Fuel subsidy gulped N1.16trn in 2021 – RMAFC

The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, Dr Mohammed Shehu, has said that Nigeria spent N1.16 trillion connected substance subsidy successful 2021.

Shehu made this known on Thursday in Abuja successful his presumption to the Senate ‘s Public Accounts Committee, SPAC, probing 2021-2023 Audit reports connected the lipid and state manufacture conducted by Nigeria Extractive Industries Transparency Initiative, NEITI.

He besides said that N1.20 trillion was deducted from the federation crude income proceeds.

The president added that speech the substance subsidy, crude and merchandise losses besides accounted for N16.20 billion, pipeline repairs N22.05 cardinal and strategical banal holding N6.75 billion.

Shehu besides informed the committee that during the period, intension of the derivation nonsubjective was undermined by the mode it was computed .

”The signifier of computing 13 per cent derivation connected the equilibrium of gross aft deductions from the full collections is contrary to the volition of the derivation objective,” helium said.

NAN reports that the Niger Delta Development Commission’s, NDDC, submission was stood down by the committee chaired by Sen. Ibrahim Dankwambo (Gombe North), for members to survey study for reappearance connected Aug. 12.

Dankwambo frowned astatine the non – quality of the Auditor-General of t...