NNPCL withheld N8.480trn petrol subsidy ― RMAFC

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has accused the Nigeria National Petroleum Company Limited (NNPCL) of withholding N8.480 trillion for the Federation Account as petrol subsidy from January 2022 till date.

This was made known via a statement issued on Thursday, June 8, by the RMAFC Chairman, Mohammed Shehu.

She, who stated that the subsidy regime was shrouded in secrecy, said its removal by President Bola Tinubu was a good move.

He said: “Since January 1, 2022, to date, the Nigeria National Petroleum Company Limited (NNPCL) has not been contributing to the Federation Account due to the claimed subsidy payments.

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“The total amount withheld by the NNPCL as claimed subsidies for this period amounted to N8,480,204,553,608.

“The figure reported by the Office of the Accountant General of the Federation (OAGF) is yet to be reconciled by the RMAFC, OAGF, and NNPCL.”

The RMAFC chairman added that in a situation where subsidy transactions are not transparent, “it would be unwise to sustain the phantom payments of subsidy”.

Shehu noted that the subsidy removal would eliminate uncertainty surrounding the subsidy regime and avail funds for the execution of critical national projects, urging President Tinubu to go after economic saboteurs who have contributed to the nation’s economic woes.

The Star