August 20th, 2024
By Muhammed Shaeed
The Nigerian National Petroleum Company Limited (NNPC Ltd.), has stated that it has not paid fuel subsidy to anybody in the last nine months.
The clarifications were made on Monday in Abuja by the Chief Financial Officer of the company, Alhaji Umar.
The statement reads, “In the last eight to nine months, the NNPC Ltd., has not paid anybody a dime as subsidy, no one has been paid kobo by the NNPC Ltd. in the name of subsidy.
“No marketer has received any money from us by way of subsidy.
“What has been happening is that we have been importing PMS, which has been landing at a certain cost price and the government tells us to sell it at half price.
“So the difference between the landing price and that half price is what we call shortfall.
“And the deal is between the Federation and NNPC Ltd., to reconcile, sometimes they give us money, so there is no money exchanging hands with any marketer in the name of subsidy.”