The Petroleum Products and Pricing and Regulatory Agency (PPPRA) have said that over N8.97 trillion has been expended on fuel subsidy under the Petroleum Support Fund (PSF) scheme between 2006 to 2016, Daily Trust reports.
It could be recalled that the PSF scheme was introduced by the former President Olusegun Obasanjo-led government as a regulatory mechanism put in place to insulate Nigerians from the fluctuation in international crude and products prices and stabilise domestic utilisation of petroleum products.
PPPRA said at the commencement of the programme in 2006, a total sum of N257 billion was expended on subsidy, N272 billion in 2007, N631 billion, 2008, N469 billion in 2009, N667 billion in 2010 while in 2011, government pumped N2.105 trillion into payment of subsidy.
In 2012, N1.355 trillion was expended, in 2013, N1.316 was spent, 2014, N1.217 trillion but in 2015, with the new administration of Mohammadu Buhari led government, subsidy payment subsided to N654 billion and 2016, N24 billion.
A further analysis of the spending shows that between 2011 and 2015, under former President Goodluck Jonathan, the nation recorded huge spending of N5.993 trillion, against N2.296 trillion recorded under former President Olusegun Obasanjo.