We Now Spend Above N400bn Month-to-month on Subsidy – NNPCL

The Nigerian Nationwide Petroleum Firm Restricted, on Friday, revealed that the quantity spent as subsidy on Premium Motor Spirit, popularly known as petrol, had crossed N400bn month-to-month.

NNPCL’s Group Chief Government Officer, Mele Kyari, disclosed this on the Headquarters of the oil agency on the ongoing Last Cutover to NNPC restricted, from being a company.

Kyari defined that the oil firm was spending about N202 as subsidy on each litre of petrol consumed throughout the nation, stressing that about 65 million litres of PMS was pumped every day into the market by NNPCL.

Though he mentioned the oil firm would proceed to fulfill its obligations by offering PMS for Nigeria, Kyari identified that the over N400 billion month-to-month subsidy had been a extreme pressure on NNPCL’s money circulate.

NNPCL is the only importer of petrol into Nigeria and has continued to play this function for a number of years operating, bearing the large value of gas subsidy.

Different non-public oil entrepreneurs stopped importing petrol into Nigeria because of the problem encountered in accessing america {dollars}, required for the imports of PMS.