Nothing To Remit As NNPC Spent N271bn On Subsidy In April

For the fourth time in a row, the Nigerian National Petroleum Company (NNPC) Limited has declared zero remittance to the Federation Account.
This came as the NNPC deducted another N271.13billion as a shortfall for the importation of petrol (subsidy) in April 2022.

The FAAC document obtained by TheCable showed that this is the fourth time the oil company will not remit any fund to the federation account in 2022 — as subsidy payments continue to deplete revenue.
NNPC also said it would deduct N371 billion for the shortfall in May 2022 during next month’s FAAC meeting.

“The Value Shortfall on the importation of PMS recovered from April 2022 proceeds is N 271,125,127, 487,58 while the outstanding balance carried forward is N371 billion,” the document reads.

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