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NNPC FG spent N5trn on fuel subsidy

This was made known to energy correspondents by the Group Managing Director of NNPC, Emmanuel Ibe Kachikwu who spoke through a representative.

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(Thenigerianvoice)

The Nigerian National Petroleum Corporation (NNPC) revealed that the Federal Government of Nigeria spent N5trillion between 2006 and 2012 on fuel subsidy.

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Dr. Emmanuel Ibe Kachikwu (R), the new managing director of the Nigerian National Petroleum Corp (NNPC), shakes hands with the former Group Managing Director of NNPC, Dr. Joseph Thlama Dawha during a handover ceremony in Abuja, Nigeria, in this August 5, 2015 handout photograph made available to Reuters August 6, 2015. REUTERS/NNPC/Handout play Dr. Emmanuel Ibe Kachikwu (R), the new managing director of the Nigerian National Petroleum Corp (NNPC), shakes hands with the former Group Managing Director of NNPC, Dr. Joseph Thlama Dawha during a handover ceremony in Abuja, Nigeria, in this August 5, 2015 handout photograph made available to Reuters August 6, 2015. REUTERS/NNPC/Handout

 

 

This was made known to energy correspondents by the Group Managing Director of NNPC, Emmanuel Ibe Kachikwu who spoke through a representative.

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New NNPC boss, Ibe Kachikwu play

New NNPC boss, Ibe Kachikwu

(Information NG)

 

According to Sun Newspapers, the NNPC boss said “that over N5 trillion has been expended on fuel subsidy between 2006 and 2012, a development which makes the fuel subsidy regime unsustainable.”

NNPC boss, Emmanuel Kachikwu play

NNPC boss, Emmanuel Kachikwu

( Porsche Classy)

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“Subsidy creates distortions in government revenue distribution as a result of round tripping and unnecessary carry over of expenditures every year in a way that is difficult for government to control or sustain,” Kachikwu said.

 

 

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