N400bn monthly fuel subsidy extremely challenging, laments NNPCL

He, who disclosed this during the final cutover to NNPC Ltd from being a corporation, explained that the oil company was spending about N202 as a subsidy on every litre of petrol, adding that over 66 million litres of PMS were pumped daily into the market by NNPCL to keep the country wet.

Other private oil marketers stopped importing petrol into Nigeria due to the difficulty encountered in accessing the dollars required for the imports of PMS. He said the continuous funding of petrol subsidy by NNPCL had been ongoing without refunds from the Federal Ministry of Finance, Budget and National Planning, despite the fact that subsidy had been budgeted for in the Appropriation Act.

Fuel subsidy has been a topical issue in Nigeria, as many experts and local and international institutions have been calling for the removal of petrol subsidy. He also disclosed that while the NNPC as a corporation posted about N803bn loss in 2018, it reduced the loss to N2.3bn in 2019 and for the first time in its history, it made a profit of N287bn in 2020, before shooting it up to N674bn in 2021.

NNPCL subsidising without refunds from d Fed Min of Finance, despite d fact that subsidy had been budgeted for in d Appropriation Act. Every year Min collects budget money don’t pass it on to NNPC. They don’t complain as no 1 complains about NNPC activities. Chop Chop govt

If the subsidy/ month is 400bn, how much is the Fuel (Nigerians consumes/ month)? This is not even adding up, as in, it's not making economic sense.. Is d subsidy more dan d actual cost (of goods)? By the way, how much does it cost to have a FUNCTIONAL refinery?

How any organization can spend that much monthly. Remit next to zero naira. Yet we still have fuel scarcity is baffling. No way NNPC survives even in its smallest form in a PeterObi presidency. Gut that entire thing. The entirety of it.

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