NNPC And Federal Government Divided As Fuel Subsidy Rises To N1.03tn

A government report indicates the Nigerian National Petroleum Company Limited (NNPC) has spent N1.03tn on subsiding Premium Motor Spirit, or petrol, between January and October of this year.

The presentation on the report was aimed at the NNPC’s September 2021 crude oil, gas sales and proceeds garnered in October 2021. POLITICS NIGERIA reports.

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Till now, the NNPC has remained the sole importer of petrol into the country, due to other marketers’ inability to import the commodity and access the US dollar. Information Guide Nigeria

However, the decision to deduct remittances to FAAC has raised concerns, especially among state governors. One of them is the governor of Kaduna State, Nasir El-Rufai, who criticized the high cost of fuel subsidies as ‘unreasonable’. jamb results

In El-Rufai’s words: “This is why the Nigerian Governors’ Forum met and agreed to support the Federal Government’s social compact. Withdraw this subsidy by February”.

Also, a popular economist and Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the decision might bring a serious challenge to the government, if not handled properly.

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