NNPC confirms 5.1tn subsidy payments over nine years

The Nigerian National Petroleum Corporation (NNPC) has said it received a total sum of N5.1tn as payments for subsidy on premium motor spirit (petrol) between 2006 and 2015.
It said that the payments were approved by the Petroleum Products Pricing Regulatory Agency, and that it was still being owed N170.6bn by the Federal Government.
The Group Managing Director of NNPC, Maikanti Baru, and the Chief Finance Officer of the corporation, Isiaka Abdulrazak, made this known at an investigative hearing conducted by the Senate Committee on Petroleum (Downstream), on Monday, in Abuja.
Baru, in his presentation, stated that the CFO would make the main presentation on subsidy payments.
“NNPC is going to address essentially what it has incurred in terms of subsidy payments between 2006 and 2015, and what was paid to it under the scheme.
“We have it on record that NNPC incurred N5.1214tn as subsidy as approved by the regulatory agency, PPPRA, and it was only paid N4.9508tn. It is still being owed by the Federation N170.6bn,” he said.
Abdulrazak assured the panel of “full disclosure and full co-operation and transparency in the spirit of the management of thep NNPC.”