Fuel Subsidy Costs ₦816bn In Seven Months

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Fuel Subsidy Costs ₦816bn In Seven Months

The Nigerian National Petroleum Corporation (NNPC) in the last seven months spent over N816billion in subsidising the cost of Petroleum Motor Spirit (PMS) for Nigerians, a report has shown.

Despite this, within the period, the country lost another N182billion to product losses, which is about 22.3percent of the total cost spent on subsidy.

According to the industry’s report obtained from the Corporation’s website, the NNPC started recording what it described in its books as “value shortfall” from February.

As a result, the Corporation’s statutory remittance to FAAC had at a point, dwindled within the period.

A breakdown of the figures showed that within the period under review, the shortfall steadily rose from N25.3billion in January to N164.3billion recorded in May.

But in June, the total shortfall according to the document dropped to N143.3billion and again rose by about N30billion, that is, N173billion in July.

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