‘NNPC Is Paying For Fuel Subsidy Not FG’ – VP Osinbajo

Vice-President Yemi Osinbajo says the Nigerian National Petroleum Corporation (NNPC) bears the cost of fuel subsidy and not the federal g...


Vice-President Yemi Osinbajo says the Nigerian National Petroleum Corporation (NNPC) bears the cost of fuel subsidy and not the federal government.

NAN reports that the vice-president clarified this on Monday while answering questions from journalists after visiting the Oando and Total depot in Apapa, Lagos.

“NNPC is trading in fuel; the federal government is not, at the moment, paying for any subsidy. NNPC is trading,” he said.

“If you are buying and selling fuel, you would have to be able to pay for it. So, it’s not a question of government provision for subsidy, the federal government, at the moment, isn’t paying any subsidy.

“And don’t forget that the way that the NNPC trades is that, in many cases, NNPC is actually giving fuel; there is 445,000 barrels of fuel.

“So really what you are seeing, in many cases, is more or less an exchange for PMS. So at the moment NNPC is paying the cost.”

While speaking at a press conference on Sunday, Maikanti Baru, NNPC group managing director, had said that the landing cost of petrol is now N171 as against the official retail price of N145.

TheCable had reported that this would mean that the federal government would have to pay N40.70 as subsidy on every litre of petrol imported to retain the retail price of N145.

COMMENTS

Email: [email protected] Call/WhatsApp: 07035849068.
Name

ANDROID,3,Articles,1,beautyfashion,10,EDUCATION,151,entertainments,338,fbgist,4,fbmusic,1,funaabgist,19,GAME,3,gmusic,131,hots,15,lifestyle,12,lindaikeji,1,music,26,news,524,nysc,1,politics,117,sports,232,tech,73,video,94,
ltr
item
Fastworldlink.com: ‘NNPC Is Paying For Fuel Subsidy Not FG’ – VP Osinbajo
‘NNPC Is Paying For Fuel Subsidy Not FG’ – VP Osinbajo
http://www.nigerianmonitor.com/wp-content/uploads/2017/12/Osinbajo-visit-to-Apapa6-768x512.jpg
Fastworldlink.com
http://www.fastworldlink.com/2017/12/nnpc-is-paying-for-fuel-subsidy-not-fg.html
http://www.fastworldlink.com/
http://www.fastworldlink.com/
http://www.fastworldlink.com/2017/12/nnpc-is-paying-for-fuel-subsidy-not-fg.html
true
7672328437002009682
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy