The Nigerian National Petroleum Company (NNPC) Limited has disclosed that it spent over N947.51 billion subsiding petrol imported into the country from January to April.
The amount was disclosed in the latest NNPC Federation Account Allocation Committee May report published on its website on Wednesday.
A breakdown from the report showed that N210.38 billion was paid in January, increasing to N219.78bn in February.
When the international price for oil rose steadily in March, NNPC said N245.77 billion was paid, increasing again in April to N271.58bn.
This indicates that between January and April subsidy payment rose by 29 percent.
Read also: World Bank cautions against Nigeria’s rising fuel subsidy payments
It also reported that NNPC had informed the FAAC that it would be deducting from its remittance an estimated value shortfall of N874.5bn in May 2022 proceeds due for sharing for June among the three tiers of government.
Oil price has been trading high since February which has further raised the cost of importation of Premium Motor Spirit (PMS) to the country and cutting off Nigeria’s oil revenue.
According to the National Bureau of Statistics (NBS) Nigeria’s petrol importation increased to N1.51 trillion in the first quarter of 2022, a N62.9 billion difference when compared to N1.44 trillion spent in the fourth quarter of 2021.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Leave a Reply