.
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