Breaking News
Translate

NNPC being owed N171bn subsidy claims — Baru

By Michael Eboh

ABUJA— The Nigerian National Petroleum Corporation, NNPC, yesterday, said it was being owed N170.6 billion outstanding subsidy claims by the country.

The NNPC in a statement in Abuja quoted its Group Managing Director, Mr. Maikanti Baru, as stating that the claims were for payments due it from January 2006 to December, 2015.

Dr Maikanti Baru, NNPC boss

According to the statement, Baru led a team of top management of the NNPC to the ongoing investigative hearing on N5 trillion subsidy payments from 2006 to 2016.

He said the figure was arrived at after deduction of N4.95 trillion received as payments from the N5.121 trillion approved subsidy claims of the corporation from January 2006 to December 2015.

Providing details of the accruals, Chief Financial Officer of the NNPC, Mr. Isiaka AbdulRazaq, traced the advent of the subsidy regime to October 2003, when NNPC was directed by government to commence the purchase of domestic crude oil at international market price without a corresponding liberalization of the regulated price of petroleum products.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.