Umar Isa Ajiya, the Chief Financial Officer of NNPC Limited, has clarified that the company has not paid any marketer subsidy in the last nine years.
He made this known at a press briefing yesterday when the company presented its 2023 financial report.
His words: ”I think there is one fact that I need to make very clear. In the last eight or nine years, this company, even the corporation as it were, has not paid anybody a dime or one naira as subsidy.
”No one has been paid kobo by NNPC in the name of subsidy. That means no marketer has received from us by way of subsidy.”
According to him, the NNPC has been importing PMS, landing at a certain price cost price, and the government instructs them to sell it at half price.
”So, the delta between that landed price and the half price is what we call shortfall or call it subsidy.
”And the deal is between the federation and ourselves to reconcile and sometimes, they give us money, and sometimes we do netoffs, so there is no money exchanging hands with any marketer or anybody in the name of subsidy,” he added.
