Subsidy: FG owes NNPCL just N2.8tn — Kyari

Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has disclosed that the Federal Government is owing the company N2.8 trillion of cash flow from the subsidy regime.

Speaking to State House Correspondents on Tuesday, May 30, Kyari said: “Our position is we are a supplier of last resort to the federation, we are a commercial company, supplying to the federation during the subsidy regime.

Now I’m also aware that government will act to bring succour and relief to our country people. I know this government is very sensitive and they will do this.

So, there are engagements that are ongoing to bring into effect that component of it. So, NNPC will not do anything because we are a commercial company. It will not come from NNPC. But I’m aware government will do something around this. But the reality is that you cannot give what you don’t have. So, as at today, the country don’t have the money to pay for subsidy.

“There’s incremental value that will come from it. But it is not an issue of whether you can do it or not because today, we can afford it and they are not able to pay our bill. That comes to how much is the federation owing NNPC now? Today, we are waiting for them to settle up to N2.8 trillion of NNPC cash flow from the subsidy regime. And we cannot continue to do this.”