Nigeria spends N11trn for subsidy claims in six years – Senate panel

Chairman, senate committee on petroleum downstream, Kabir Marafa, disclosed on Thursday that Nigeria spent over N11 trn as payment for outstanding subsidy claims in the last six years.

Also on Thursday, the Senate approved the payment of N129 bn as outstanding subsidy claims to 67 petroleum marketers.

The approval followed the adoption of the report of its Committee on Petroleum Downstream on the Promissory Note Programme and a Bond Issuance for Oil Marketers Outstanding Claims.

Meanwhile, the Senate has adjourned till June 6 for its valedictory session.