Over N400 Billion Paid Every Month As Oil Subsidy, Says National Oil Company, NNPCL The NNPCL oil company of Nigeria said that the amou...
Over N400 Billion Paid Every Month As Oil Subsidy, Says National Oil Company, NNPCL
The NNPCL oil company of Nigeria said that the amount of money that is paid as fuel subsidies every month is over 400 billion nairas.
The National News Agency NAN reported that the CEO of the company, Mele Kyari, said this in Abuja, the capital of the country, during the completion of the facelift of the company.
Kyari added that the NNPCL company spends about 202 nairas as a subsidy for every liter of fuel across the country.
He also said that every day the company produces 65 million liters of oil to supply the country with fuel.
The president of the company said that the company will continue to do what is necessary to provide the citizens with the fuel they need.
He said that the payment of more than 400 billion nairas every month as fuel subsidy is extremely detrimental to the company's finances.
He went on to say that the NNPCL company is the only company that imports oil into the country, and it will continue to play a role in the coming years despite the large number of subsidies it pays.
Mele Kyari said private traders have stopped importing oil into the country due to the difficulty they face in getting the US Dollars needed to import oil into the country.