The Petroleum Products Pricing Regulatory Agency, PPPRA, has revealed that the Federal Government will spend N750.81bn on petrol subsidy in 2020.
According the Agency, the Nigerian National Petroleum Corporation, NNPC, has shouldered petrol subsidy’s spending on behalf of the Federal Government fr more than two years.
Data released by PPPRA on Tuesday indicated that the N750.81bn was N300.81bn higher than the N450bn which the Minister of Finance, Zainab Ahmed, recently said had been approved for subsidy in 2020.
The minister had during the public presentation of the 2020 budget details stated that a provision of N450bn had been made for ‘under-recovery’ of cost in respect of the importation of the Premium Motor Spirit, popularly called petrol.