Tonye Cole, co-founder of Sahara Group, says the Nigerian National Petroleum Company Limited (NNPCL) is under a lot of pressure over the burden of fuel subsidy payment and product importation.
Tonye Cole, co-founder of Sahara Group, says the Nigerian National Petroleum Company Limited is under a lot of pressure over the burden of petrol subsidy payments and product importation.TheCable had reported that Presidenta request by the NNPC to utilise the 2023 final dividends due the federation to pay for petrol subsidy.N7.8 trillion by the federal government for petrol subsidy.
“And as we speak, because there has been what you would call NNPC absorbing most of the true costs of petroleum products, you’ve already had so many discussions on whether there is subsidy or not. So a lot of the earnings of NNPC is already going into that.“And that, in essence, begins to affect other things. It will affect your cash flows. It will affect the ability of NNPC to do what it really needs to do, which is to be a producer, to be a developmental company, and so on and so forth.
Speaking on solutions to ensure consistent petrol supply and eradicate scarcity and long queues, Cole said there is a need to shift focus from just the oil and gas sector. “And so the only way that you can resolve it and the only way that you can stop all of the problems is that you must begin to address monetary policies in other sectors that will put less pressure on the foreign exchange and Naira.”
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