Kyari: In 15 months, NNPC Limited lost N2.8 trillion due to oil subsidies.

The Nigerian National Petroleum Company Limited has disclosed that it lost about N2.8 trillion to fuel subsidy from February, 2022 to date.

NNPCL Chief Executive Officer, Mallam Mala Kyari, who made this known to newsmen Tuesday after meeting with President Bola Tinubu at the State House, Abuja, said the company incurred the loss due to the inability of the Federal Government to pay for the subsidy.

According to him, it has become very clear that government cannot sustain the subsidy regime adding that as a business entity, the company has no choice but to back out of the arrangement. 

Said he: “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. 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.”