National News

FG To Spend N450 Billion On Fuel Subsidy Next Year

Written by Rita Nwachukwu

The Nigerian government has disclosed plans to spend about N450 billion on fuel subsidy come 2020.


According to Premium Times, this was made known by the Minister for Finance, Budget and National Planning, Zainab Ahmed in Abuja during the public presentation of the details of the 2020 budget.


She said, “A provision has been made in the budget for under-recovery for PMS (premium motor spirit) in the sum of N450 billion provided in the fiscal framework. It is under-recovery because it is a cost operation for the NNPC.”


Responding a question asked by the President of Manufacturers Association of Nigeria (MAN), Mansur Ahmed, if the government has removed fuel subsidy from the budget, the minister said, “Under-recovery is the term officials of the Buhari administration use for fuel subsidy, partly because the state-oil firm, NNPC, is now the sole importer of petrol.”


It was earlier reported that the Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to rehabilitate the country’s four refineries to stop importation of petroleum products.


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