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Nigeria's NNPC spent $10 billion on fuel subsidy in 2022 - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Nigeria’s NNPC spent 4.39 trillion naira ($9.7 billion) on a petrol subsidy last year, latest data from the state-owned firm showed on Friday, a cost the government has blamed for dwindling public finances.

The Nigeria National Petroleum Corporation headquarters

NNPC did not remit funds to federal accounts last year, its data showed, leaving a hole in public finances at a time when the government has been warning that low revenues and large deficits left it unable to stimulate the economy. Nigeria imports nearly all its refined fuels because local refineries were shut due to years of neglect.

 

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