Nigerian National Petroleum Corporation (NNPC) presented a Subsidy bill of N3 trillion for consideration at the Federal Executive Council (FEC) meeting led by President Muhammadu Buhari on Wednesday.
According to the Minister of Finance Budget and National Planning, Zainab Ahmed, N3 trillion is the amount set to continue to subsidize petroleum products for the 18 months extension recently approved by the presidency.
She said with the realities on the ground including the present hardship faced by Nigerians and the lack of structures to support subsidy removal, the NNPC made a request for N3 trillion from the Ministry of Finance for 2022.
Read :- Navy arrests 20 foreigners, intercept two wooden boats carrying cannabis
“What this means is that we have to make incremental provision of N2.557 trillion to be able to meet subsidy requirement which is averaging about N270 billion per month,” she said.