NNPC Deducts N271bn For Fuel Subsidy In April

The importation of petrol by the Nigerian National Petroleum Company (NNPC) Limited in April gulped N271.13 billion.

The national oil company made this known in its monthly presentation to the Federation Account Allocation Committee (FAAC) meeting on Tuesday

According to the NNPC, another N271.13 billion was deducted to cover the funds spent on fuel subsidy and failed to remit any money to the federation account for the fourth time in 2022.

The oil company added that it lifted overall crude oil of 8.80 million barrels (export domestic crude) in March 2022, representing a 10 per cent decrease relative to the 9.77 million barrels lifted in February 2022.

NNPC also disclosed that it would deduct N371 billion for the shortfall in May 2022 during next month’s FAAC meeting stressing that it had spent N947.53 billion on petrol subsidy this year, TheCable reports.

The oil company said: “The Value Shortfall on the importation of PMS recovered from April 2022 proceeds is N 271,125,127, 487,58 while the outstanding balance carried forward is N371 billion.

“The estimated Value Shortfall of N 874 503 649 663 98 bn (consisting of arrears of N 371 billion, plus estimated April 2022 Value Short Fall of N 503 313 767 828 14 is to be recovered from May 2022 proceed due for sharing at June 2022 FAAC Meeting.”

Naija News reports that the NNPC spent 210.38 billion, N219.78 billion, and N245.77 billion on fuel subsidies in January, February and March 2022 respectively.

This followed the decision by the federal government to budget N4 trillion for the importation of petrol into the country.

This article was originally published on Nigeria News

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