Nigerian Petroleum Company To Deduct N199bn From Federation Account

The news on Africa business radio. <br />The Nigerian National Petroleum Company Limited has put the amount spent on subsidising petrol, between January and October 2021, at N1.03tn. <br />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. <br />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.