The Federal Government of Nigeria did not pay any oil marketer a dime as fuel subsidy in January 2016, minister of state for petroleum Ibe Kachikwu confirmed on Tuesday. He spoke to a an ad-hoc committee of the House of Reps.
With the end of fuel subsidy, Nigeria stands to save at least $1billion this year.
Through a phantom subsidy, oil marketers had shared $1–2billion each year, enabling 123 of them to buy private jets between 2011 and 2012.
