Nigeria spent N8.94tn on oil subsidy claims between 2006 and 2015, the Petroleum Products Pricing Regulatory Agency disclosed on Monday.
According to the agency in a document on subsidy payment, the money was paid to oil marketers and the Nigerian National Petroleum Corporation.
An analysis on the document showed that in 2006, 2007 and 2008, the government paid oil marketers N257.36bn, N271.51bn and N630.57bn, respectively to oil marketers. In 2009, it paid N409.31bn, and in 2010, N667.08bn.
Further, in 2011 the government paid N2,105.92tn, an increase of N1,437.84tn from 2010 payment. In 2012, it paid N1.35tn, the highest in the review period.
While, in 2013 the government paid N1.316.63tn, and in 2014 paid N1.217.35tn and N653.51bn in 2015.
The agency, however, noted that the NNPC was the sole importer of the product to the country since 2016, adding that in subsequent releases, it will reveal the amount of money paid on subsidy before the deregulation of the downstream oil sector.
