The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Shehu, has disclosed that Nigeria spent ₦1.16 trillion on fuel subsidy in 2021.
Speaking on the country's fiscal outlook and public expenditure, Shehu said the subsidy payments placed a significant burden on government finances, consuming resources that could have been channelled into critical sectors of the economy.
According to the RMAFC chairman, the expenditure reflects the substantial cost of maintaining subsidised petrol prices during the period and underscores the fiscal challenges associated with the policy.
His remarks come amid ongoing national conversations on fuel subsidy, public finance management and the Federal Government's efforts to strengthen revenue generation and improve fiscal sustainability.
The disclosure also highlights the long-standing debate over the economic impact of fuel subsidies, with stakeholders continuing to weigh their benefits against the cost to public finances and national development priorities.
Post a Comment