Nigeria spent N1.16 trillion on fuel subsidies last year, according to RMAFC.

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Dr Mohammed Shehu, the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) , has said that Nigeria spent N1.16 trillion on fuel subsidy in 2021.

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Shehu made this known on Thursday in Abuja in his presentation to the Senate ‘s Public Accounts Committee ( SPAC), probing 2021-2023 Audit reports on the oil and gas industry conducted by Nigeria Extractive Industries Transparency Initiative ( NEITI).

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He also said that N1.20 trillion was deducted from the federation crude sales proceeds.

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The chairman added that aside the fuel subsidy, crude and product losses also accounted for N16.20 billion, pipeline repairs N22.05 billion and strategic stock holding N6.75 billion.

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Shehu also informed the committee that during the period, intension of the derivation objective was undermined by the way it was computed .

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” The practice of computing 13 per cent derivation on the balance of revenue after deductions from the total collections is contrary to the intention of the derivation objective,” he said.

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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 study report for reappearance on Aug. 12.

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Dankwambo frowned at the non – appearance of the Auditor-General of the Federation for the investigative session without any valid or representative.

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He threatened that the Auditor-General must unfailingly appear before the committee on Tuesday next week or risk forced appearance through invocation of the powers of the National Assembly .

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“The Auditor-General must unfailingly appear before this committee on Tuesday next week or risk invocation of powers of the National Assembly against him, which will lead to forced appearance”, he said.

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