In the last 10 years, the federal government has spent N11 trillion on subsidy for petrol, the Senate has said.
The revelation came yesterday from the Senate Committee on Downstream Petroleum Sector on the Promissory Note Programme and Bond Issuance to settle debts and contractual obligations to petroleum marketers.
This translates to an average of N1trillion yearly for subsidy reimbursement during the period under review.
Also yesterday, the Senate approved N129billion for subsidy payment to 67 oil marketers.
The committee’s chairman, Senator Kabir Marafa (APC, Zamfara), who presented the report, told the Upper House that Nigeria spent over N11 trillion to clear outstanding subsidy claims in the last six years,
Marafa decried the huge amount of money the federal government has spent on fuel subsidy and attributed the poor growth of the Nigerian economy to the development.
Senator Kabiru Gaya (APC, Kano South) had moved a motion for the lawmakers to receive the report which…