Monthly petrol subsidy hits N220bn in November, highest in 2 years

Monthly petrol subsidy hits N220bn in November, highest in 2 years

Monthly payment on petrol subsidy reached a two-year peak of N220.11 billion in November, 2021 with the Nigerian National Petroleum Corporation (NNPC) deducting the amount from its remittance to the Federation Account.

NNPC in a presentation to the Federation Accounts Allocation Committee meeting held last week, charged the FAAC a total of N270.8 billion for the month of November and outstanding from the month of October.

The total figure for petrol subsidies in the first 11 months of 2021 to N1.446 trillion.

According to data released yesterday by the Corporation, “the sum of N172,784,505,734.79 was the gross Domestic crude oil and Gas revenue for the month of November, 2021.

“The recoveries were: Strategic Holding Cost and Pipeline repairs amounting to N174,518,095.89, Product losses worth N2,065,202,202.03. The value short fall for the month is N182,120,527,275.95, however the sum of N131,400,236,846.95 was recovered while N50,720,290,429.00 was deferred for recovery in subsequent month to enhance federation remittance.

“The Estimated value shortfall of N270,831,143,856.56 is to be recovered from the December, 2021 proceed due for sharing at the January, 2022 FAAC meeting. This value shortfall consists of N220,110,853,427.56 for November and N50,720,290,429.00 deferred for recovery in December, 2021 FAAC Report”.

The report also disclosed that Crude Oil export revenue received in November 2021 amounted to $4.18 million while Domestic Gas and other receipts in the month was N16.63 billion.

“Feedstock valued at $51.85 million was sold to NLNG during the period out of which $Nil was received during the month. The Expected receipts slipped into the next month.

“The sum of $132.77 million being miscellaneous receipts, Gas and Ullage fees and Interest income was received in November 2021”, it added. Source: Vanguard

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