Categories: Economy

NNPC’s Subsidy Bill Surges To ₦4 Trillion In Eight Months

The Nigerian National Petroleum Corporation (NNPC) has faced a staggering increase in its subsidy bill, with the total cost surpassing ₦4 trillion between August 2023 and April 2024.

According to data obtained from official documents by TheCable, the subsidy bill, which began at ₦52.73 billion in August 2023, escalated sharply to ₦833.68 billion by April 2024.

The data highlights the monthly rise in subsidy costs: In August 2023, the subsidy bill stood at ₦52.73 billion, and September 2023 saw a slight increase in the subsidy cost, reaching ₦57.59 billion. By October 2023, the subsidy expenses had surged to ₦212.28 billion.

The situation worsened in November 2023, with the subsidy bill skyrocketing to ₦665.60 billion. Although the subsidy cost was slightly reduced in December 2023, it still remained high at ₦537.66 billion. January 2024 witnessed another significant rise, with the subsidy bill climbing to ₦693.67 billion.

READ: Tinubu Grants NNPC’s Request To Pay Subsidy

In February 2024, the subsidy expenses amounted to ₦592.09 billion. The cost slightly decreased in March 2024 but remained substantial at ₦497.39 billion.

Finally, in April 2024, the subsidy bill reached its highest point over the period, hitting ₦833.68 billion.

This sharp increase, particularly from October 2023 onwards, has placed a significant financial burden on the NNPC. The continuous surge in subsidy payments reflects the growing financial challenges in maintaining the nation’s fuel subsidy program. The implications of this upward trend are likely to impact both the economy and fuel pricing strategies in the coming months.

The alarming rise in the subsidy bill underscores the urgency of addressing the sustainability of the subsidy regime, as NNPC’s financial stability is increasingly strained by these escalating costs.

Sodiq Lawal

Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.

Recent Posts

Lebanese Sentenced To 14 Years For Sexual Exploition Of Teenage Girls

The Federal High Court sitting in Kano State,on Thursday, sentence a lebanese national, Zuhier R.…

1 hour ago

Man Stabs Friend To Death Over N2,000 Debt

A 34-year-old man, Monday Chukwu, has been arrested by operatives of the Ondo State Police…

1 hour ago

Soldier Driving Against Traffic Allegedly Stabs Police Inspector To Death

Some soldiers on Wednesday, allegedly attacked a team of policemen, resulting in the death of…

2 hours ago

Man Rapes 16-Year-Old Girl, Throws Her Inside Well

A 24-year-old man, Usman Mohammed Iyal, who allegedly raped a 16-year-old girl and threw her…

2 hours ago

PDP NWC Faction Suspends National Chairman, Secretary

•As Another Faction Suspends Spokesman, Legal Adviser A faction of the National Working Committee of…

2 hours ago

Fuel Price Hike: IPMAN Threatens To Stop Operations

•As Tinubu Increases Fuel Price By Over 430 Per Cent In Less Than 17 Months…

3 hours ago

This website uses cookies.