NNPC refinery
This is based on the latest data obtained from the Nigerian National Petroleum Company Limited on Wednesday.
The company has informed the Federation Account Allocation Committee that it will deduct or recover N671.88bn from April 2022 proceeds due for sharing at the May 2022 FAAC meeting.
The NNPC described the N671.88bn as a value shortfall incurred by the NNPC, as the oil firm has remained the sole importer of petrol into Nigeria and has been subsidising the commodity using billions of naira monthly.
The figures obtained from NNPC in Abuja on Wednesday showed that the oil firm spent N210.38bn, N219.78bn and N245.77bn as subsidy on petrol in January, February and March 2022 respectively.
This implies that within the three-month period the oil company had spent N675.93bn on PMS subsidy. NNPC, however, described its subsidy spending as an under-recovery of PMS/value shortfall.
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