Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL) has revealed that the country has no money to fund subsidy.
This is as Kyari disclosed that the Federal Government was owing the NNPCL N2.8 trillion in subsidy payment deficits.
REVEALED: FG Owing NNPCL N2.8trn For Subsidy
He made the disclosure while addressing newsmen at the Aso Rock Villa following a meeting with President Bola Tinubu.
Affirming the declaration by President Tinubu on subsidy removal, Kyari said the country can no longer afford carrying the burden of the practice.
Describing the removal of subsidy as a welcome development, Kyari lamented how the burden in had deprived previous administrations from channeling resources in profitable adventures.
Subsidy Removal: NNPC Throws Weight Behind Tinubu
He said, “So today the country doesn’t have the money to pay for subsidies. There’s an incremental value that will come from it. But it is not an issue of whether you can do it or not because today we can’t afford it and they are not able to pay our bill. That comes to how much the federation owes NNPC now.
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“Today, we are waiting for them to settle up to N2.8 trillion of NNPC’s cashflow from the subsidy regime and we can’t continue to build this.”
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