10 Jun NNPC to pay N874bn in June as subsidy hits N1.82tn
Subsidy on Premium Motor Spirit, popularly known as petrol, rose to N947.51bn between January and April 2022, according to the Nigerian National Petroleum Company Limited data.
The data showed a monthly rise in PMS subsidy spending by the oil firm, though NNPC described it as under-recovery/value shortfall.
NNPC had equally 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 official pump price of PMS in Nigeria is between N162 to N165/litre, but oil marketers stated that the actual cost should be a little higher or about the same price of diesel had it been PMS was deregulated.
Latest figures obtained from NNPC in Abuja showed how the amount spent on fuel subsidy grew from January to April this year.
In January, February, March and April, the oil firm incurred N210.38bn, N219.78bn, N245.77bn and N271.58bn respectively, while the total during the four-month period was N947.51bn.
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