Monthly subsidy incurred on oil by the Federal Government rose from N60.39bn in March 2021 to N245.77bn in March 2022.
The Nigerian National Petroleum Company Limited disclosed this, saying the increase represents 306.97 per cent.
It said subsidy has gulped N2.08tn within twelve months, adding that expenses on subsidy was an under-recovery of PMS/value shortfall. to data obtained from the .
It said March, April, May, and June 2021, under-recovery for PMS amounted to N60.39bn, N61.96bn, N126.29bn, and N164.33bn respectively.
In July, August, September, October, November, and December 2021, the NNPC spent N103.28bn, N173.13bn, N149.28bn, N163bn, N131.4bn, and N270.83bn, respectively.
Figures from the NNPC further showed that the oil firm spent N210.38bn, N219.78bn, and N245.77bn as the subsidy on petrol in January, February, and March 2022 respectively.
