NNPCL Seeks ₦4.7 Trillion Refund for Petrol Import Costs
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.
TRENDING SONGS
FG Kicks Off 56km Ekiti–Osun Link Road to Boost Regional Trade
Tinubu Condemns Plateau and Kaduna Attacks, Calls for Urgent Action Against Violence
Tonto Dikeh Opens Up on Dark Past: From Cult Involvement to Spiritual Renewal
Alleged Truck Tampering Lands Lagos Man in Court Over Theft Claims
Senegal Tightens Anti-LGBTQ Laws, Doubles Prison Terms Amid Rights Concerns
Infantino Watches Iran Friendly Amid World Cup Venue Uncertainty
El-Rufai Returns to ICPC Custody After Mother’s Burial, Faces Fresh Court Proceedings
Kwankwaso Says Plateau Bloodshed is a National Emergency
Breaking: Senate Swiftly Clears Tinubu’s $6bn Loan Plan Amid Fiscal Pressures
Tinubu Seeks Senate Backing for ₦9tn Budget Increase, Targets Fiscal Stability
Share this post with your friends on 
