PPPRAPetroleum Products Pricing Regulatory Agency (Nigeria)
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254 billion (N813,803 billion) since it was certified by PPPRA and appropriated by the National Assembly:
512 billion spent for kerosene subsidy as certified by PPPRA for the period January 2012 to July 2013 was still part of the US$20 billion.
254billion PMS subsidy certified by PPPRA part of the US$20bilslion to be accounted for was adequately covered by the Appropriation Acts 2012 and 2013;
512 billion DPK subsidy certified by PPPRA for the period January 2012-July.
The total sum certified by PPPRA for kerosene (DPK) subsidy not appropriated for by National Assembly was N353.
He added that the PPPRA had allowed to import 3 million metric tonnes of petrol in the Quarter-1 (Q1), 2016 import allocation, out of which the NNPC was granted 78% of the total assigned volume for the period, while the balance of 22 per cent would be supplied by other oil marketing companies.
PPPRA executive secretary was speaking during the second day of the ongoing fact-finding public hearing on the supply, distribution, spending and subsidy on kerosene by the House of Representatives' committee on petroleum resources (downstream).
Out of this, PPPRA certified subsidy liability of N389,027,885,443.
Subsidy claims verification by PPPRA revealed that marketers were due to be paid N893,746,516,631.
52 was verified by PPPRA and FAAC is demanding that the balance of N312,312,963,708.
After thorough verification, PPPRA reported that N316,720,837,527.