Daily Trust· 3h ago· 1 min read
The Nigerian National Petroleum Company Limited’s (NNPCL) disclosed last week that it has been engaged in the payment of oil subsidy to the tune of over N7.1 trillion on what it coyly termed “energy security expenses.” The statement presented this suspicious transaction thus: “In line with Section 64(M) of the Petroleum Industry Act (PIA) 2021, the cost [was] incurred by NNPC Limited (Group) as the energy supplier of last resort for energy security reasons, and all associated costs shall be on the account of the Federation… The under-recovery is essentially the difference between the actual landing cost of the product and the regulated price. This balance is used to reduce the cost of sales of the Group. The corresponding entry is either used to reduce the liability due to the Federation or used as a receivable from the Federation.”
The euphemism – energy security expenses - carefully…
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