Frontpage

Nigeria spends N11trn for subsidy claims in six years – Senate panel

May 30, 2019155 views0 comments

Chairman, senate committee on petroleum downstream, Kabir Marafa, disclosed on Thursday that Nigeria spent over N11 trn as payment for outstanding subsidy claims in the last six years.
Also on Thursday, the Senate approved the payment of N129 bn as outstanding subsidy claims to 67 petroleum marketers.
The approval followed the adoption of the report of its Committee on Petroleum Downstream on the Promissory Note Programme and a Bond Issuance for Oil Marketers Outstanding Claims.
Meanwhile, the Senate has adjourned till June 6 for its valedictory session.

Related posts:

Ghana records 5-year low inflation of 10.3% in January, fuelling expectation of rate cut
Analysts see renewed volatility in global financial markets
Brent oil holds above $60 as lower inventories boost WTI
Profit taking in Dangote Cement knocks down Nigerian equities index 0. 24%
IMF expresses concerns over delays in Nigeria policy execution, says risk to economic recovery eleva...
Governor Ambode of Lagos canvasses 25-year export policy roadmap for Nigeria
Nigeria to redeem N762.5bn T-bills with planned $2.5bn Eurobond sale
Nigerian telcos to invest $8.5bn to bridge network gap
Dormant refineries post losses in nine consecutive months
Positive Nigeria October PMI seen to rub off on rest of 2018 as festive period sets in