The Nigerian National Petroleum Company Limited (NNPC Ltd.) has clarified that it has not paid any fuel subsidy to anyone in the last nine months. Chief Financial Officer Alhaji Umar Ajiya made this statement on Monday in Abuja, emphasizing that the company has not disbursed any subsidy funds to marketers during this period.
Ajiya explained that NNPC Ltd. has been managing Premium Motor Spirit (PMS) importation shortfalls, which occur when the landing price of PMS is higher than the government-mandated sale price. The difference, or shortfall, is reconciled between the Federation and NNPC Ltd., without any direct subsidy payments to marketers.
He further noted that NNPC Ltd. operates on an open credit agreement with PMS suppliers, and while outstanding payments are dynamic, they are not as high as the ₦6.8 billion previously reported. The key focus remains on maintaining a steady supply of PMS across the country.