By Michael EBOH
THE Nigerian National Petroleum Corporation, NNPC, has spent N112.079 billion on fuel subsidy in the first 10 months of 2017, between January and October 2017, financial documents obtained from the corporation have revealed.
Contrary to claims by oil marketers that subsidy re-emerged in October, making it unprofitable for them to continue fuel import, the documents from the NNPC revealed that fuel subsidy officially returned in January 2017, a period when the NNPC started making provision for it in its financials.
Confirming this, the NNPC Monthly Financial and Operations Report for October 2017, released this week, declared that in January 2017, the NNPC made a provision of N37.264 billion for under-recovery, another term for subsidy payment.
Under-recovery, in downstream petroleum marketing parlance, is when the…
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