The Nigerian National Petroleum Company Limited has said the subsidy on Premium Motor Spirit, popularly called petrol, between January and March 2022 has risen to N675.93bn.
The NNPC told 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.
It said the N671.88bn is a shortfall incurred by the NNPC, adding that the oil firm has remained the sole importer of petrol into Nigeria and has been subsidising the commodity using billions of naira monthly.
The NNPC in Abuja on Wednesday, said it spent N210.38bn, N219.78bn and N245.77bn as subsidy on petrol in January, February and March 2022 respectively.
It said, “The estimated value shortfall of N671,882,996,685.81 (consisting of N519bn for estimated April 2022 recovery plus N152bn of March 2022) is to be recovered from April 2022 proceeds due for sharing at the May 2022 FAAC meeting.”
The NNPC told FAAC that Nigeria recorded 1.258million barrels per day production in February 2022 (OPEC), adding that crude oil export revenue received in March 2022 amounted to $88.93m, as gas export revenue received in March 2022 amounted to $32.04m.
