Home Business NNPC to pay N874bn in June as subsidy hits N1.82tn

NNPC to pay N874bn in June as subsidy hits N1.82tn

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Operators in the oil and gas sector as well as other stakeholders are uncomfortable with the continued rise in the amount spent in subsidising Premium Motor Spirit, popularly called petrol, as it jumped to N947.51bn between January and April 2022.

An analysis of data obtained from the Nigerian National Petroleum Company Limited on Wednesday showed a monthly rise in PMS subsidy spendings by the oil firm, though NNPC described it as under-recovery/value shortfall.

It was also gathered that the oil firm had informed the Federation Account Allocation Committee that it would deduct an estimated value shortfall of N874.5bn in the May 2022 proceed due for sharing at the June 2022 FAAC meeting.

NNPC has been the sole importer of petrol into Nigeria for several years running. The firm has also been subsidising the commodity all these years.

The President, Petroleum Products Retail Outlets owners Association of Nigeria, Billy Gillis-Harry, explained that the actual cost of petrol without subsidy was usually a little higher than that of diesel.

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