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FUEL SUBSIDY: NNPCL Demands N2.6tn Refund From Nigerian Govt On Petrol Import

Posted by Gistsnaija. on 9 August, 2024 | under News
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“The Nigerian National Petroleum Company Limited (NNPCL) has submitted a claim for a refund of N2.6 trillion in foreign exchange differential for fuel importation between August 2023 and June 2024.

According to the minutes of the June meeting of the Federation Accounts Allocation Committee, Finance Minister Wale Edun revealed that the claim has since ballooned to N4.71 trillion as of June 2024, due to the recent surge in foreign exchange rates, which stood at N1593.62 per dollar as of Thursday.

Edun explained to state commissioners of finance that NNPCL had received presidential approval to import fuel using a ‘Weighted Average Rate’ from October 2023 to March 2024, leading to the substantial claim for refund.

The NNPCL is seeking reimbursement for the difference between the official exchange rate and the actual rate used for fuel importation during this period.”

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He said that the amount claimed by the company was to cover the landing cost of PMS.

He said:

“Reacting to the issue of the N2.6tn claim of NNPC Ltd against the Federation, the representative of NNPC Limited confirmed that the figure had increased significantly as of May 2024 due to the change in the rate at which the company was sourcing for the Forex to pay for the landing cost of PMS”

“NNPC Limited Exchange Rate Differentials on PMS Importation and Other Joint Venture Taxes for the period August 2023 to April 2024.

“The chairman, PMSC (Post Mortem Sub-Committee) reported that NNPC Limited informed the sub-committee that it had an outstanding claim of N2,689,898,039,105.53 against the federation as a result of the use of ‘Weighted Average Rate’ as of May 2024.

“Furthermore, he disclosed that the sub-committee was able to establish that there was Presidential approval to use the ‘Weighted Average Rate’ from October 2023 to March 2024.”