The Nigerian National Petroleum Company Limited (NNPCL) imported and discharged 4.23 billion litres of Premium Motor Spirit (PMS) between 2020 and 2021, as disclosed by the Nigerian Extractive Industry Transparency Initiative (NEITI).
This information is revealed in the Fiscal Allocation and Statutory Disbursement report recently released by the agency.
In a breakdown, the report stated that a total of 42.55 billion litres of PMS were imported and discharged by 88 major marketers during the years under review. In comparison to 2020, where the total product imported was 20 billion litres, there was an increase to 22.5 billion litres in 2021.
On the other hand, the report put the total receipt accrued to the Petroleum Equalization Fund (PEF) for the period under review at N202 billion. It noted that the bridging allowance was the main source of receipts, totalling 201.74 billion, and stressed that this dropped by 21.30 per cent from 2020 to 2021.
“More money was paid for claims than the contribution for the period to major and independent marketers.
“The total amount paid for Bridging was 205.01 billion, representing 101.62% of the bridging and NTA contributions, which amounted to N201.74 billion. This was possible because of the balance from previous years’ contributions,” it stated.
The report noted the downward trend in receipt from 2019 to 2021, attributing this to “a factor of petroleum products consumption during that period and also the difficulty in the collection of bridging allowances and NTA.
“In the past, the fund used to collect Bridging allowance and NTA directly from the Marketers, and as such, there was difficulty in reaching all the Marketers.”