NNPC Lost N2.8trn To Oil Subsidy In 15 Months - Kyari

Mallam Mele Kyari

The Nigerian National Petroleum Company Limited said it lost about N2.8 trillion to fuel subsidy from February 2022 to May 30.

According to NNPC Chief Executive Officer, Mallam Mele Kyari, it has become very clear that the govt cannot sustain the subsidy regime, adding that as a business entity, the company has no choice but to back out of the arrangement.

“There’s incremental value that will come from it. But it is not an issue of whether you can do it or not because today we can afford it and they are not able to pay our bill" Kyari told newsmen on Tuesday, May 30 after meeting with President Bola Tinubu at the State House, Abuja.

"That comes to how much is the federation owing NNPC now? Today, we are waiting for them to settle up to N2.8 trillion of NNPC cash flow from the subsidy regime. And we can’t continue to do this.”