For the fifth time in 2022, the Nigerian National Petroleum Company (NNPC) Limited failed to remit revenue to the federation account as subsidy claims eroded gains.
NNPC said this in its monthly presentation to the federation account allocation committee (FAAC) meeting on Wednesday, June 22.
The oil firm said it deducted another N327.07 billion as a shortfall for the importation of petrol (subsidy) in May 2022.
Subsidy or under-recovery is the shortfall for the underpriced sales of premium motor spirit (PMS), better known as petrol.
