Fuel Subsidy Gulped N1.16trn in 2021-RMAFC
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.
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 the Nigeria Extractive Industries Transparency Initiative (NEITI).
He also said that N1.20 trillion was deducted from the federation crude sales proceeds. The chairman added that aside from 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.
Shehu also informed the committee that during the period, the intention of the derivation objective was undermined by the way it was computed.
” 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.
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 the report for reappearance on Aug. 12.
Dankwambo frowned at the non–appearance of the Auditor-General of the Federation for the investigative session without any valid or representative.
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.
” 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. #Fuel Subsidy Gulped N1.16trn in 2021-RMAFC# Federal Account Records N23trn Rise in 2025- RMAFC Boss
