Fuel subsidy payment incurred by the Nigerian National Petroleum Corporation, NNPC, rose by N9.94 billion to N16.785 billion in less than one month.
This was allegedly to ensure that the price of Premium Motor Spirit, also known as petrol, did not rise above the official rate of N145 per litre.
It was obtained from the NNPC Monthly Financial and Operations Report for November 2017, showing that the subsidy payment for November represented an increase of 145.08 per cent from N6.849 billion paid in October 2017.
The amount expended by the NNPC on subsidy was the second highest amount since subsidy on fuel returned in 2017, after the N36.27 billion paid by the NNPC in January 2017. To this end, the report stated that the NNPC has spent a total of N128.855 billion on fuel subsidy payments between January and November 2017.
Sebi, Uncle Buhari said he doesn't know about any subsidy and that fuel subsidy would not even be an issue when he comes into Government. Every new Government comes in and immediately increase the pms rate.
I wrote in my undergraduate project how that fuel subsidy is political and is being distributed amongst the cabals within the oil sector.
Fuel scarcity is still a present day reality and many traders still sell at ridiculously high rates.
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