FG spent N1.16trn on fuel subsidy in 2021 ― RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that the Federal Government spent N1.16 trillion on fuel subsidy in 2021.

The RMAFC Chairman, Dr Mohammed Shehu, made this known in his presentation to the Senate’s Public Accounts Committee (SPAC) probing 2021-2023 Audit reports on the oil and gas industry conducted by Nigeria Extractive Industries Transparency Initiative (NEITI) in Abuja on Thursday, August 6, 2026.

Shehu added that N1.20 trillion was deducted from the federation crude sales proceeds.

Shehu said aside the fuel subsidy, crude and product losses also accounted for N16.20 billion, pipeline repairs N22.05 billion, and strategic stock holding N6.75 billion.

The RMAFC chairman also informed the committee that during the period, intension of the derivation objective was undermined by the way it was computed.

“The practice of computing 13 per cent derivation on the balance of revenue after deductions from the total collections is contrary to the intention of the derivation objective,” he said.

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The Niger Delta Development Commission’s (NDDC) submission was stood down by the committee chaired by Senator Ibrahim Dankwambo (Gombe North), for members to study report for reappearance on August 12.

Dankwambo frowned at the non-appearance of the Auditor-General of the Federation for the investigative session without any valid or representative.

The lawmaker said the Auditor-General must unfailingly appear before the committee on Tuesday next week or risk forced appearance through invocation of the powers of the National Assembly.