Latest figures released by the Nigerian National Petroleum Corporation have shown that petrol subsidy gulped N101.65bn in the first three months of the year.
In its just-released Monthly Financial and Operations March 2020 report, the national oil firm, however, described the subsidy spending as under-recovery.
It had consistently argued that only the National Assembly was empowered to approve petrol subsidy, despite the fact that NNPC’s monthly under-recoveries were due to subsidy on petrol.
Petrol subsidy was, however, halted in March 2020 by the Petroleum Products Pricing Regulatory Agency following the crash in global crude oil prices.
The crash in crude oil price, according to the PPPRA, gave rise to the end of petrol subsidy, as the agency stated that petrol price would be adjusted in accordance to global oil prices.