The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, says the Federal Government still owes the company N2.8tn spent on petrol subsidy.
According to Kyari, the NNPCL is waiting for N2.8tn from the subsidy regime, stating that the subsidy payment is no longer tenable as it makes it difficult for the company to fund its core businesses.
He said since the provision of the N6tn in 2022, and N3.7tn in 2023, the cooperation has not received any payment whatsoever from the Federation.
During his inaugural speech on Monday, the President said he was aware that the 2023 appropriation act does not provide for petrol subsidy beyond June, thereby declaring an end to subsidy regime.
