• N318 billion subsidy now paid monthly
• Marketers lament inability to import as NNPC maintains monopoly with FX access
There are indications that the Federal Government may have returned subsidy payment on Premium Motor Spirit (PMS), using the supposed commercialised Nigerian National Petroleum Company Limited to manage the market shocks and maintain monopoly of the downstream segment of the nation’s oil and gas industry.
According to The Guardian analysis, about N318 billion (N10.6 billion) monthly losses are now recorded on petrol and may be calculated as under-recovery by the supposed NNPC Limited. Similar development had played out under the former administration of Muhammadu Buhari, where the government secretly returned subsidy and called it under-recovery in NNPC’s books.
Usually, the federation account suffers it. The fund is usually deducted before NNPC makes any remittance into…
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