Nigeria National Petroleum Corporation (NNPC) boss Maikanti Baru yesterday told the Senate that the corporation spends $1.05billion from dividends of Nigerian Liquefied Natural Gas Limited (NLNG) Limited to augment daily shortages incurred in the pump price of Premium Motor Spirit (PMS).
Baru appeared before the Senate Ad- Hoc Committee Investigating alleged illegal application of $3.5billion petroleum subsidy by NNPC. The NNPC Group Managing Director (GMD) denied the existence of any $3.5 billion for fuel subsidy.
He noted that $1.05bn (equivalent of N383.2bn) taken from LNG dividends is domiciled in a special account with the Central Bank of Nigeria (CBN), called National Fuel Support Fund (NFSF). The fund, he said, is for augmenting losses incurred from petrol pump price of N145 per litre as against N185 per litre it is supposed to be.
Source: The Nation