The Nigerian National Petroleum Company (NNPC) has not sold enough crude oil to pay off the debt it owes to Nigerian oil marketers for fuel subsidies.
Data from NNPC’s July presentation to the Federation Account Allocation Committee (FAAC) revealed that the company paid N448.7 billion in petrol subsidies during that month.
Since the return of the subsidy payment at the beginning of the year, the subsidy payment in July reached a record high.
Intriguingly, the paper revealed that the overall domestic crude oil and gas receipts were close to N400 billion.
This suggests that there was an N48 billion difference between the total amount of oil sold during the month and the amount spent on gasoline subsidies.
The report reads: “The sum of N400,469,663,160.14 is the gross domestic crude oil and gas revenue for the month of July 2022.
“The value shortfall on the importation of Premium Motor Spirit or petrol recovered from July 2022 proceeds is N448,782,119,154.91, while the outstanding balance carried forward is N1.044,514,420,619.13.”
Other details from the report shows that Nigeria LNG feedstock gas receipt was $93.88 million, inclusive of $9.39 million arrears, with $2.04 million being miscellaneous receipts, the NNPCL document stated.
Also, like it has done since this year, the NNPCL did not remit a kobo to the federation account.
In fact, the column for that purpose has now been deleted from the document.
