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The Vice President, Prof. Yemi Osinbajo says the Nigerian National Petroleum Corporation (NNPC) would bear the cost of fuel subsidy and not the Federal Government. His statement is coming after reports showed that the landing cost of fuel is now N171 against N145, a development that has forced marketers to request for increment in pump price of product. Speaking at Apapa Lagos, the Vice President said since it was the NNPC that buys petroleum product; it will bear the cost of subsidy.


“NNPC is trading in fuel; the Federal Government is not, at the moment, paying for any subsidy. NNPC is trading. If you are buying and selling fuel, you would have to be able to pay for it. So, it’s not a question of government provision for subsidy, the Federal Government, at the moment, isn’t paying any subsidy.

 

And don’t forget that the way that the NNPC trades is that, in many cases, NNPC is actually giving fuel; there is 445, 000 barrels of fuel. So really what you are seeing, in many cases, is more or less an exchange for PMS. So at the moment NNPC is paying the cost”.

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