Mele Kyari, group chief executive officer of the Nigerian National Petroleum Company (NNPC) Limited, says the federal government still owes the company N2.8 trillion in petrol subsidy payment deficit.
Mele Kyari, group chief executive officer of the Nigerian National Petroleum Company Limited, says the federal government still owes the firm the sum of N2.8 trillion spent on petrol subsidy.Kyari said the subsidy payment was no longer sustainable as it hinders the company from funding its core businesses.
The GCEO said since the provision of the “N6 trillion in 2022, and N3.7 trillion in 2023, we have not received any payment whatsoever from the federation”.Kyari said the NNPC made the petrol subsidy payments from its cash flow, noting that the government has been unable to pay back the N2.8 trillion spent so far.
“We are not able to keep some of the cash to invest in our core businesses. And the end result is that it can be a huge challenge for the company and we have highlighted this severally to the government that they must compensate and pay back NNPC for the money that we have spent on the subsidy.“So, today the country does not have the money to pay for subsidy. There is an incremental value that will come from it.
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