NNPCL hasn’t paid marketers subsidy for nine months — CFO

The Nigerian National Petroleum Company Limited has confirmed that the Federal Government is paying subsidies on the petrol it imports into the country.

Though the NNPCL denied paying fuel subsidies to marketers in the last nine months, it said the government allows it to sell at a price below the landing cost

The company’s Chief Financial Officer, Alhaji Umar Ajiya, made the clarifications on Monday in Abuja.

Ajiya said the company was only handling petrol importation shortfalls between it and the federation.

“In the last eight to nine months, NNPCL has not paid anybody a dime as a subsidy; no one has been paid kobo by NNPCL in the name of subsidy. No marketer has received any money from us by way of subsidy.

“What has been happening is that we have been importing PMS, which has been landing at a specific cost price, and the government tells us to sell it at half price. So the difference between the landing price and that half price is a shortfall.

“And the deal is between the Federation and NNPCL to reconcile. Sometimes, they give us money, so there is no money exchanging hands with any marketer in the name of subsidy,” he said.