Africa Business Radio

The news on Africa business radio. The Nigerian National Petroleum Company Limited has put the amount spent on subsidising petrol, between January and October 2021, at N1.03tn. The NNPC says it would deduct its October 2021 value shortfall of N199bn from its November 2021 proceeds meant for sharing at the December 2021 Federation Accounts Allocation Committee meeting. The oil firm referred to its subsidy spending as under-recovery, as it had repeatedly stated that it had no authorisation by the National Assembly to pay subsidy.