Kerosene not covered by N1.4tn subsidy – Okonjo-Iweala

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, said on Monday that the N1.4tn spent by the Federal Government on subsidy covered only petrol because no provision was made for subsidy payment on kerosene.

Okonjo-Iweala, who appeared before the Senate Joint Committee on Appropriation and Finance, said questions relating to kerosene subsidy should be directed at the Nigerian National Petroleum Corporation.

Records show that N1.4tn has so far been paid to oil marketers as subsidy on Premium Motor Spirit.

Meanwhile, the Comptroller-General, Nigerian Customs Service, Mr. Abdulahi Dikko, has said the service incurred revenue loss of N603.2bn between January and September this year.

He stated this on Monday, when he appeared before the Senate Joint Committee on Finance and Appropriation.

Dikko attributed the shortfall in revenue collection to waivers totalling N86.48bn; revenue conceded to the Niger Delta Development Commission, N59.5bn; ban on rice importation, N96.94bn; and revenue loss to local manufacturers and assemblers, N76.1bn.

[Punch]

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