EDITORIAL: Fuel subsidies: Sifting through the federation accounts
How far does the Ministry of Finance’s presentation account for fuel subsidy removal, rather than the effect on government finances of the removal of the subsidy on foreign exchange?
Add to all of this, the claim by NNPCL a few years back that the amounts it was being paid or that it was able to recover did not cover the subsidy payment that it was making, or the fact that a minister of finance had once argued that the country was borrowing to pay for the fuel subsidy, and there are so many things, at least, from an accounting perspective (if not an economic one), that explanations of the subsidy question have to include.
A while before this, though, the presentation by the Federal Ministry of Finance, in which the minister sought to account for the effect of the fuel subsidy savings on the federation accounts, lit a fire beneath the subsidy debate.
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