Thursday, May 19, 2022

NNPC Has Requested N3trn As Fuel Subsidy For 2022 – Finance Minister

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For 2022, the Nigerian National Petroleum Corporation has requested a fuel subsidy of three trillion naira (N3,000,000,000,000).

Zainab Ahmed, Minister of Finance, Budget, and National Planning, told State House correspondents this after President Muhammadu Buhari led the Federal Executive Council meeting on Wednesday.

“In 2022, because of the increased crude oil price per barrel in the global market, now at $80 per barrel, and also because NNPC’s assessment is that Nigeria is that the country is consuming 65.7 million litres per day, that we would end up with an incremental cost of N3 trillion in 2022,” the minister added.

She explained that by implication, the Federal Government will have to make an incremental provision of N2.557 trillion in order to meet subsidy requirements which currently averages about N270 billion per month.

The finance minister further disclosed that only N443 billion is presently available in the 2022 budget meant to accommodate subsidy from January to June.

She also stated that the current realities on the ground including lack of structures, for now, has necessitated the NNPC to make the request.

Tobiloba Ayinde

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