After repeatedly denying the return of subsidy on Premium Motor Spirit , the Federal Government, yesterday, said a whopping N5.4 trillion was paid to subsidise the product.After repeatedly denying the return of subsidy on Premium Motor Spirit , the Federal Government, yesterday, said a whopping N5.4 trillion was paid to subsidise the product.
This came as the Ministry of Finance indicated trouble ahead for the country’s oil production, insisting that it remained below 1.4 million barrels per day against claims by the Group Chief Executive Officer of Nigerian National Petroleum Company Limited , Mele Kyari, that oil production rose to 1.7 million barrels per day in May.
Edun, who decried the slow pace of investment into the oil sector, had earlier in the week said the subsidy removal was gradual. He said, “Tinubu, at his inauguration on May 29, 2023, announced the abolishment of the subsidy on PMS, popularly known as petrol. Ever since, it has been a bragging right of Tinubu and officials of his administration.”
“We sent out an FOI request to the Ministry of Finance, NNPC, Office of the Accountant General and Central Bank of Nigeria to provide data on subsidy savings. The only response we received was from CBN, directing us to the Accountant General’s office,” Nwadishi revealed. After repeatedly denying the return of subsidy on Premium Motor Spirit , the Federal Government, yesterday, said a whopping N5.4 trillion was paid to subsidise the product.