General Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has expressed that the company cannot continue to bear the subsidy burden.
He revealed that the Corporation pays N120 billion every month to subsidise Premium Motor Spirit (PMS), also known as petrol.
He made this known while speaking with journalists on Thursday at the Presidential Villa, Abuja.
He lamented that the burden placed upon NNPC by the ongoing subsidisation of the cost of petrol in the country was overwhelming.
As a result of the huge sum being paid, Kyari stated that Nigerians would have to pay the actual cost for petrol sooner or later.
“The price could have been anywhere between N211 and N234 to the litre. The meaning of this is that consumers are not paying for the full value of the PMS that we are consuming and therefore someone is paying that cost,” he said.
“As we speak today, the difference is being carried in the books of NNPC and I can confirm to you that NNPC may no longer be in a position to carry that burden.”