The latest data on the amount spent on subsidizing petrol showed that the government subsidized the commodity with N1.593tn between January and June 2022. It was also gathered that the Nigerian National Petroleum Company Limited pumped N54.66bn into refinery rehabilitation during the six months.
Figures obtained from the NNPCL’s presentation to the Federation Accounts Allocation Committee meeting for July 2022 showed that subsidies on petrol were implemented in June.
It also made it clear in July that subsidy on petrol was now a burden of the Federal Government and not its responsibility.
An analysis of the July presentation to FAAC showed that fuel subsidy or under-recovery/value shortfall, as described by NNPCL, rose to N1.593tn in the first half of 2022.