{"id":89034,"date":"2023-06-01T17:56:54","date_gmt":"2023-06-01T16:56:54","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/no-fuel-subsidy-in-2023-budget-nnpc-clarifies"},"modified":"2023-06-01T20:10:46","modified_gmt":"2023-06-01T19:10:46","slug":"no-fuel-subsidy-in-2023-budget-nnpc-clarifies","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/no-fuel-subsidy-in-2023-budget-nnpc-clarifies","title":{"rendered":"No fuel subsidy in 2023 budget \u2013 NNPC clarifies"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>Alhaji Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC), has said that contrary to speculations, the immediate past government did not make provisions for petroleum subsidy in the 2023 budget.<\/p>\n

He said this on Thursday in Abuja when he met with the Sen. Abdullahi Adamu-led APC National Working Committee (NWC) at the party\u2019s National Secretariat.<\/p>\n

\u201cThere was a subsidy in 2022, but in 2023, not a single naira was provided for the purpose of financing the subsidy.<\/p>\n

\u201cAnd ultimately, while we held back our fiscal obligations, we still have a net balance of over N2.8 trillion that the federation should have given back to the NNPC.<\/p>\n

\u201cFor any company, when you have negative N2.8 trillion, there is no company in the whole of Africa that will lend to you, you cannot have receivables.<\/p>\n

\u201cThe provision of subsidy is there, but absolutely there is no funding for it,\u201d Kyari said, adding that it was only on paper and does not exist.<\/p>\n

This, he said, was the true situation of things, adding that the federal government could no longer bear the burden of fuel subsidy.<\/p>\n

\u201cIf we continue, we will run into defaults and the defaults of NNPC are the defaults of Nigeria.<\/p>\n

\u201cOnce NNPC goes into defaults and liquidity, it affects every borrowing done by the country, even the sub-nationals. Your lenders will come back to you and say your country can no longer pay,\u201d he said.<\/p>\n

The NNPC group chief executive officer added that subsidy constituted a huge amount of money which the country might not be able to survive and pay its debts.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Alhaji Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC), has said that contrary to speculations, the immediate past government did not make provisions for petroleum subsidy in the 2023 budget. He said this on Thursday in Abuja when he met with the Sen. Abdullahi Adamu-led APC National Working Committee […]<\/p>\n","protected":false},"author":84,"featured_media":89032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[8469,1570,2140,565,254,434],"class_list":["post-89034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-2023-budget","tag-africa-press","tag-africa-press-nigeria-2","tag-fuel-subsidy","tag-nigeria","tag-nnpc"],"yoast_head":"\nNo fuel subsidy in 2023 budget \u2013 NNPC clarifies - Nigeria<\/title>\n<meta name=\"description\" content=\"Alhaji Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC), has said that contrary to ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/no-fuel-subsidy-in-2023-budget-nnpc-clarifies\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No fuel subsidy in 2023 budget \u2013 NNPC clarifies\" \/>\n<meta property=\"og:description\" content=\"Alhaji Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC), has said that contrary to ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/no-fuel-subsidy-in-2023-budget-nnpc-clarifies\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-01T16:56:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-01T19:10:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1685630251.584694.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/no-fuel-subsidy-in-2023-budget-nnpc-clarifies#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/no-fuel-subsidy-in-2023-budget-nnpc-clarifies\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"No fuel subsidy in 2023 budget \u2013 NNPC clarifies\",\"datePublished\":\"2023-06-01T16:56:54+00:00\",\"dateModified\":\"2023-06-01T19:10:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/no-fuel-subsidy-in-2023-budget-nnpc-clarifies\"},\"wordCount\":284,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/no-fuel-subsidy-in-2023-budget-nnpc-clarifies#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1685630251.584694.jpg\",\"keywords\":[\"2023 Budget\",\"Africa Press\",\"Africa Press-Nigeria\",\"fuel subsidy\",\"Nigeria\",\"NNPC\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/no-fuel-subsidy-in-2023-budget-nnpc-clarifies#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/no-fuel-subsidy-in-2023-budget-nnpc-clarifies\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/no-fuel-subsidy-in-2023-budget-nnpc-clarifies\",\"name\":\"No fuel subsidy in 2023 budget \u2013 NNPC clarifies - 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