The Federal Government made a N450 billion provision for fuel subsidy in the 2020 budget. According to the Monthly Financial Report by the Nigerian National Petroleum Corporation (NNPC), the sum of N104.4 billion was spent as fuel subsidy on petrol. Totals of N89.2 billion, N42.9 billion and N31.4 billion were spent as fuel subsidy in April, May and June 2019, respectively. By the end of first half (H1) 2019, a sum of N400.8 billion was spent on fuel subsidy, exceeding the N305 billion annual budget for fuel subsidy. In July 2019, the corporation recorded N93.7 billion as fuel subsidy, N89.7 billion in August 2019 and N31.41 billion in September 2019, respectively.

Source: Nigerian Tribune December 28, 2019 06:22 UTC