According to the Nigerian National Petroleum Company Limited, from February 2022 to the present, the company lost nearly N2.8 trillion due to gasoline subsidies.
After meeting with President Bola Tinubu at the State House in Abuja on Tuesday, NNPCL Chief Executive Officer Mallam Mala Kyari informed reporters that the firm had suffered a loss since the Federal Government was unable to pay for the subsidy.
According to him, it has become very clear that government cannot sustain the subsidy regime adding that as a business entity, the company has no choice but to back out of the arrangement.
Said he: “There’s incremental value that will come from it. But it is not an issue of whether you can do it or not because today we can afford it and they are not able to pay our bill. That comes to how much is the federation owing NNPC now? Today, we are waiting for them to settle up to N2.8 trillion of NNPC cash flow from the subsidy regime. And we can’t continue to do this.”
