ABUJA — The Nigerian National Petroleum Company Limited is to deduct N242.53bn as subsidy on Premium Motor Spirit, popularly called petrol, from the Federation Account this month.
Although it described the proposed subsidy deduction as a value shortfall, the oil firm stated that the fund would be recovered from February 2022 proceeds due for sharing in the March 2022 Federation Account Allocation Committee meeting.
The NNPC disclosed this in its latest presentation to the FAAC meeting in Abuja on Friday.
“The December 2021 value shortfall recovery on the importation of PMS amounted to N210.38bn.
“The recovery consists of December 2021 value shortfall of N176.48bn plus the outstanding value shortfall recovery of N33.9bn accrued over the 2021 year. The November 2021 spot arrears of N98.81bn is also outstanding.
“The estimated value shortfall of N242.53bn (consisting of N143.72bn for January 2022 recovery plus November spot arrears of N98.81bn) is to be recovered from February 2022 proceed due for sharing at the March 2022 FAAC meeting.”
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