THE CABLE
The Nigerian National Petroleum Company (NNPC) Limited says it paid N307.408 billion as petrol subsidy payment in May 2023.
The national company disclosed this in its monthly presentation to the federation account allocation committee (FAAC) meeting on June 22, 2023.
Subsidy or under-recovery is the shortfall for the underpriced sales of premium motor spirit (PMS), better known as petrol.
From January 2023 to May 2023, petrol under-recovery totalled N1.828 trillion — 55 percent higher than the amount paid in the corresponding period of 2022.
Subsidy payments gulped N274.769 billion in January 2023, N477.742 billion in February, N415.381 billion in March, and N353.130 billion in April, respectively.
Meanwhile, under-recovery arrears amounted to N3.735 trillion and has been “carried forward”, the state oil firm said.
“The May 2023 subsidy amounted to N307,408,874,345.82, thus, the outstanding balance carried forward is N3,735,689,387,761.22 as of June 2023 FAAC,” the document reads.
