Only N3.4trn Needed to Subsidise 66.7M Litres of PMS Daily – NNPC

The Nigerian National Petroleum Company Limited has disclosed that only the sum of N3.4tn is needed to subsidise an average of 66.7 million litres of Premium Motor Spirit (petrol) consumed daily in the country, instead of the N4tn approved in the 2022 Appropriation Act.

The Group Managing Director, NNPC, Mele Kyari, made this known in Abuja on Monday at the continued investigative hearing of the House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy regime from 2013 to 2022.

This is just as the NNPC raised the alarm over the decision by refineries supplying PMS to shut down for green energy in their respective countries.

Kyari, who was represented by the Chief Financial Officer, NNPC, Umar Ajia, however, said Ogun and Oyo states were allocated more petrol than Lagos State, the country’s economic capital.

Ajia Says, “We have about 1.6 billion litres incoming – land and marine. This is the minimum level we have to maintain, especially as we approach winter. Most of the refineries that we procure from are actually shutting down their operations because of the clamour for green energy and COP26 compliance. Even gas that is transition fuel for us is being given an eight years. Of course, we do not agree”.