President Muhammadu Buhari on Wednesday disclosed that the federal government has set aside N305 billion for fuel subsidy payments in the 2019 budget.Buhari made this known while presenting 2019 budget to the joint session of the National Assembly.
He said,“We have allowed N305 billion, equivalent to $1 billion for under-recoveries by NNPC on premium motor spirit in 2019.“We will continue working to bring it downwards, so that such resources are freed to meet the developmental needs of our people.
“Let me also use this opportunity to address and clarify the under-recoveries or subsidies on petrol in a period of economic challenges, our purchasing power is weak, we must reduce some of the burden on Nigerians.”
He added,”The problem in subsidies in the past was abuse and corruption. Today, the government through the NNPC is the sole importer of premium motor spirit.
“Therefore the under-recovery is fro the NNPC trading account. This means the possibilities of some marketer falsifying claims are removed.” He said, “We will continue working to bring it downwards, so that such resources are freed to meet the developmental needs of our people.”
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