NNPC spends N623.16bn on fuel subsidy in 11 months

Uche Usim, Abuja

The Nigerian National Petroleum Corporation (NNPC), the sole importer of petrol, incurred total under-recovery expenses of N623.16 billion between January and November.

Details of the under recovery outlay is contained in a document presented by the national oil company to the Federation Account Allocation Committee (FAAC) in its final sitting for 2018 in Abuja last week.

In the FAAC presentation dated December 19, which was presented to members at their last meeting, the corporation stated that apart from the N623.16bn, there were also arrears of N67.23bn, bringing the total amount to N676.49bn.

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Out of the N676.49bn, N599.74bn was incurred as under recovery under the Direct Sales Direct Purchase arrangement while the sum of N23.43bn was under recovered from its refinery.

Further breakdown of the N623.16bn under-recovery showed that the sum of N51.24bn was incurred in January while February, March and April recorded N58.66bn, N36.09bn, and N82.4bn respectively.

In the month of May, the amount of under-recovery incurred by NNPC on PMS dropped to N36.87bn. It, however, rose to N53.41bn in June, N52.43bn in July and N63.18bn in the month of August.

The amount incurred as under-recovery by the corporation went up to N71.8bn in the month of September before dropping to N51.18bn and N65.86bn in the months of October and November respectively.

The report stated that the amount incurred by the NNPC as under-recovery was deducted from the Federation Account thus: January N45.78bn, February N59.51bn, March N34.03bn, April N77.9bn and May N88.9bn.

The month of June saw the corporation deducting about N68.6bn while July, August, September, October and November recorded deductions of N52.5bn, N60.6bn, N71.56bn, N51.18bn and N65.86bn in that order.

The post NNPC spends N623.16bn on fuel subsidy in 11 months appeared first on The Sun Nigeria.

Source: news

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