With total spending on the controversial petrol subsidy now exceeding oil revenue, the Nigerian National Petroleum Company, NNPC Limited, outstanding debt on what it terms under-recovery hit N1.044 trillion in July.
Data from the National Oil Company, NOC, released late yesterday indicated that in July, the firm also deducted N448.7 billion for the purpose, a record high since the re-emergence of subsidy payment early last year.
The document detailing the NNPCL’s presentation to the Federation Account Allocation Committee, FAAC, last week, also showed that there was no receipt from export crude oil. There was no explanation for the zero revenue from export crude.
Furthermore, a tie-back to June showed that the overall NNPCL crude oil lifting for the sixth month in terms of export and domestic, was 7.27 million barrels, a decrease of 18.68 per cent relative to 8.94 million barrels lifted in May.
In the whole of July, it also showed that just about N400 billion was the gross domestic crude oil and gas receipts.
This implies that the amount spent on petrol subsidy for the month exceeded the total oil sold for the month by roughly N48 billion.