Fuel Subsidy gulped N1.16trn in 2021 – RMAFC

Dr Mohammed Shehu, the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) , 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 Nigeria Extractive Industries Transparency Initiative ( NEITI).
He also said that N1.20 trillion was deducted from the federation crude sales proceeds.
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 billi...