BusinessNewsOil & GasNNPC To Deduct N242.53bn Fuel Subsidy From FAAC Account This Month
ABUJA — The Nigerian National Petroleum Company Limited has said it will deduct N242.53 as subsidy for Petroleum Motor Spirit (PMS), popularly called petrol, from the federation account for the month of March. 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...