The Nigerian National Petroleum Corporation (NNPC) has disclosed that it spent N43.306 billion, on behalf of the Federal Government, to subsidise Premium Motor Spirit (PMS), also known as petrol, in January 2020.
According to the NNPC’s Monthly Financial and Operations Report for January 2020, the amount incurred by the NNPC as subsidy, otherwise called under-recovery, rose by 62.63 per cent from N26.629 billion recorded in December 2019.
The amount was also N3.5 billion less or an equivalent of 92.4 per cent of the N46.85 billion the NNPC remitted to the Federation Account in the month under review.
The NNPC explained that to ensure continuous increased PMS supply and effective distribution across the country, it supplied a total of 1.20 billion litres of PMS in January, translating to 38.68 million liters per day in the downstream sector.
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