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. Nigeria’s four refineries are not working, though the Port Harcourt refinery is currently under rehabilitation. The huge spending on subsidy had made experts and operators intensify the call for the fast rehabilitation of Nigeria’s refineries.
Source: Punch June 28, 2022 07:59 UTC