The Federal Government has spent N462.10 billion on under-recovery, also known as a subsidy, on Premium Motor Spirit, PMS, in nine months, from January to September 2019, according to data released on Monday, by the Nigerian National Petroleum Corporation, NNPC. According to the data obtained from the NNPC Monthly Financial and Operations Report for September 2019, the amount incurred as a subsidy in the nine-month period was 51.51 per cent or N157.101 billion higher than the N305 billion budgeted for subsidy by the Federal Government for the whole of 2019. The amount the NNPC spent on subsidy, on behalf of the government, for the nine-month period was 96.74 per cent of the N477.67 billion transferred by the NNPC to the Federation Account in the period under review. Giving a breakdown of the amount paid as subsidy in the period under review, the NNPC report disclosed that in January, February, […]