The Nigerian National Petroleum Corporation Plc (NNPC) deducted over N3.3 trillion from January to November, last year to pay for fuel subsidy. The deductions were made from revenue the NNPC was supposed to remit to the Federation Account. This is contained in the Federation Account Allocation Committee (FAAC) Post-Mortem Sub-Committee (PMSC) report presented to FAAC on Tuesday in Abuja. The …

The Department of State Services (DSS) has given the Nigerian National Petroleum Company (NNPC) Limited and oil marketers a 48-hour ultimatum to make Premium Motor Spirit (better known as petrol) available across the country. Briefing journalists at the headquarters of the secret police in Abuja after over three hours closed-door meeting with stakeholders in the petroleum sector on Thursday, DSS …

The Federal Government subsidised petroleum consumption by N2.57 trillion in the first eight months of this year, according to the Nigerian National Petroleum Company Limited (NNPCL). The controversial subsidy bill increased by 17.1 per cent between July and August – from N448.782 billion in July 2022 to N525.71 billion in August – while oil production in August averaged 1.18 million barrels …

Nigeria’s full year estimate for petrol subsidy payment for 2022 will hit nearly US$16 billion or double the total expenditure budget of all the 36 states in 2021, according to leading economist, Mr Bismarck Rewane. Last year, all the 36 states in the country spent the equivalent of $9.8 billion, half what the nation will spend this year to cover …

Nigeria spends N18.397 billion per day on petrol subsidy payments, according to the Minister of Finance Minister, Budget and National Planning. Hajia Zainab Ahmed. The Minister told a House of Representatives’ ad-hoc committee investigating petroleum subsidy regime on Thursday that the figure is calculated from N283 per litre of Petroleum Motor Spirits (PMS) on 65 million litres per day. Subsidy …