NNPC says N3trn required as petrol subsidy for 2022

The Nigerian National Petroleum Company (NNPC) Ltd says about N3 trillion will be required for petrol subsidy in 2022.

NNPC presented this to the Federal Executive Council (FEC) at its meeting on Wednesday in Abuja presided over by President Muhammadu Buhari following the Federal Government’s decision to extend the payment of the petrol subsidy in 2022 till after June 2022.

The Minister of Finance, Budget and National Planning Mrs Zainab Ahmed, who briefed State House correspondents at the press briefing, said FEC considered the request to make additional funding provision to enable government to meet incremental fuel subsidy payment in the 2022 budget.

According to her, only N443 billion is currently available in the 2022 budget for Petrol subsidy in 2022 till June.

“With the realities on ground including the present hardship faced by Nigerians and the lack of structures to support subsidy removal, the NNPC made a request for N3 trillion from the Ministry of Finance for 2022.

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“What this means is that we have to make incremental provision of N2.557 trillion to be able to meet subsidy requirement which is averaging about N270 billion per month,”‘ she said.

The minister said the Council has therefore directed the ministry to approach the National Assembly for an amendment to the PIA and the 2022 budget.

“Council has approved an amendment to be transmitted to the National Assembly to repeal Clauses 10 and 11 concerning the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) operations.

“It also wants NASS to restore some aspects of the budget the lawmakers removed amounting to N103 billion.”