• Fuel subsidy gulps $35bn spent in 5 years – former NNPC director

    Fuel subsidy gulps $35bn spent in 5 years – former NNPC director

    A former acting group executive director of the Nigerian National Petroleum Corporation (NNPC), Dr. Tim Okon, has revealed that Nigeria spent an estimated $35bn as subsidy on petroleum products out of the $300bn earned from crude oil from 2010 and 2014.

    This is just as experts from the oil sector have called on the Federal Government to diversify the economy and discontinue its overdependence on oil revenue.

    Okon and some professors, as well as other stakeholders in the oil and gas sector, […]