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NNPCL Seeks ₦4.7 Trillion Refund for Petrol Import Costs

Published by Tope Fakinlede on August 9th, 2024.

NNPCL Seeks ₦4.7 Trillion Refund for Petrol Import Costs

The Nigerian National Petroleum Company Limited (NNPCL) has requested a refund of ₦4.71 trillion from the Federal Government to cover debts incurred from importing Premium Motor Spirit (PMS), commonly known as petrol, into Nigeria.

This amount, categorized under “Exchange rate differential on PMS and other joint venture taxes,” pertains to petrol imports conducted by NNPCL from August 2023 to June 2024. The demand was revealed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during the June session of the Federation Accounts Allocation Committee. The meeting minutes, which were made available to our correspondent on Thursday, detail this claim.

Exchange rate differentials refer to the discrepancies in currency values over time, which affect the income banks or government bodies earn from foreign currency transactions.