Business
NNPCL Denies Paying Fuel Subsidies in Last Nine Years
In response to recent controversies, the Nigerian National Petroleum Company Limited (NNPCL) has issued a statement clarifying that it has not dispensed any fuel subsidies over the past nine years.
This declaration was made by Alhaji Umar Ajiya, the company’s Chief Financial Officer, during a briefing in Abuja on Monday.
The clarification addresses ongoing speculation that the Nigerian government continues to provide fuel subsidies, despite President Bola Ahmed Tinubu’s administration announcing their removal in May 2023.
Ajiya emphasized that NNPCL has not issued any payments under the guise of subsidies during this period. Instead, he explained that the company has been managing the financial discrepancies arising from the importation of Premium Motor Spirit (PMS).
According to Ajiya, the NNPCL’s role involves importing PMS at a specific cost, while the government dictates a selling price that is lower than the cost price.
The difference between these prices, referred to as the “shortfall,” is reconciled directly with the Federation. Ajiya stated that this arrangement does not involve any direct subsidy payments to marketers.
He elaborated that, rather than paying subsidies, the NNPCL has been handling importation costs and reconciling the financial shortfalls with the government. The company does not transfer any funds to marketers in the form of subsidies.
This statement follows recent comments by the Minister of Budget and National Planning, Abubakar Bagudu, who indicated that savings from the removal of fuel subsidies are being used to maintain the current pump prices of fuel.
Additionally, it was reported that NNPCL is seeking a N2.6 trillion claim from the Nigerian government for foreign exchange differentials related to fuel importation between August 2023 and June 2024.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
Dangote Petroleum Refinery has once again slashed the pump price of petrol across Nigeria, offering some relief to consumers. The new price now falls between N875 and N905 per litre, reflecting a N15 drop. This update was shared on the refinery’s official social media page on Thursday.
According to Dangote, the price cut affects major fuel distributors working with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. With this change, Lagos residents will now buy petrol at N875 per litre. Those in the South-South and South-East regions will pay N905, while the South-West sees a new rate of N885.
In the North-West and central parts of the country, it’s N895, and the North-East will also pay N905. Dangote added that their petrol and diesel are not only high-quality but also designed to support engine efficiency and reduce environmental impact.
Dangote Petroleum Refinery has lowered the price of Premium Motor Spirit (PMS), or petrol, to N825 per litre, down from N835, as competition heats up in Nigeria’s fuel market.
This follows last month’s price reduction, when the 650,000 barrels per day refinery dropped the price from N865 to N835. The recent price change is aimed at providing more value to customers while strengthening Dangote’s position as a leader in the domestic market.
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