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N1.4trn fuel subsidy: BudgIT demands disclosure of beneficiaries

By Emmanuel Aziken, Political Editor

BudgIT, has expressed dismay at the reported N1.4 trillion annual subsidy payment on petrol and asked the Federal Government to make a public revelation of the beneficiaries of the payments.

The civil society body which is engaged in tracking of budgets across the country in a statement made available to Vanguard expressed concern on what it said was the increasing deficit in trust in the state oil company, Nigerian National Petroleum Corporation, NNPC.

BudgIT in the statement issued by its communication lead, Abiola Afolabi said:

“BudgIT expresses dismay at the lack of accountability and transparency by the Federal Government and the Nigerian National Petroleum Corporation (NNPC) on the amount spent on subsidy in 2016, 2017 and the first quarter of 2018.

“It is in the interest of the public that detailed information of the amount spent on fuel subsidies such as the beneficiaries, the pricing template for arriving at the subsidy rates and the volume of petroleum products utilised should be made open and that these transactions are carried out transparently.

“The Minister of State for Petroleum Resources, Ibe Kachikwu, recently disclosed a total of N1.4tn is being spent annually by the Nigerian National Petroleum Corporation (NNPC) as the subsidy for Premium Motor Spirit (PMS).

“This amount is significantly more than what Nigeria intends to spend on Education in the proposed 2018 Budget (N605.8 billion).

“There is a growing deficit in trust due to lack of due process in the NNPC; in March 2018, the corporation announced it spends N774m daily, rou-ghly N23.99bn monthly as subsidy on 50 million litres of PMS consumed across the country.”

 


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