FG, States, LGs to Share 71 Billion Saved from Subsidy Removal in January and February

Minister-of-Finance-Dr.-Ngozi-Okonjo-Iweala--360x225Coordinating Minister for Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala has disclosed that the Federal Government, states and local government councils have shared a total of N71, 098, 471, 382.86, saved from the partial withdrawal of subsidy on fuel.

This amount was saved in the months of January and February, this year. N35, 549, 235, 691.43 was saved each in the two months, totaling the said amount shared by all the tiers of government. According to the document containing the breakdown, which was signed by the minister, “the subsidy saving for the two months was based on benchmark of $90 per barrel and at partial subsidy phase-out of N97 per litre”.

The breakdown also revealed that the federal government, along with certain derivable claims as well as the Federal Capital Territory (FCT) got N16, 292, 738, 505.15 in each month, totaling N32, 585,477,010.3, the 36 states got N12,885,318,165.66 in each month, totaling N25,770,636,331.32 while the 774 local governments including the six in the FCT got N6,371,134,020.62 in each month, totaling N12,742,268,041.24.

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