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NNPC Explains Why President Buhari-Led Federal Government Has Spent N500bn

The Nigerian National Petroleum Corporation (NNPC) made an official announcement on Monday 19th of April, 2021 via an official statement explaining that President Muhammadu Buhari's led Federal Government has maintained the fuel pump price even with the effects of the sudden rise in crude oil in the world market, The federal government has so far spent N500bn in fuel subsidy. Mele Kyari explained that the subsidy was necessary because earlier in the year the landing cost of fuel had gone up between N143 per liter in December to N158 per liter by January 7th.

The minister explained that this sudden rise in landing cost was expected naturally to affect the general market cost pushing the price regulatory body PPRA to propose an increase in fuel price of between N183.53 and N200 per liter in February, but the fuel price has between N160- N165 per liter across many filling stations since December. The group MD of the NNPC Mele Kyari, also ensured Nigerians that there will be no increase in Fuel price this year because of the subsidy of fuel by the federal government.

New N162 petrol pump price triggers confusion, queries | The Guardian  Nigeria News - Nigeria and World NewsNigeria — The Guardian Nigeria News –  Nigeria and World News

Mele Kyari, who is the Group Managing Director of the NNPC announced that they are the sole importer of fuel into the country because of the high cost of crude in the world market, and the Federal government would have spent over N480bn in subsidy so as to lift the burden of the shoulders of Nigerians, Kyari said if the government didn't do so Nigerian would have been buying fuel at the rate of between N211 and N243 per liter by now. He also announced that President Muhammadu Buhari has approved the $1.8Bn contract for the renovation of our refineries.

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The group MD of the NNPC Mele Kyari, also ensured Nigerians that the proposed strike by the Petroleum Tankers Drivers Association (PTA) has been suspended, he said the PTA suspended the strive after the NNPC intervened in the dispute between the Petroleum Tanker Drivers Association and the National Association of Road Transport Owners, the strike was suspended to enable the NNPC to mediate between both parties to find a lasting solution, this is a piece of positive news to Nigerians as the strike could have caused another fuel scarcity across Nigeria.

Content created and supplied by: FrancisAhabueJnr (via Opera News )

Federal Kyari Mele Kyari Muhammadu Buhari NNPC


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