Adaobi Rhema Oguejiofor
The Nigerian National Petroleum Company (NNPC) Limited has disclosed that the amount of money spent as subsidy on fuel is now over N400 billion per month.
Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPCL, who revealed this on Friday, also noted that the over N400 billion monthly subsidy has been a serious strain on the company’s cash flow.
Kyari stated that the oil firm was spending around N202 as subsidy on every litre of fuel used across Nigeria, adding that NNPCL pumped around 65 million litres of fuel into the market daily.
He further assured that the NNPCL will continue to meet its obligations by supplying fuel to Nigerians.
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