Nigeria Spent N13trn On Fuel Subsidies In 16 Years – Boss Mustapha

In the midst of the confusion surrounding the elimination of fuel subsidies, the Secretary to the Government of the Federation, Boss Mustapha, stated that the country spent N13 trillion on subsidy payments between 2005 and 2021.

Mustapha made the announcement on Monday in Abuja, while launching the Nigeria Extractive Industries Transparency Initiative’s 2022-2026 Strategic Plan.

He explained that the Federal Government, led by President Muhammadu Buhari, had handled the petrol subsidy the best.

He went on to say that the exiting administration would lay a solid foundation for President-elect Bola Ahmed Tinubu’s administration.

Remember that the Federal administration halted subsidy removal until the end of June, with the intention of having the incoming administration act on it.

“From that policy advisory, over N13tn is documented to have been expended on the subsidy payment between 2005 – 2021. The figure is equivalent to Nigeria’s health, education, agriculture, and defense budget in the last five years and almost the capital expenditure for ten years between 2011 and 2020,” he said.

Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, stated that eliminating fuel subsidies by the end of June would save Nigeria N3.36 trillion.