Despite having announced an end to petrol subsidy payment in March last year, data from the Nigerian National Petroleum Corporation, NNPC, showed that subsidy payment by the Federal Government rose by a whopping N150 billion in seven months. According to the data from the NNPC, the federal government paid a total of N175.32 billion in July from N25.37 billion paid in January. The report showed that subsidy or under-recovery costs borne by the NNPC amounted to N60.40 billion in February; N111.97 billion in March; N126.30 billion in April; N114.34 billion in May; N143.29 billion in June and rose to N175.32 billion in July. Analysts at Cordros Group, a leading investment banking and research group, at the weekend said under-recovery costs could hit N1.63 trillion by the end of this year given the dynamics of the global crude oil price, domestic consumption and retail price.
Source: https://sweetcrudereports.com/fg-petrol-subsidy-payment-rises-by-n150bn-in-7-months/