The Federal Government spent N8 . 94 tn on petrol subsidy between 2006 and 2015 , figures released by the Petroleum Products Pricing Regulatory Agency on Monday showed .
Data from the PPPRA showed that during the 10 – year period , the government consistently spent billions of naira subsidising Premium Motor Spirit , popularly called petrol .
It said that in 2006 , 2007 , 2008 , 2009 and 2010 , the government spent N257 . 36 bn , N271 . 51 bn , N630 . 57 bn , N469 . 31 bn and N667 . 08 bn respectively .
Also in 2011 , 2012 , 2013 , 2014 and 2015 , the government paid N2 . 104 tn , N1 .354 tn , N1 .315 tn , N1 . 217 tn and N653 . 51 bn respectively on petrol subsidy .
The PPPRA had in March commenced the deregulation of the downstream oil sector in a bid to halt the continued payment of subsidy .
Before March , the Nigerian National Petroleum Corporation , the sole importer of petrol into Nigeria, had been recording under- recoveries as a result of its subsidy spendings on petrol .