We received N5.1tn as subsidy payment in nine years –NNPC

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Leke Baiyewu and Okechukwu Nnodim

The Nigerian National Petroleum Corporation has said it received a total of N5.1tn as payments for subsidy on the Premium Motor Spirit (petrol) between 2006 and 2015.

The corporation, which said the payments were approved by the Petroleum Products Pricing Regulatory Agency, said it was still owed N170.6bn by the Federal Government.

The Group Managing Director, NNPC, Maikanti Baru; and the Chief Financial Officer of the corporation, Isiaka Abdulrazak, made this known at an investigative hearing conducted by the Senate Committee on Petroleum (Downstream) on Monday in Abuja.

Baru, in his presentation, stated that the CFO would make the main presentation on subsidy payments.

“The NNPC is going to address essentially what it has incurred in terms of subsidy payments between 2006 and 2015, and what was paid to it under the scheme. We have it on record…



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