By Babajide Okeowo
The federal executive council (FEC) says it has received a bill of N3 trillion from the Nigerian National Petroleum Corporation (NNPC) as payment for petrol subsidy in 2022.
This is coming after the federal government proposed an 18-month extension for the implementation of the petroleum industry law to cater for subsidy shortfall.
Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, disclosed this to State House correspondents after the Federal Executive Council meeting which was chaired by President Muhammadu Buhari 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.
According to Mrs Ahmed, 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.