Nigerian National Petroleum Corporation, NNPC, deducted N139.333 billion as subsidy for Premium Motor Spirit, PMS, also known as petrol, from its domestic crude oil and gas sales proceeds between January and March 2018, cutting down on its remittances to the Federation Account.

This was obtained from the March 2017 Monthly Financial and Operations Report, released, yesterday, by the NNPC. The amount deducted by the NNPC for subsidy is far higher than the capital allocation to some key ministries and parastatals in the 2018 budget.

Giving a breakdown of the deductions for fuel subsidy, the report noted that in January, the NNPC allocated N45.783 billion for the expense item, while for February and March 2018, the NNPC deducted N59.52 billion and N34.03 billion respectively.

Source: Vanguard

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