Nigeria: FG Plans To Schedule Subsidy Payment (264Bn) To March End

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The Nigerian government on Monday has made plans to pay off about N264 billion from now and end of March as subsidy reimbursement applications is submitted to marketers as at end of January 2015.

According to Vanguard, the amount is a total of 2014 outstanding debts of N164 billion in addition to N100 billion obtained from foreign exchange and bank interest charges.

The amount has unduly exceeded the budgetary proposal of N200 billion in the 2015 Appropriation Bill, making it easy for analysts to suspect that the government are not making plans to continue with the subsidy scheme in the year 2015.

The conclusion was arrived at a crucial meeting with the Ministries of Finance, Petroleum Resources, the Central Bank of Nigeria, CBN, and oil marketers in Abuja on Monday at the instance of the Minister of Finance, Dr. Ngozi Okonjo-Iweala.



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