Amount Spent on Subsidy Now Above N400bn Monthly – NNPCL

The Nigerian National Petroleum Company Limited, on Friday, revealed that the amount spent...

The Nigerian National Petroleum Company Limited, on Friday, revealed that the amount spent as subsidy on Premium Motor Spirit, popularly called petrol, had crossed N400bn monthly.

NNPCL’s Group Chief Executive Officer, Mele Kyari, disclosed this at the Headquarters of the oil firm at the ongoing Final Cutover to NNPC limited, from being a corporation.

Kyari explained that the oil company was spending about N202 as subsidy on every litre of petrol consumed across the country, stressing that about 65 million litres of PMS was pumped daily into the market by NNPCL.

Although he said the oil company would continue to meet its obligations by providing PMS for Nigeria, Kyari pointed out that the over N400 billion monthly subsidy had been a severe strain on NNPCL’s cash flow.

NNPCL is the sole importer of petrol into Nigeria and has continued to play this role for several years running, bearing the huge cost of fuel subsidy.

Other private oil marketers stopped importing petrol into Nigeria due to the difficulty encountered in accessing the United States dollars, required for the imports of PMS.

TLD Newsletter

Get the latest legal news, key cases, top lawyers, and expert analysis for your legal journey.

RELATED ARTICLES

Petroleum Company Records First Oil Production

A petroleum exploration and production company, Emadeb Exploration and Production Company Limited, has expressed excitement

Dangote Refinery Says Price Cut Prompted Reduction in Pump Prices

Dangote Petroleum Refinery has said that the recent reduction in pump prices by oil marketers

Togo, Niger, Benin Owe Nigeria $20m for Electricity Supplied in Six Months

International bilateral customers, including Société Béninoise d’Énergie Électrique (SBEE) from the Republic of Benin, Compagnie

Nigeria Emerges Oil Trading Hub, Africa’s Next Growth Frontier

Africa is fast positioning itself as the next major growth frontier for the downstream oil

LSE-listed Savannah Energy Appoints Two Nigerians as Independent Directors

British oil and gas company Savannah Energy has appointed two Nigerian professionals, Uyi Akpata and

Dangote Refinery Denies Importing High-Sulphur Petrol

The Dangote Petroleum Refinery has denied reports that it imported finished premium motor spirit (PMS)

TLD Newsletter

Get the latest legal news, key cases, top lawyers, and expert analysis for your legal journey.

This Pop-up Is Included in the Theme
Best Choice for Creatives

Purchase Now

TLD Newsletter

Get the latest legal news, key cases, top lawyers, and expert analysis for your legal journey.