Facts have emerged that the Federal Government spent about N634
billion to subsidize dual purpose kerosene (DPK) in the last three years.
Dakuku Peterside, chairman, House Committee on Petroleum
(downstream), who disclosed this on Thursday in Lagos, equates this figure to
one third of the nation’s expenditure on capital projects in a year.
The House committee chairman who was not happy with the huge
expenses, while speaking at the seminar organised by the Lagos Chamber of
Commerce and Industry (LCCI), said the purported subsidy has never benefited
the masses, who have been suffering to get the product at regulated price.
Noting that the amount was spent between 2010 and 2012, he broke
down the figure to about N110 billion spent in 2010, N324 billion spent in 2011
and N200 billion expended in 2012.
Culled
from Businessdayonline
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