NNPC pulls out N215bn petrol subsidy from July FAAC

The Nigerian National Petroleum Corporation (NNPC) has disclosed that it spent N175.32 billion on petrol subsidy in the month of July 2021 which will be deducted from its remittance to Federation Account Allocation Committee (FAAC) in September.

NNPC in its FAAC report said an earlier outstanding of N40 billion will be deducted also, bringing the total deductions to N215.32 billion.

With no provision for petrol subsidy in 2021 Budget, NNPC has resorted to direct deduction from FAAC remittance, which it terms ‘value shortfall’ in its books.

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