As of Monday, August 19, the Nigerian National Petroleum Company Limited (NNPC Ltd.) stated that it has not paid fuel subsidies to any entity in the past nine years.
According to Umar Ajiya, the Chief Financial Officer of NNPC Limited, the company has been addressing only the shortfalls in importing Premium Motor Spirit (PMS) between itself and the federation during this time.
Ajiya stated, “In the last eight to nine years the NNPC Ltd., has not paid anybody a dime as subsidy, no one has been paid kobo by the NNPC Ltd. in the name of subsidy.
“No marketer has received any money from us by way of subsidy.”
He also observed that NNPC Ltd has exclusively been bringing in PMS, acquiring it at a specific cost upon arrival, with the government requiring the company to vend it at a reduced rate.
“So the difference between the landing price and that half price is what we call shortfall.
“And the deal is between the Federation and NNPC Ltd., to reconcile, sometimes they give us money, so there is no money exchanging hands with any marketer in the name of subsidy,” he added.
 stated that it has not paid fuel subsidies to any entity in the past nine years.){kind=link}