The Nigerian National Petroleum Corporation (NNPC), said it has spent ₦623.16 billion on under recovery otherwise known as subsidy from January to November, 2018. The Corporation said it made this known to the Federation Account Allocation Committee (FAAC) at the last meeting in Abuja where revenue generating agencies gave account of their performances in the […]
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The Federal Government, yesterday, explained why the Nigerian National Petroleum Corporation (NNPC) is shortchanging Nigerians to fund importation of petrol at cost higher than ₦143 per litre. Minister of Finance, Kemi Adeosun, made the explanation after a four and half hours Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari. Adeosun, who briefed […]
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The Nigerian National Petroleum Corporation (NNPC) Monday in Abuja revealed that the Nigerian Federation was indebted to the corporation to the tune of ₦170.6 billion outstanding subsidy payments due from January 2006 to December, 2015. Leading a team of Top Management of the NNPC to the ongoing Investigative hearing on ₦5 trillion subsidy payments from […]
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Fuel subsidy payment incurred by the Nigerian National Petroleum Corporation, NNPC, rose by ₦9.94 billion to ₦16.785 billion. This was to ensure that the price of Premium Motor Spirit, also known as petrol, did not rise above the official rate of ₦145 per litre. Data obtained from the NNPC Monthly Financial and Operations Report for […]
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The Federal Government withdrew the sum of ₦359.39bn from the Excess Crude Account in 2015 to fund the payment of petroleum products subsidy in 2015, the Fiscal Responsibility Commission has said. The FRC said this in a report on the Excess Crude Account obtained by our correspondent in Abuja on Monday. According to the FRC, […]
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