• Latest
  • Trending
President Buhari Appoints New Board, Management Of NNPC Limited

How FG pays NNPC to sell PMS at half price of landing cost – Umar Ajiya

FRSC Chief Orders Crackdown as 5 Officers Killed by Hit-and-Run

FRSC Chief Orders Crackdown as 5 Officers Killed by Hit-and-Run

FG Declares: Even ‘Runs Girls’ Must Pay Tax — Oyedele

FG Declares: Even ‘Runs Girls’ Must Pay Tax — Oyedele

How Tax Law Affects Remote Workers and Influencers Under New Reform

How Tax Law Affects Remote Workers and Influencers Under New Reform

Atiku, ADC Leaders Visit New Olubadan Oba Ladoja in Ibadan

Atiku, ADC Leaders Visit New Olubadan Oba Ladoja in Ibadan

Hope for Eagles as FIFA Deducts 3 Points from South Africa in World Cup Qualifiers

Hope for Eagles as FIFA Deducts 3 Points from South Africa in World Cup Qualifiers

FG Declares Friday Public Holiday for 2025 Eid-ul-Mawlid

FG Declares Public Holiday for Nigeria’s 65th Independence Day

NELFUND Sets October Date to Reopen Student Loan Portal

NELFUND Sets October Date to Reopen Student Loan Portal

Tuesday, September 30, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Business News
President Buhari Appoints New Board, Management Of NNPC Limited

How FG pays NNPC to sell PMS at half price of landing cost – Umar Ajiya

by iDeemlawful
August 20, 2024
in Business News, Featured
A A
0

The Chief Financial Officer (CFO), of the Nigeria National Petroleum Company Ltd (NNPCL), Alhaji Umar Ajiya has disclosed that the government pays the company to sell PMS at half price of the landing cost- what he calls shortfall.

The C.F.O., provided this clarification on Monday in Abuja while presenting the company’s 2023 full-year result where it recorded profits of N3.3 trillion.

Ajiya stated that NNPC Ltd. has solely been managing the shortfall in Premium Motor Spirit (PMS) imports between the company and the federation and has not disbursed any subsidies to marketers over the past nine months.

SeeThese

FG Declares Public Holiday for Nigeria’s 65th Independence Day

Nigeria @ 65: FG Unveils Theme for Independence Day 2025

Galadima warns FG Against Plans to Appoint Retired Judge as INEC Chairman, says ‘There’ll be Civil War’

He stated, “In the last eight to nine months, the NNPC Ltd., has not paid anybody a dime as subsidy, no one has been paid kobo by the NNPC Ltd. in the name of subsidy. No marketer has received any money from us by way of subsidy.”

ADVERTISEMENT

“What has been happening is that we have been importing PMS, which has been landing at a certain cost price and the government tells us to sell it at half price.”

“So the difference between the landing price and that half price is what we call shortfall. And the deal is between the Federation and NNPC Ltd., to reconcile, sometimes they give us money, so there is no money exchanging hands with any marketer in the name of subsidy.”

The CFO explained that credit lines are common in the downstream sector as part of the global commercial system, noting that the company previously had an open credit arrangement with PMS suppliers, which included term line agreements for payment.

Additionally, Dapi Segun, the Executive Vice President of Downstream at NNPC Ltd., highlighted that the establishment of an open credit agreement with suppliers underscores the credibility that the national oil company has built over.

In his words, “Concerning the outstanding to the suppliers, it is not in that magnitude that has been put out, it is actually lower than the $6.8 billion. What matters really is the relationship between us and our suppliers to ensure that we keep faith in making these payments to our suppliers which we have done over time.”

“You would understand that it is not a static figure, and I wouldn’t want to be quoting any figure, when we make payments it goes down, when they supply products, it goes up.”

“It is a dynamic way, but the most important thing is to ensure that we continue to make PMS available across the country,”

Tags: Nigeria GovernmentNNPC
Previous Post

ASUU gives Fresh Ultimatum to Embark on Nationwide Strike

Next Post

Police invites NLC President Ajaero over Alleged Terrorism Financing, Others

Next Read

FG Declares: Even ‘Runs Girls’ Must Pay Tax — Oyedele
Business News

FG Declares: Even ‘Runs Girls’ Must Pay Tax — Oyedele

...

Read moreDetails
How Tax Law Affects Remote Workers and Influencers Under New Reform
Business News

How Tax Law Affects Remote Workers and Influencers Under New Reform

...

Read moreDetails
President Tinubu extends Christmas Greetings to Nigerians
Business News

FG Summons Dangote, PENGASSAN to Table as Strike Looms

...

Read moreDetails
El Salvador President Skips UNGA, Calls Summit “Pointless Waste of Time”
Featured

El Salvador President Skips UNGA, Calls Summit “Pointless Waste of Time”

...

Read moreDetails
Dangote Refinery Resumes Petrol Sales in Naira After Suspension
Business News

Dangote Refinery Resumes Petrol Sales in Naira After Suspension

...

Read moreDetails
Petrol Price to reduce as IPMAN, Dangote Reach New Agreement
Business News

Dangote Suspends Naira-for-Petrol Deals with Marketers

...

Read moreDetails
Dangote Refinery Recalls Old Applicants After Mass Layoffs
Business News

Dangote Refinery Recalls Old Applicants After Mass Layoffs

...

Read moreDetails
Why NNPC Refineries May Never Work Again – Dangote
Business News

Dangote Refinery Gives Reason for Sacking Staff

...

Read moreDetails
Next Post
Police invites NLC President Ajaero over Alleged Terrorism Financing, Others

Police invites NLC President Ajaero over Alleged Terrorism Financing, Others

Ex-CJN Onnoghen appears in court, appeals CCT’s Suspension Verdict [Video]

Ex-CJN Onnoghen appears in court, appeals CCT's Suspension Verdict [Video]

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About
  • Advertise
  • Editorial
  • Support

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Copyright © 2019 iDeemlawful.