Nigeria has spent almost N10trillion on petroleum subsidy, in the last ten years, the Chairman, Major Oil Marketers Association of Nigeria (MOMAN), Mr Adetunji Oyebanji, has said.
The period covers between 2010 and 2020, a development,which has impacted negatively on the spending of the Federal Government.
MOMAN is an umbrella body of fuel marketers approved by the government to collect subsidies on products imported into the country.
The firms are Total, Mobil, Forte Oil(formerly African Petroleum), Conoil and others.
In a web conference with the theme: ” Challenges and Impacts of Downstream Sector on the Nigerian Economy” organised by the Energy Correspondents Association of Nigeria (NAEC) recently in Lagos, Oyebanji said the country has wasted quantum of funds on subsidy.
According to him, the country spent N750 billion on fuel subsidy in 2019, arguing that the government could has well invested the money on key sectors such as infrastructure and education.
Oyebanji,also the Chief Executive officer, 11(formerly Mobil Oil), said there are many developmental projects competing for public attention, adding that the issue of fuel subsidy has affected such investments.
Still on subsidy, Oyebanji said the government can build 16million boreholes and 300,000 HealthCare Centres without stress.
He said artificial interventions in the market has created rooms for arbitrage, stressing that the idea has culminated in corruption in the industry.
On subsidy removal, he said the issue would enable the country to save N1trillion yearly.
He said, when this happens, the country would it easier to fashion out growth plans for its citizens.
He further said that the country boasts of over 200 million population, stressing that the country revenues are unable to support the growing population.


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