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SUBSIDY PAYMENTS
A government subsidy is a tax cut to the poor, the vulnerable, and the economically backward.
Earlier this week while delivering a speech during the 3rd National Treasury Workshop organised by the Office of the Accountant General of the Federation, former CBN Governor, Sanusi Lamido, declared that Nigeria is "bankrupt and the country is heading to bankruptcy".
Nigeria has spent over N11 trillion as payment for outstanding subsidy claims over the last six years. This was disclosed on Thursday by the Senate Committee on the downstream Petroleum sector.
Major petroleum marketers in the country are currently in a tight spot due to the Federal Government’s inability...