Federal Government Approves N407 Billion Fuel Subsidy
Fatimah Abdullahi
Nigeria Minister of Finance, Mrs. Kemi Adeosun on Wednesday announced that Federal Government has approved N407.07 billion fuel subsidy to oil marketers.
According to the minister, the subsidy includes a payment for arrears accrued during the 2014 fiscal year, as well as payments for 2015.
Adeosun explained further that the approval was granted after President Muhammadu Buhari issued a directive that the oil marketers be paid immediately in order to end the fuel scarcity within the country.
The decision to provide the fuel subsidy, comes after the World Bank reportedly advised the Buhari Administration to remove the subsidy entirely.
