Fuel subsidy payment jumps by 967.35% in December

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The Nigerian National Petroleum Company Limited has announced it spent a whopping N270.83 billion on subsidy payment in the month of December 2021.

This is a 967.35 percent increase when compared to N25.37 billion committed for the same payment in February.

The December figure was the highest paid by NNPC in a single month and the exact amount it submitted to the Federal Executive council.

You will recall the NNPC submitted a N3 trillion subsidy payments budget to FEC, for which state governors and legislators demanded explanation.

Oil price has been on the rise and this has become a huge burden for NNPC and pain to states which depend on FAAC remittance.

From NNPC FAAC report the total subsidy payment for the 12 months of 2021 was put at N1.43 billion.

No payments were made in January 2021, while NNPC reported N25.3 billion in February.

The subsidy payment increased to N60.3 billion in March, and N61.9 billion 126.2 billion were paid in April and May respectively.

The payments continued in June as it jumped to N164.33 billion before dropping to N103.28 billion in the month of July.

August, September, October and November NNPC reported N173.1 billion, N149.2 billion, N163.7 billion and N131.4 billion respectively.

December payment of N270.83 billion represented a month on month increase of 106.1 percent.

Despite the data, state governors, opposition parties and civil organisations have accused NNPC of subsidy fraud.

PDP in reaction to NNPC subsidy payments claim demanded full disclosure of specifics of the subsidy templates including details of the cost of importation of petroleum products.

Also the Nigerian Governors’ Forum (NGF) and the organised labour have severally accused NNPC of insincerity over the petroleum subsidy.

The NGF, Nigerian Labour Congress (NLC) and Trade Union Congress(TUC) made the accusation against the NNPC and the subsidy administrators during a meeting in Abuja recently on fuel subsidy removal.


 

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