Fed Govt Budgets N971.4billion on Fuel Subsidy

The Federal Government  plans to spend  N1.221.4trillion to subsidise the importation of premium motor spirit (PMS) or petrol and dual purpose kerosene (DPK) or kerosene next year.

The proposal is contained in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sent to the National Assembly by President Goodluck Jonathan for consideration and approval.

A total of N971.4billion is being proposed as subsidy on  PMS while N250 billion would be spent as subsidy on DPK.

There was no provision for kerosene subsidy in this year’s budget of N4.724 trillion.

The document also contained a projected sum of N4.817trillion as budget for next year.

Get full article in The Nation