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Breaking News: FG Owes Us $7 billion (N1.2 trillion) in Subsidy Arrears – NNPC
By Afolabi Ogunde on July 25, 2012
Nigeria’s state-oil company said on Wednesday it was owed $7 billion in government fuel import subsidies, debts which would wipe out savings supposed to protect Africa’s second biggest economy from oil price dips.
“As at the end of May 2012 NNPC had unpaid (subsidy) claims of 1.134 trillion naira ($7.06 billion),” Fidel Pepple, spokesman for the Nigerian National Petroleum Corp (NNPC), told Reuters.
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