The federal government has so far saved over one trillion naira from earnings generated from the removal of subsidy on Premium Motor Spirit, popularly called petrol between June and September.
This is according to FAAC allocation documents obtained from the website of Nigeria’s Governors Forum and National Bureau of Statistics.
An analysis showed that the funds remitted monthly to the Non-Oil Revenue (Savings) account of the government received the sum of six hundred and ninety six point ninety three billion naira in June, three hundred and eighty nine billion naira in July, seventy one billion naira in August and two hundred and eighty nine billion naira in September.
Before the removal, the Nigerian National Petroleum Company Limited said it spent over one trillion naira on subsidy payments between January 2023 to May 2023 which is fifty five per cent higher than the amount paid in the corresponding period of 2022.
The post FG saves N1.45tn resulting from subsidy removal first appeared on Royal Times of Nigeria..