Cost of Subsidizing Petrol Takes Toll on Remittance to Federation Account

The cost of subsidizing the Premium Motor Spirit hit N541 Billion between February and July, 2021

The huge cost of financing the subsidy has taken a toll on the remittance to the Federation Account for onward distribution to the three tiers of government.

For high exchange rate, other marketers have quit the importation of the product, making the corporation the sole importer.

CC: Nation

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