FG did not pay any subsidy in January – Kachikwu

The Minister of State for Petroleum/Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, yesterday said the Federal Government did not pay any subsidy on petroleum products in January 2016 following the commencement of the new price regime for petroleum products, Vanguard reports.

Kachikwu revealed this when he appeared before the House of Representatives Committee investigating the offshore processing agreements (OPAs) and crude oil swaps between NNPC, its subsidiary, the Petroleum and Pipelines Marketing Company (PPMC), and oil traders.

He added that the development was a step towards revamping the oil sector, given that the federal government had paid about N1.1 trillion on petrol subsidies in 2015.

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