The Nigerian National Petroleum Company Limited has said that just N3.4tn is required to subsidise an average of 66.7 million litres of Premium Motor Spirit (petrol) consumed daily, as opposed to the N4tn allocated in the 2022 Appropriation Act.JAMB Result
The NNPC also estimated that Nigeria consumes 66.7 million gallons of PMS each day.
This comes as the NNPC has expressed concern about the decision of refineries supplying PMS to shut down for green energy in their respective nations.
Mele Kyari, Group Managing Director of NNPC, disclosed this in Abuja on Monday at the House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022.Information Guide Nigeria
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However, Kyari, who was represented by the NNPC’s Chief Financial Officer, Umar Ajia, stated that Ogun and Oyo states received more petrol than Lagos State, the country’s economic centre.
Ajia said, “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.
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