FG Owes NNPCL N2.8trn Fuel Subsidy Payment Deficit – Kyari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari has said the Federal Government still owes the company N2.8tn that it had spent on petrol subsidy.

Mele Kyari, disclosed this Tuesday while speaking to journalists at the Presidential Villa, Abuja, after a meeting with President Bola Tinubu in his office.

He said the heavy subsidy burden had made it impossible for the NNPCL to have funds to channel into its core businesses.

He said: “Since the provision of the N6 trillion in 2022, and N3.7 trillion in 2023, we have not received any payment whatsoever from the federation.

“That means they (federal government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC. That is, when we net off our fiscal obligations of taxes and royalty, there’s still a balance that we’re funding from our cash flow and that has become very difficult and affecting our other operations.

“Today, we are waiting for them to settle up to N2.8 trillion of NNPC’s cash flow from the subsidy regime and we can’t continue to build this,” he explained.