According to Vanguard, The Nigerian National Petroleum Company Limited (NNPC Ltd.) has come out to clarify the misconceptions surrounding fuel subsidy payments. In a recent statement, the company’s Chief Financial Officer, Alhaji Umar Ajiya, revealed that NNPC Ltd. has not paid any fuel subsidies to anyone in the last nine months…..For More READ THE FULL ARTICLE HERE ▶▶
Thank you for reading this post, don't forget to subscribe!Ajiya explained that the company has been managing the difference between the landing cost of Premium Motor Spirit (PMS) and the government-mandated selling price. This difference is often misconstrued as a subsidy payment, but in reality, it is simply a shortfall that is reconciled with the Federation.
The NNPC Ltd. executive emphasized that no marketers or individuals have received any subsidy payments from the company. The arrangement is strictly between NNPC Ltd. and the Federation, with no third-party involvement.
Ajiya also shed light on the company’s credit lines with suppliers, stating that they are a common practice in the downstream business. NNPC Ltd. has an open credit agreement with PMS suppliers, ensuring a steady supply of fuel to the market…For More READ THE FULL ARTICLE HERE ▶▶
