The Nigerian National Petroleum Company (NNPC) Limited says the federal government owes it N7.8 trillion for petrol subsidy.
NNPC’s disclosure comes after denying the existence of petrol subsidy on Monday.
TheCable had reported that President Bola Tinubu approved a request by NNPC to utilise the 2023 final dividends due to the federation to pay for the petrol subsidy.
However, Umar Ajiya, NNPC’s chief financial officer, during a media briefing on the company’s 2023 audited financial statements (AFS) in Abuja, said the company was only “taking care of the shortfall on petrol importation between it and the federation”.
After the public denial, Ajiya told Bloomberg, after the company announced its results, that NNPC is owed N7.8 trillion ($4.9 billion) by the government in subsidy debts from January to July.
Ajiya said the government will allow NNPC to offset about N2.2 trillion it owes the country against the subsidy debt.
