The Nigerian National Petroleum Corporation (NNPC) has requested that the Federal Government pay the sum of three trillion naira as fuel subsidy for 2022.
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, disclosed this to State House correspondents on Wednesday.
Ahmed stated that by implication, the Federal Government will have to make an incremental provision of N2.557 trillion in order to meet subsidy requirements which currently averages about N270 billion per month.
The finance minister further revealed that only N443 billion is presently available in the 2022 budget meant to accommodate subsidy from January to June.
She also stated that the current realities on ground including lack of structures, for now, has necessitated the NNPC to make the request.
That request, she revealed, was considered by the council, which has directed the ministry to approach the National Assembly for an amendment to the fiscal framework as well as the budget.
“In 2022, because of the increased crude oil price per barrel in the global market, now at $80 per barrel, and also because NNPC’s assessment is that Nigeria is that the country is consuming 65.7 million litres per day, that we would end up with an incremental cost of N3 trillion in 2022,” she said.