FG approves N407bn Oil subsidy payment to marketers.

Mrs Kemi Adeosun

 The payment of N407bn on Oil subsidy to be made to marketers was confirmed by the Minister of Finance, Mrs. Kemi Adeosun.The payment constitute arrears from the 2014 financial year as well as that for the running year 2015.

In a statement, the minister of finance stated that the approval was given following a directive by President Muhammadu Buhari that the amount be paid immediately to the oil marketers in order to end the lingering fuel scarcity in the country.

She called on the marketers to reciprocate the gesture of the Federal Government by ensuring that queues by motorists disappear within the shortest time possible.



My thoughts: The money spent on subsidy is way too much,Oil subsidy takes a significant part of the country's annual budget.

Advice:   Federal Government should use same fund to recuperate our refineries,thus taking every citizen out of the comfort zone where the government pays part of the Oil prices.But isn't better to pay now and play later.If N407bn is been channeled to another resource it will definitely improve the economy and in turn improve Nigerians standard of living.