NNPC reveals Fuel subsidy and refinery rehabilitation gulped N1.3tn in five months

The Nigerian National Petroleum Company Limited, NNPC, has said the amount spent as subsidy on Premium Motor Spirit, also known as Petrol, and on refinery rehabilitation between January and May this year was N1.301trillion.

According to NNPC, bulk of the oil firm’s spending was on Petrol subsidy, as it consumed N1.274trillion during the five-month period, while for refinery rehabilitation, NNPC spent N9.11billion in each of the months of January, March and April, amounting to N27.33billion.