Amount spent on subsidy now above N400bn monthly – NNPCL

The Nigerian National Petroleum Company Limited, (NNPCL) on Friday, revealed that the amount spent as subsidy on Premium Motor Spirit, popularly called petrol, had crossed N400bn monthly.

NNPCL’s Group Chief Executive Officer, Mele Kyari, stated this at the Headquarters of the oil firm at the ongoing Final Cutover to NNPC limited, from being a corporation.

He said that “the oil company was spending about N202 as subsidy on every litre of petrol consumed across the country, stressing that about 65 million litres of PMS was pumped daily into the market by NNPCL.

“Kyari said the oil company would continue to meet its obligations by providing PMS for Nigeria, Kyari pointed out that the over N400 billion monthly subsidy had been a severe strain on NNPCL’s cash flow.

“NNPCL is the sole importer of petrol into Nigeria and has continued to play this role for several years running, bearing the huge cost of fuel subsidy.

Other private oil marketers stopped importing petrol into Nigeria due to the difficulty encountered in accessing the United States dollars, required for the imports of PMS.”

Chinyere Treasure Mbadiwe
Chinyere Treasure Mbadiwehttp://wakadaily.com
Chinyere Treasure Mbadiwe is the Co-founder and CEO of Wakadaily News. With a B.Sc. in Business Administration from the National Open University of Nigeria (NOUN), she brings a wealth of leadership and strategic expertise to the platform. Chinyere is passionate about delivering high-quality, engaging news that informs and empowers audiences. Her vision for Wakadaily is to create a space where reliable, diverse, and impactful content connects people and fosters informed conversations.

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