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The Federal Government is overdrawing subsidy deductions by N85 billion monthly since January, calculations from the Forum of Commissioners of Finance of Nigeria showed. Instead of the N74 billion monthly deductions provided for in the 2012 budget, the Federal Government has deducted a total of N304 billion from January to February, the Commissioners had said in a memo sent to the Governors’ Forum. If the trend continues, government is likely to spend N1.9 trillion on subsidy by the end of this year. (View full text)
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