The amount spent on subsidizing Premium Motor Spirit, popularly called petrol, rose to N1.16trillion between January and November this year, the latest data from the Nigerian National Petroleum Company Limited show.
The data also revealed that NNPC’s remittances to the Federation
Accounts Allocation Committee in the 11-month period dropped by
N1.78trillion.
In its report on funding performance between January and November
2021, the oil firm said it had maintained petrol subsidy since the
beginning of this year.
The NNPC spends so much on petrol subsidy because for about four
years running it has remained the sole importer of PMS into Nigeria.
Other marketers stopped importing the commodity due to their inability
to adequately access the United States dollar.
On remittances to FAAC, the funding performance report captured the
projected monthly remittance as N122.767bn, but this target was never
met for all of the 11 months.
It was also observed that the projected remittance by the company to
FAAC for the 11 months combined was put at N2.30tn, but what was
actually remitted was N522.203bn.
