“In 2021, the actual under-recovery that has been charged to the Federation was N1.2 trillion, which means an average of N100 billion, but in 2022, because of the increased crude oil price per barrel in the global market, now at $80 per barrel, and also because NNPC assesses that the country is consuming 65.7 million liters per day, now we’ll end up with the incremental cost of N3 trillion in 2022.
“In the case of the budget, we’re looking at extending to December in the first instance, because this budget year is January to December and we’re going to engage NNPC to further interrogate the request that they presented with a view of trying to see how we can scale it down so that the country is not incurring N3trillion for a fuel subsidy.
“How do we fund it? So, we’ll have to reduce it from that N3trillion and that is one. Secondly, also we have been running reconciliations with NNPC to reduce the cost, but also we have several reconciliations with NNPC and NNPC itself is owing in some cases, government.
FG credit all account with N1m and remove fuel subsidy tomorrow morning no problem again
'Anybody that says is paying subsidy; that person is a fraud'- GMB
This government sef na scam
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