Source(NAIJAPALABA.COM)The Federal Government spent a total N650.2bn in subsidising Premium Motor Spirit; latest statistics obtained from the Nigerian National Petroleum Corporation have shown. The PMS, popularly known as petrol, is imported into Nigeria solely by the Federal Government-owned NNPC.The corporation subsidises the commodity to ensure that it is not sold above N145 per litre at filling stations across the country. The NNPC, however, classifies its subsidy spending as under-recovery as it has repeatedly argued that only the National Assembly can approve subsidy. Under-recovery is the additional cost that the NNPC is incurring in subsidising the price of petrol in order to ensure that it is sold at the regulated price of N145 per litre, even when the real market price is above this regulated rate.

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