NNPC Struggles To Remit N349.2bn Of Projected N1.465trn To FAAC           Out of a possible N1.46 trillion the Nigerian National Petroleum Corporation (NNPC) budgeted as revenue payment to the nation in the first seven months of 2021, the corporation has only been able to remit N349.254...

Daily Fuel Consumption Rises To 72m Litres As Subsidy Hits N541.66bn             Petrol consumption in the country jumped from 55.59 million litres a day in April to 72.07 million litres per day in the month of May. This shows that in the month of May, petrol consumption...

In Seven Months, NNPC Incurs N756.99bn Petrol Subsidy       The Nigerian National Petroleum Corporation incurred N756.99bn petrol subsidy cost from January to July this year, the latest data obtained from the corporation show. The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in...

Fuel Subsidy Still Remains For Now, Says Sylva       The signing of the Petroleum Industry Bill (PIB) into law by President Muhammadu Buhari does not translate into automatic removal of the Premium Motor Spirit (PMS) subsidy, Minister of State for Petroleum Resources Timipre Sylva has assured. Sylva,...

Petrol Landing Cost Hits N249/litre       The landing cost of Premium Motor Spirit (petrol) imported into the country has increased to a new high of N249.42 per litre on the back of high global crude oil prices. The further rise in the landing cost of petrol means...

'Petrol Subsidy May Gulp N2trn This Year'     Nigeria may end up spending N2tn on petrol subsidy this year if the current situation persists, the Group Managing Director, Rainoil Limited, Dr Gabriel Ogbechie, has said. Ogbechie said this on Sunday at the Nigeria History Series of the...