NNPC demands Trillions of Naira as Fuel Subsidy for 2022

NNPC demands Trillions of Naira as Fuel Subsidy for 2022
NNPC demands Trillions of Naira as Fuel Subsidy for 2022

The Nigerian National Petroleum Corporation (NNPC) has demanded that the Federal Government pay a fuel subsidy of three trillion naira in 2022.

Zainab Ahmed, the Minister of Finance, Budget, and National Planning, told State House media about it on Wednesday. TrueTalkNews understands.

According to Ahmed, the Federal Government will have to make an additional provision of N2.557 trillion to meet monthly subsidy requirements, which are currently around N270 billion.

The finance minister also said that just N443 billion is now available in the 2022 budget for subsidy payments between January and June.

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She also stated that the current realities on the ground including lack of structures, for now, has necessitated the NNPC to make the request.

That request, she revealed, was considered by the council, which has directed the ministry to approach the National Assembly for an amendment to the fiscal framework as well as the budget.

“In 2022, because of the increased crude oil price per barrel in the global market, now at $80 per barrel, and also because NNPC’s assessment is that Nigeria is that the country is consuming 65.7 million litres per day, that we would end up with an incremental cost of N3 trillion in 2022,” she said.

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TrueTalk Nigeria

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