NNPC Spends N123.7bn On Petrol Subsidy In September

The Nigerian National Petroleum Corporation (NNPC) has revealed that it spent N123.73 billion on petrol subsidy in September 2021.

The Corporation in its report to the Federation Account Allocation Committee (FAAC) for October meeting said the amount with additional N40 billion differed deduction would be deducted from its contribution to FAAC in November.

With no provision for petrol subsidy in 2021 Budget, NNPC has resorted to direct deduction from FAAC remittance, which it terms ‘value shortfall’ in its books.

Minister of Finance, Budget and National Planning, Zainab Ahmed had on Monday disclosed that Federal Government would continue to subsidise petrol consumption till July 2022.