Over N270.8billion will be deducted as subsidy payment from the crude oil sale proceeds for December 2021, the Nigeria National Petroleum Company Limited (NNPC) has revealed.
It said the sum would be deducted from the proceeds, due for sharing at the January 2022 Federal Account Allocation Committee (FAAC) meeting.
According to a report on the Company’s presentation to the FAAC meeting in December, in November alone, over N220billion went for payment of subsidy.
A breakdown shows that the N220billion and an initial deferred payment of N50.72billon were summed up arriving at the N270.8billion.
For clarity, in November 2021, the gross domestic crude oil and gas revenue was an approximated N173billion.
Strategic Holding Cost and Pipeline repairs amounted to N174.52million while product losses was put at N2.06billion.
Subsidy for the month(November) was N182billion but only the sum of N131.4billion was recovered while N50,72billion which was mentioned earlier in this report was deferred for recovery in subsequent month.
The Company said this was: “to enhance federation remittance.”
In view of this, it said the: “Estimated value shortfall of N270,831,143,856.56 is to be recovered from December 2021 proceed due for sharing at the January 2022 FAAC meeting.”
Consequently, the country on monthly basis still losing petroleum products worth billions to incidences such as vandalism.
For instance, between July and November 2021, the country lost over N9billion to product losses.
In July, September and October, according to the FAAC Report, product worth N3.7billion, N1.7billion and N1.3billion were lost respectively while about N2.06billion loss was recorded in November.
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Subsidy: N270bn deductions from December oil sale proceeds ready for sharing in January ― NNPC
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