The May 29 2023 announcement by President Bola Tinubu ending the regime of subsidy on petrol thrust on the Nigerian National Petroleum Company Limited(NNPCL) additional financial burden, a report by Platforms Africa, a news website dedicated to coverage of issues in the oil and gas industry, has claimed.
The May 29 2023 announcement by President Bola Tinubu ending the regime of subsidy on petrol thrust on the Nigerian National Petroleum Company Limited additional financial burden, a report by Platforms Africa, a news website dedicated to coverage of issues in the oil and gas industry, has claimed. According to the report, despite government officially declaring an end to subsidy payments, NNPCL continued to bear the burden of stabilizing the cost of the pump price of petrol.
'Documents detailing deals between the company and some partners showed that the $6 billion debts would soon be dwarfed as the Nigerian state continues to push the burden of differentials between the landing cost and pump price of the product to it. 'Already, the under-recovery for the last quarter of 2024 is expected to push the total spending on differentials above N6 trillion, according to the supplementary budget for the year.
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