The amount spent as subsidy on Premium Motor Spirit, popularly called petrol, and on refinery rehabilitation between January and May this year was N1.301tn, figures released on Monday by the Nigerian National Petroleum Company Limited showed.
NNPC disclosed this in its latest presentation to the Federation Account Allocation Committee meeting for the month of June 2022. Bulk of the oil firm’s spending was on petrol subsidy, as it consumed N1.274tn during the five-month period, while for refinery rehabilitation, NNPC spent N9.11bn in each of the months of January, March and April, amounting to N27.33bn.
An analysis of NNPC’s monthly fuel subsidy spendings indicated a continuous rise in the amount incurred as subsidy by the Federal Government through NNPC. Data from the national company showed that N210.38bn, N219.78bn, N245.77bn, N271.59bn and N327.1bn were used in subsidising PMS in January, February, March, April and May 2022 respectively.
NNPC is the sole importer of petrol into Nigeria for several years running. Nigeria’s four refineries are not working, though the Port Harcourt refinery is currently under rehabilitation.
