Wednesday, 9 May 2018

NNPC Denies Paying Fuel Subsidy

The Nigerian National Petroleum Corporation (NNPC) has said that the Federal Government is the one paying fuel subsidy, contrary to reports that the firm is bankrolling it.

This was revealed by the Group Managing Director of the NNPC Maikanti Baru who spoke on Tuesday while addressing the House of Representatives’ Ad-hoc Committee investigating the status of the nation’s four refineries.

According to Baru, the corporation has spent $396.33 million on Turn Around Maintenance, for the nation’s four refineries between 1998 and 2008.

However, in the TAM record sent to the committee, chaired by Mohammed Datti (APC-Kaduna), the NNPC did not include the cost of the TAM carried out during the last administration.

Further details revealed that $182.730 million was proposed for old and new Port Harcourt refineries, $157.641 million was spent.

In addition, $151.170 million was spent on Warri refinery. The NNPC further noted that of the $91.5 million proposed for the Kaduna Refinery, $87.517 million was spent.

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