NNPCL demands N4.7tr petrol imports refund from FG

The Nigerian National Petroleum Company Limited (NNPCL) has asked for a refund of N4.71 trillion from the Federal Government to cover outstanding debts used to import petrol into the country.

This was disclosed by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, and contained in the minutes of the June meeting of the Federation Accounts Allocation Committee.

Speaking at the meeting, the minister explained to the state commissioners of finance that the national oil company received presidential approval to carry out this duty using the “Weighted Average Rate” from October 2023 to March 2024.

He stated further that the company had also sought an extension of the period to cover the differential rate but was advised to write to the National Economic Council (NEC) requesting approval.

“NNPC Limited Exchange Rate Differentials on PMS Importation and Other Joint Venture Taxes for the period August 2023 to April 2024,” the minister said.

“The chairman, PMSC (Post Mortem Sub-Committee) reported that NNPC Limited informed the sub-committee that it had an outstanding claim of N2,689,898,039,105.53 against the federation as a result of the use of ‘Weighted Average Rate’ as of May 2024.

“Furthermore, he disclosed that the sub-committee was able to establish that there was Presidential approval to use the ‘Weighted Average Rate’ from October 2023 to March 2024.”