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Nigeria spent N1.16tr on fuel subsidy in 2021 -RMAFC Chairman
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THE AUTHORITY NEWS
By Abbanobi -Eku OnyekaAbujaThe Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, has disclosed that Nigeria spent N1.16 trillion on fuel subsidy in 2021, while N1.20 trillion was deducted from federation crude sales proceeds within the same period.
He said aside from fuel subsidy, other deductions included crude and product losses of N16.20 billion, pipeline repairs of N22.05 billion, and strategic stock holding of N6.75 billion.
The RMAFC boss also raised concerns over the computation of derivation revenue, stating that the current method undermines the objective of the 13% derivation principle.
Senator Dankwambo expressed displeasure over the absence of the Auditor-General of the Federation at the investigative session without any valid representation.
The Senate committee chairman issued a stern warning that the Auditor-General must appear unfailingly on Tuesday next week.