Nigeria owes NNPC N171bn subsidy claims – Baru


By Michael Eboh
The Nigerian National Petroleum Corporation, NNPC, Monday, said it is being owed N170.6 billion outstanding subsidy claims by the country.

Group Managing Director of the NNPC, Dr Maikanti Baru

The NNPC in a statement in Abuja quoted its Group Managing Director, Mr. Maikanti Baru, as stating that the claims were for payments due it from January 2006 to December, 2015.

According to the statement, Baru led a team of top management of the NNPC to the ongoing investigative hearing on N5 trillion subsidy payments from 2006 to 2016.

He said the figure was arrived at after deduction of N4.95 trillion received as payments from the N5.121 trillion approved subsidy claims of the corporation from January 2006 to December 2015.

Providing details of the accruals, Chief Financial Officer of the NNPC, Mr. Isiaka AbdulRazaq, traced the advent of the subsidy regime to October, 2003,…

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