The Nigerian National Petroleum Corporation (NNPC Ltd) has requested N3trillion as petrol subsidy for 2022.
Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, disclosed this to State House correspondents after the Federal Executive Council meeting (FEC) chaired by President Muhammadu Buhari on Wednesday.
According to the Minister, in 2022, because of the increased crude oil price per barrel in the global market, now at $80 per barrel, and also because NNPC’s assessment was that Nigeria is consuming 65.7 million litres per day, that we would end up with an incremental cost of N3 trillion in 2022.
The minister noted that the implication, is that the federal government would make additional provision of N2.557 trillion in order to meet subsidy requirements which she said, currently averages about N270 billion per month.
She further disclosed that only N443 billion is presently available in the 2022 budget for subsidy from January to June.
She also stated that the current realities on the ground including lack of structures, for now, has necessitated the NNPC to make the request.
The Minister stated that the FEC has directed the ministry to approach the National Assembly for an amendment to the fiscal framework as well as the budget.