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NNPC Presents N3trn Subsidy Bill To FEC

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January 26, (THEWILL) – The Nigerian National Petroleum Corporation (NNPC) has presented a bill of N3 trillion to the Federal Executive Council (FEC), as fuel 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 which was chaired by President Muhammadu Buhari on Wednesday.

Zainab said the  FEC considered the request to make additional funding provision to enable the government to meet incremental fuel subsidy payment in the 2022 budget.

She recalled that only N443 billion is presently available in the 2022 budget meant to accommodate subsidies from January to June.

According to Ahmed, with the realities on ground including the present hardship faced by Nigerians and the lack of structures to support subsidy removal, the NNPC made a request for N3 trillion from the Ministry of Finance for 2022.

“What this means is that, we have to make an incremental provision of N2.557 trillion to be able to meet the subsidy requirement which is averaging about N270 billion per month”, she said.

Zainab said the request was considered by the Council which directed the ministry to approach the National Assembly for an amendment to the fiscal framework as well as the budget.

She further disclosed that the Council also approved an amendment to be transmitted to the National Assembly to repeal clauses 10 and 11 concerning the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) operations in the 2022 budget and as well restore what the lawmakers had deleted amounting to N103 billion.