Amid the turmoil over the abolition of fuel subsidies, Boss Mustapha, the Secretary to the Government of the Federation, said the country had spent 13 trillion Naira on subsidy payments from 2005 to 2021. Mr. Mustafa made this known on Monday in Abuja at the 2022-2026 Strategic Plan of the Nigeria Extractive Industries Transparency Initiative.
He said the federal government under President Muhammadu Buhari had been best at managing gasoline subsidies.
He added that the outgoing government would leave a robust framework for the new government of incoming President Bola Ahmed Tinubu.
In his words,
“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 defence budget in the last five years and almost the capital expenditure for ten years between 2011 and 2020”.
The federal government recently proposed a moratorium on subsidy cuts until the end of June, leaving the new government to act accordingly.
Minister of Finance, Budget, and National Planning Zainab Ahmed announced that removing fuel subsidies by the end of June would save Nigeria 3.36 trillion Naira.
cc: Daily Post Ng
