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It appears the lingering fuel scarcity might soon come to an end as the Federal government has approved the release of N407.07 billion as subsidy payment to oil marketers. A statement from the Minister of Finance Kemi Adeosun released today, states that the money will be used to pay up subsidy arrears as well as pay up subsidy for the year 2015.
Let’s have a look at this, we hear that the price of crude oil is down but things like labour, transport, machines etc. are not yet down but at least the price of fuel should be down regardless of the incomprehensible fuel subsidy going on in Nigeria.
We are also hearing that the money will also be used to pay up subsidy arrears for the year of 2015, which was a year full of fuel scarcity and high price fuels. So what exactly are they paying for?