LCCI, which response was based on the World Bank report, released on Monday in Abuja focussed on key developments in Nigeria’s economy in 2018, added among other things that the Excess Crude Account, ECA, was virtually depleted during the period.
It had stated that most of the petrol volumes Nigeria spent money to subsidise in 2018 were inflated as daily consumption rose to 54 million litres per day from 40ml/d in 2017, ostensibly due partly to out-smuggling. “It remains a cause for concern that the subsidy regime had subsisted, especially at a time when the economy is facing unprecedented fiscal challenges; at a time when productivity in the economy is constrained by acute infrastructure deficit; at a time when public institutions are finding it hard to fund their basic obligations. There cannot be a better example of resource misapplication.
Source: News Formal (newsformal.com)
vanguardngr Buhari lied to Nigerians about removing it, now it’s even worse than the PDP days. APC duped Nigeria. APC fraud!
vanguardngr And Nigeria's biggest fiscal fraud.
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