The Federal Government spent N8.94 trillion on petrol subsidy during a 10-year period between 2006 and 2015, according to the Petroleum Products Pricing Regulatory Agency (PPPRA).
Data from the PPPRA showed that in 2006, 2007, 2008, 2009 and 2010, the Federal Government spent N257.36bn, N271.51bn, N630.57bn, N469.31bn and N667.08bn, respectively, to subsidise Premium Motor Spirit, also known as petrol.
The PPRA, in the data released on Monday, also disclosed that the government paid N2.104tn, N1.354tn, N1.315tn, N1.217tn and N653.51bn on petrol subsidy in 2011, 2012, 2013, 2014 and 2015.
The PPPRA had in March commenced the deregulation of the downstream oil sector in a bid to finally put an end to the payment of subsidy on petrol.
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