The Nigerian National Petroleum Company (NNPC) Limited says it deducted N525.71 billion as a shortfall for the importation of petrol (subsidy) in August 2022.
Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.
The national oil company said this in its monthly presentation to the Federation Account Allocation Committee (FAAC) meeting on Friday, September 23.
The FAAC document obtained by TheCable showed that due to the subsidy payment, the oil company failed to remit any funds to the federation account for the eighth consecutive time.
