Technically today, there is no subsidy but… – Adeosun

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…assures of increase in excess crude account

By Johnbosco Agbakwuru
ABUJA – THE Federal Government Wednesday explained the controversy surrounding the issue of subsidy payment, saying that technically no subsidy was being paid to the importers of petroleum products, but the Nigerian National Petroleum Corporation, NNPC, was taking care of the under recovery from the loss incurred in the importation.

Adeosun

The under recovery which the NNPC pay to cover the loss was money that should have been shared among the three tiers of government.

Minister of finance, Mrs. Kemi Adeosun who made the explanation while fielding question from State House correspondents, after the weekly Federal Executive Council, FEC, meeting, presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.

Adeosun said that technically speaking, there was no longer subsidy paid…



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