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Nigeria Spent ₦1.16tn on Fuel Subsidy in 2021, RMAFC Tells Senate

Nigeria Spent ₦1.16tn on Fuel Subsidy in 2021, RMAFC Tells Senate

Nigeria spent ₦1.16 trillion on petrol subsidy in 2021, according to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). The commission said a further ₦1.20 trillion was deducted from federation crude-oil sales proceeds. RMAFC Chairman Mohammed Shehu told the Senate Public Accounts Committee that crude and product losses cost ₦16.20 billion, pipeline repairs took ₦22.05 billion, and strategic stock holding cost ₦6.75 billion during the period under review. He also criticised the method used to calculate the 13 per cent derivation fund, arguing that calculating it after deductions from total revenue undermines its purpose. The committee also delayed consideration of the NDDC's submission and warned the Auditor-General of the Federation to appear at its next sitting.

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I
isa

What accountability process exists when subsidy spending and deductions from crude-oil proceeds reach figures this large?

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Y
yemi

Is there a publicly accessible breakdown showing how the ₦1.16tn subsidy figure was calculated?

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H
hala

The ₦1.16 trillion subsidy figure alongside ₦1.20 trillion deducted from crude sales shows why the Senate should demand clear breakdowns.

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G
grace

Big figures deserve scrutiny, but the discussion should not treat the subsidy total and crude-sales deductions as automatically the same item.

0
O
olivia

The Senate should request a public, itemised account of both amounts, including dates, recipients, and the legal basis for each deduction.

0

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