PPPRA says Nigeria spent N8.97 trillion a decade on subsidy

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The Petroleum Products and Pricing and Regulatory Agency (PPPRA) has said that over N8.97 trillion has been expended on fuel subsidy under the Petroleum Support Fund (PSF) scheme between 2006 to 2016, Daily Trustreports.

The PSF scheme was introduced by the former President Olusegun Obasanjo led government as a regulatory mechanism put in place to insulate Nigerians from the fluctuation in international crude and products prices, and stabilize domestic utilization of petroleum products.

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