The Nigerian National Petroleum Company Limited (NNPCL) has reported N9.3trn petrol imports amid fuel scarcity.
NNPC revealed that the Federal Government incurred a substantial debt of ₦5.1 trillion in under-recovery and energy security costs related to fuel importation for the year 2023.
According to NNPCL’s financial statement for the fiscal year ending December 31, 2023, the total amount of ₦9.38 trillion was recorded as receivables for fuel imports.
This figure includes ₦6.25 trillion attributed to domestic crude oil supply and ₦3.14 trillion under other receivables.
Receivables, or accounts receivable, represent debts owed to a company for goods or services provided but not yet paid for.
The ₦9.38 trillion receivables mark a significant increase of ₦7.2 trillion, or 76.7%, compared to the ₦2.18 trillion recorded in 2022.
The report detailed that the ₦5.1 trillion in under-recovery and energy security expenses includes ₦3.3 trillion from January to May 2023 and ₦1.8 trillion from August to December 2023.
These costs are attributed to expenses for domestic crude oil supply and other receivables on behalf of the Federation, following government regulations that capped the selling price of Premium Motor Spirit (PMS), commonly known as petrol.
Tribune