{"id":214256,"date":"2022-09-03T05:15:43","date_gmt":"2022-09-03T04:15:43","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=214256"},"modified":"2022-09-03T05:15:43","modified_gmt":"2022-09-03T04:15:43","slug":"nigerias-petrol-subsidy-payments-gulp-n2-04trn-in-seven-months","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/09\/03\/nigerias-petrol-subsidy-payments-gulp-n2-04trn-in-seven-months\/","title":{"rendered":"Nigeria\u2019s petrol subsidy payments gulp N2.04trn in seven months"},"content":{"rendered":"

The Nigerian National Petroleum Company (NNPC) Limited says N448.78 billion was spent on petrol subsidy in July. <\/p>\n

The company made the disclosure in its monthly presentation to the federation account allocation committee (FAAC) meeting on August 24th, 2022.<\/p>\n

The figures showed that the country has paid N2.04 trillion to offset subsidy payments in the 7-month period \u2014 while the payment of N1.04 trillion has been carried forward.<\/p>\n

For the seventh month in a row, the company also failed to make remittances into the federation account owing to huge subsidy payments.<\/p>\n

It, however, raked in N400.47 billion as gross domestic crude oil and gas revenue \u2014 10.07 percent below petrol subsidy payment in the same month. <\/p>\n

The month\u2019s zero remittance came despite the potential to boost revenue with an average oil price of $111\/barrel and 1.08 million barrels per day (bpd) oil output.<\/p>\n

Over the months, the NNPC<\/a> has deducted funds meant to be remitted to the federation account (FAAC) to cover for petrol subsidy, resulting in zero revenue remittances.<\/p>\n

In January, February and March 2022, petrol subsidy payments gulped N210.38 billion, N219.78 billion, and N245.77 billion. In April, May and June, the country spent N271 billion, N327.07 billion and N319.18 billion, respectively.<\/p>\n

\u201cThe sum of N400,469,663,160.14 as the gross Domestic Crude Oil and Gas revenue for the month of July 2022,\u201d the report reads. <\/p>\n

\u201cThe Value Shortfall on the importation of PMS recovered from July 2022 proceeds is N448,782,119,154.91 while the outstanding balance carried forward is N1,044,514,420,619.73.\u201d <\/p>\n

Speaking during its transitioning event in July, Mele Kyari, group chief executive officer of NNPCL, said the oil company would continue to charge the federal government a fee to carry out petrol subsidy payments.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Nigerian National Petroleum Company (NNPC) Limited says N448.78 billion was spent on petrol subsidy in July. The company made the disclosure in its monthly presentation to the federation account allocation committee (FAAC) meeting on August 24th, 2022. The figures showed that the country has paid N2.04 trillion to offset subsidy payments in the 7-month […]<\/p>\n","protected":false},"author":39,"featured_media":197787,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"double-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":""},"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[45520,2133,1193,45519],"class_list":["post-214256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-2-04-trillion","tag-federal-government","tag-nnpc","tag-subsidy-payments"],"yoast_head":"\nNigeria\u2019s petrol subsidy payments gulp N2.04trn in seven months<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/09\/03\/nigerias-petrol-subsidy-payments-gulp-n2-04trn-in-seven-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s petrol subsidy payments gulp N2.04trn in seven months\" \/>\n<meta property=\"og:description\" content=\"The Nigerian National Petroleum Company (NNPC) Limited says N448.78 billion was spent on petrol subsidy in July. 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