N634
billion has been paid by the Federal Government between 2010-2012 as
subsidy for kerosene importation over a three year period, a sum which
is about a third of the country’s capital budget.
Although the government pays subsidy every year, only retail outlets
of the Nigerian National Petroleum Corporation sells at the subsidized
rate of N50 per litre, signifying the now obvious corruption in the
management of the Petroleum Subsidy Fund, PSF.
Economic analysts wonder why the product remains subsidized, since it
is not being sold at regulated price, calling for appropriate measures
to be taken, before its adverse effect on the economy becomes too much
to absorb.
The Chairman, House Committee on Petroleum (Downstream), Dakuku
Peterside, disclosed this yesterday, at the Lagos Chamber of Commerce
and Industry, LCCI Petroleum Downstream Group Seminar on Kerosene.
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