April 25, 2024

NNPCL withheld N8.48trn oil subsidy since January 2022 – RMAFC


The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has accused the Nigeria National Petroleum Company Limited (NNPCL) of withholding N8.480trillion.

The commission said the NNPCL withheld the sum meant for the Federation Account, as petrol subsidy, from January 2022 till date.

A statement on Thursday by RMAFC Chairman, Mohammed Shehu suggested that the subsidy regime was shrouded in secrecy.

Shehu said the scrapping of oil subsidies by President Bola Tinubu, a decision he announced during his inauguration on May 29, was a good move.

“Since January 1, 2022, to date, the Nigeria National Petroleum Company Limited (NNPCL) has not been contributing to the Federation Account due to the claimed subsidy payments.

“The total amount withheld by the NNPCL as claimed subsidies for this period amounted to N8,480,204,553,608,” the statement reads.

The figure reported by the Office of the Accountant General of the Federation (OAGF) “is yet to be reconciled by the RMAFC, OAGF, and NNPCL”, Shehu noted.

The RMAFC chief said in a situation where subsidy transactions are not transparent, “it would be unwise to sustain the phantom payments of subsidy.”

He expressed optimism that the subsidy removal would eliminate uncertainty surrounding the subsidy regime and avail funds for the execution of critical national projects.

Shehu further charged the President to go after economic saboteurs “who have contributed to the nation’s economic woes.”

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