Fuel subsidy: NNPC fails to remit N200bn monthly to FAAC–NEC

…says subsidy remains till June

The National Economic Council (NEC) has said the Nigerian National Petroleum Corporation (NNPC) was unable to remit the expected N200 billion monthly to the Federation Account Allocation Committee (FAAC) because of payment of fuel subsidy. Edo State Governor Godwin Obaseki said this while briefing newsmen after the NEC meeting chaired by Vice President Yemi Osinbajo yesterday. He said: “As of last year, the NNPC was supposed to contribute N200 billion a month to FAAC for distribution to states. Because of payment of subsidy, the NNPC was unable to put that money into FAAC for distribution, which means less money going to states and the Federal Government.” According to him, the Federal Government spends about N2 trillion on petroleum subsidy, an amount, he said could have been used for other purposes.