This week, we will closely examine the inference of the sum of $8.9bn (about N1.4tn) that NNPC confirmed it legitimately retained as fuel subsidy between January 2012 and July 2013! SUBSIDY-EXPRESSWe recall that the National Assembly approved “an additional sum of N161.6bn to augment the initial N881bn voted for subsidy in 2012; thus, total fuel subsidy approved for 2012 was presumed to be about N1.05tn (i.e. more than 20% of the total budgeted expenditure of N4.7tn) for that year.”
