NNPC Makes Zero FAAC Remittance As Subsidy Payments Hit N3.3trn In 11 Months

The Nigerian National Petroleum Company (NNPC) Limited on Tuesday said it deducted N152.85 billion as a shortfall for the importation of petrol (subsidy) in November 2022.

NNPC disclosed this in its monthly presentation to the Federation Account Allocation Committee (FAAC) released on Tuesday.

According to TheCable, the FAAC document revealed that NNPC had zero contribution to the federation revenue account due to deductions for subsidy payment.

In January, February, and March 2022, petrol subsidy payments gulped N210.38 billion, N219.78 billion, and N245.77 billion, respectively. In April, May, and June, the country spent N271 billion, N327.07 billion, and N319.18 billion, respectively.

Also in July, August and September, and October, subsidy gulped N448.782 billion, N525.714 billion, N341.737 billion, and N239,411 billion, respectively.

With a plan by the federal government to spend N4 trillion on under-recovery in 2022, the NNPC has, so far, spent a total N3.302 trillion on petrol subsidy in 11 months.

The document reads, “The NNPC Limited deducted the sum of N152,852,247,197.02 as PMS value shortfall recovery for the month of November 2022. This brings the cumulative deduction between January and November 2022 to a total sum of ₦3,302,465,705,596.30.”