Thursday 4th Nov.2021:The Nigerian National Petroleum Corporation has said that it spent a total of N864.07bn between January and September subsidising Premium Motor Spirit, popularly known as petrol.
The total sum is said to represents 31 per cent of the total revenue of N2.7tn generated by the corporation between January and September.
A look at a report generated from the corporation to the Federation Account Allocation Committee at its last meeting showed that the NNPC did not incur petrol subsidy cost in January, but spent N25.37bn on subsidising the product in February.
However, the sum widely increased to N60.39bn and N61.96bn and N126.29bn in March, April, and May respectively.
The Corporation claims that it has so far spent N164.33bn, N103.28bn, N173.13bn and N149.28bn on PMS subsidy in June, July, August and September.
The federal government made no provision for fuel subsidy in the 2021 budget, since November last year, the price of PMS has remained unchanged despite the increase in crude oil prices in the international market.
As of the time the fuel subsidy was removed in June last year, the price of crude oil was about $45 per barrel.
But as of Wednesday, the price of Brent crude, the international oil benchmark, stood at $82.17 per barrel.