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

By Editor on 26/12/2018

Share on facebook Yahoo mail icon Gmail icon

Views: 1,001


Despite claims to the contrary, the Nigerian National Petroleum Corporation (NNPC) has reported to the Federation Account Allocation Committee (FAAC) that it spent N623.16 billion on under recovery otherwise known as subsidy from January to November, 2018.
 
The report to FAAC was made at the last meeting in Abuja where revenue generating agencies gave account of their performances in the year.
 
The NNPC in its report dated 19th December, 2018  revealed that it also has an arrears of N67.23 billion for deductions made from FAAC.
 
The report said there is a total FAAC deduction of N676.49 billion comprising of N599.74 billion as under recovery for Direct Sales Direct Purchase (DSDP) arrangement and the sum of N23.43 billion as under recovered from it’s refineries.
 
The document said that the amount incurred by the NNPC as under-recovery was deducted from the Federation Account as follows: January N45.78 billion, February N59.51 billion, March N34.03 billion, April N77.9 billion and May N88.9 billion.
 
Breakdown of the N623.16 billion under-recovery showed that the sum of N51.24 billion was incurred in January while February, March and April recorded N58.66 billion, N36.09 billion, and N82.4 billion respectively.
 
In the month of May, the amount of under-recovery incurred by NNPC on PMS dropped to N36.87 billion but rose to N53.41 billion in June, N52.43 billion in July and N63.18 billion in the month of August.
 
In the month of June 2018, the corporation deducted about N68.6 billion, in July, August, September, October and November the Corporation made deductions of N52.5 billion, N60.6 billion, N71.56 billion, N51.18 billion and N65.86 billion respectively.
 
Apart from the deductions from FAAC, the amount spent on subsidy or as under-recovery by the NNPC went up to N71.8 billion in September before dropping again to N51.18 billion and N65.86 billion in the months of October and November respectively.
 
From the document it shows that the Nigerian National Petroleum Corporation (NNPC) is currently subsidising Premium Motor Spirit, popularly known as petrol through its under recovery arrangements.--Nation

Posted 26/12/2018 08:44:39 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Gunmen kidnap another Catholic priest in Nsukka

HORROR: 71-year-old Nigerian tied with a rope, gagged...

El-Zakzaky: Shiite protesters clash again with police, soldiers...

Atiku rejects Presidential election result, to head to...

Sodomy: Oyo teacher caught molesting schoolboys pushes blame...

Oduduwa Republic: All Yoruba policemen behind us –...

British PM declares COVID-19 lockdown in England

Border closure’ll tackle all security challenges – CBN...

Ekiti to prosecute soldier’s wife for importing COVID-19...

COVID-19: Nigeria receives vaccine samples from Russia

Mother on deathbed says 12-year-old son is offspring...

States sue Malami over remittance of recovered funds...

 

Latest News 2023: ‘Pairing of Governor Yahaya Bello and FFK as candidate and running mate untrue’ – APC Chieftain You’re just an attention seeker – PDP tells Umahi Maiduguri thrown into darkness again as ISWAP blows up high tension electricity towers Breaking: INEC office in Awgu, Enugu state set ablaze Angry residents set six suspected bandits ablaze in Sokoto community Ex-CBN Deputy Governor, Mailafia is dead Gunmen attack political meeting in Enugu, threaten no election in South East in 2023 EFCC arrests 16 internet fraud suspects in Enugu Osinbajo charges religious leaders to pay Pentecost tax Miyetti Allah chairman dies in the hands of kidnappers — Official Rumour of Ugwuanyi joining APC is false - Onoh Umahi sabotaged PDP in 2019 elections, PDP governors allege

 

Most Read I’ve no Coronavirus, govt wants to kill me – Anambra Index case (169,322 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (167,431 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (167,431 views) Sickle cell support group seeks government intervention (167,428 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (167,427 views) Ebonyi bans embalming of corpses in homes (167,427 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (167,426 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (167,357 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (164,472 views) ASUU strike: Senate intervention ends in deadlock (164,062 views) All you need to know about Peter Obi, PDP VP Candidate (134,927 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (133,385 views)

 

 

SECTIONS FAITH (156) EDITORIAL (17) NEWS (6,642) POLITICS (493) SOCIETY (129) SPORTS (51) BUSINESS (364) HEALTH (57) EDUCATION (48) INTERNATIONAL (176) ENTERTAINMENT (49) TECHNOLOGY (1) COLUMNISTS (57) LETTERS (4) OPINION (37)

 

 


There are no video entries posted yet.