The Nigerian National Petroleum Company (NNPC) Limited says it would reconcile subsidy deductions with the federation. The Federation Account Allocation Committee (FAAC) had in May asked NNPCL to refund over N2.1 trillion to the federation account.
NNPCL made its position known in a tweet on its official Twitter handle yesterday under a post titled ‘Petrol Subsidy Fact Sheet. The company contrary to widespread belief equally said it has not made petrol subsidy payments to marketers since 2016 when it become the sole importer of petrol, adding that NNPC Limited will no longer be the sole importer of petroleum products. NNPCL had said it deducted N152.85 billion as a shortfall for the importation of petrol (subsidy) in November 2022 during its monthly presentation to the FAAC meeting on Wednesday, January 17, 2023. Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.
Index to Nigerian Newspapers
