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Heroslodge Forum / Politics / Subsidy: We’ve Received N4.9trn So Far, NNPC Tells Senate (1 Post | 27 Views)
Subsidy: We’ve Received N4.9trn So Far, NNPC Tells Senate by Noblex: 3:02 am On Jan 30
Subsidy: We’ve Received N4.9trn So Far, NNPC Tells Senate
The Nigerian National Petroleum Corporation (NNPC) says it has received more than N4.9trillion as payments for subsidy on Premium Motor Spirit, popularly known as petrol between 2006 and 2015. NNPC Chief Finance Officer, Mr Isiaka Abdulrazak, disclosed this on Monday during a public hearing conducted by the Senate Committee on Petroleum (Downstream) in Abuja.
Top officials of the corporation who appeared at the investigative hearing were led by the NNPC Group Managing Director, Dr Maikanti Baru. The NNPC officials were summoned by the lawmakers amid the persisting fuel scarcity in the country and the controversy over the payment of fuel subsidy. Briefing the senators on the issue, Abdulrazak said subsidy payments were duly approved by the Petroleum Products Pricing Regulatory Agency (PPPRA).
On the essence of the payment, the NNPC official explained that subsidy is a duly authorised reimbursable amount from Petroleum Support Fund (PSF) to compensate for products supplied at the government regulated price. He, however, informed the panel that while a total of N5.1tr was duly approved by PPPRA as subsidy claims for the corporation, NNPC is still being owed N170.6bn.
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