Video: “NNPCL Has Not Paid Any Subsidy In 9 Years” – CFO, Umar Ajiya Clarifies
The Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPC ltd), Umar Isa Ajiya has addressed claims that the subsidy regime is back.
Speaking in a short video made available to highstreet.ng the ranking official of the nation’s Petroleum company insisted that the NNPC Limited has not, in the last nine years, paid anybody a dime as subsidy.
His words: “I think there is one fact that I need to make very clear, that in the last eight or nine years this company, even corporation as it were, has not paid anybody a dime or one Naira as subsidy. No one has been paid a Kobo in the name of subsidy. That means no marketer has received money from us by the way of subsidy. What has been happening is that we’ve been importing PMS, landing at a certain price, at a cost price and government is telling us to sell it at half price. So, the delta between that landing price and half price is what we call shortfall or call it subsidy. And the deal is between federation and ourselves to reconcile… And sometimes they give us money, sometimes we do netoff. So, there’s no money exchanging hands to any marketer or anybody in the name of subsidy.”
Here is the video:
