According to the Nigerian National Petroleum Company Limited, the agency lost around N2.8 trillion in gasoline subsidies from February 20, 2022 to May 30, 2022.
According to NNPC Chief Executive Officer Mallam Mele Kyari, it has become evident that the government cannot continue the subsidy regime, and the corporation, as a corporate entity, has no choice but to exit the agreement.
“There will be incremental value from it.” But it is not a question of whether you can do it or not because today we can afford it and they are unable to pay our bill,” Kyari told reporters after meeting with President Bola Tinubu at the State House in Abuja on Tuesday, May 30.
“So, how much does the federation owe NNPC now? We are currently waiting for them to settle N2.8 trillion in NNPC cash flow from the subsidy regime. And we can’t keep doing it.”
