NNPC
HighlightTop StoryTrending Story

NNPC says N3trn required as petrol subsidy for 2022

627

 

 

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.

 

Read Also: US set to be world’s biggest LNG exporter – IHS

 

“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.”

 

Leave a comment

Related Articles

Abuja-London Heathrow Direct flights Set for launch Oct 26 – Aviation Minister 

The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo (SAN), has...

Mob Attack on Wedding Guests: Tinubu Demands Action, Accountability from Mutfwang

President Bola Tinubu has called on Plateau Gov. Caleb Mutfwang to take...

Nigerian Sprinter Favour Ofili Switches Allegiance to Turkey Amidst AFN Dispute

Nigerian sprinter Favour Ofili has reportedly switched her international allegiance to Turkey,...

Woman Busted in Lagos with 2.20kg Cocaine En Route to India for Surgery

In continuation of crackdown on drug trafficking, the National Drug Law Enforcement...

EFCC Cracks Down on Benue Governor’s Aide for Alleged Sextortion, Cyberbullying

For allegedly committing sextortion and cyber bullying, the Special Adviser to Benue...

Israel-Iran War: US Launches Devastating Bunker Buster Attack on Iran’s Nuclear Sites

The United States President, Donald Trump, announced on Saturday that the US...

Gunmen strike in Bayelsa, abduct high court judge

Some yet-to-be apprehended gunmen invaded Yenagoa, the Bayelsa State capital, on Saturday,...

Tinubu to West African leaders: leverage youth population, natural resources for economic growth

President Bola Tinubu has called on West African leaders to leverage the...

FG denies abandoning Nigerians in Iran, working with Armenia on evacuation efforts

The Federal Government has dismissed reports alleging that the Nigerian Embassy in...

Nigeria to Host Caribbean, African Leaders for High-Stakes Trade, Investment Talks June 25

By Joycelyn Ellakeche Adah Nigeria is poised to become a melting pot...

NNPCL’s Chief Corporate Communications Officer, Femi Soneye, Steps Down

Mr. Olufemi Soneye, the Chief Corporate Communications Officer of the Nigerian National...

FCT Police Commissioner To Officers: No Illegal Detention, Extortion ‎

In pursuit of professionalism within his Command, the Federal Capital Territory (FCT)...

Lagos’ Most Wanted Hired Killer, Kidnapper Arrested in Ogun After Decade-Long Manhunt

After being on the loose for over a decade, the most wanted...

New Party Emerges: Atiku, Amaechi, El-Rufai’s Coalition Seeks INEC Registration

A powerful coalition, including former Vice President Atiku Abubakar, ex-Kaduna Gov. Nasir...

South Africa’s Constitutional Court Celebrates 30 Years, CJN Hails Fearless Adjudication

Justice Kudirat Kekere-Ekun, Nigeria’s Chief Justice, has praised the Constitutional Court of...

Exclusive: Don’t Overburden Supreme Court with Irrelevant Cases, Says Tietie

Dr. Frank Tietie, Executive Director of Citizens Advocacy for Social an Economic...

Fake Degrees: Reps Give Togo Clean Chit, Vow to Sanction Benin Republic

When early a year and five months after a blanket ban on...

NDLEA/Optometric Association Vision Centre Launch, Bold Move in Staff Welfare

As part of efforts to enhance staff welfare and morale, National Drug...

Breaking: NLC Pushes for Staggering N1m Minimum Wage in Fresh Talks with FG

The Nigeria Labour Congress (NLC) has formally begun negotiations with the Federal...

Nigeria’s Border Security: CDS Musa Proposes Double-Layer Wall

Nigeria’s Chief of Defence Staff (CDS), Gen. Christopher Musa, has proposed a...