The Nigerian National Petroleum Company Limited (NNPC Ltd.), on Monday, August 19, said it has not paid fuel subsidy to any entity since the past nine years.
Umar Ajiya, the Chief Financial Officer of NNPC Limited while speaking said the company was only taking care of Premium Motor Spirit (PMS) importation shortfalls between it and the federation.
“In the last eight to nine years the NNPC Ltd., has not paid anybody a dime as subsidy, no one has been paid kobo by the NNPC Ltd. in the name of subsidy.
“No marketer has received any money from us by way of subsidy,” Ajiya said.
He also noted that the NNPC Ltd has only been importing PMS, which has been landing at a certain cost price and government mandates the company to sell it at half price.
He added, “So the difference between the landing price and that half price is what we call shortfall.
“And the deal is between the Federation and NNPC Ltd., to reconcile, sometimes they give us money, so there is no money exchanging hands with any marketer in the name of subsidy,” he said.
