The Nigerian National Petroleum Corporation (NNPC), has said it spent the sum of N905.27 billion on petrol subsidy in eight months.

The subsidy, which the NNPC terms 'value shortfall or 'under-recovery’, came back in January this year as the government left the pump price of petrol unchanged at N162-N165 per litre, in the face of increase in global oil prices.

Inspiration FM recalls that the Federal Government had in March 2020 taken away petrol subsidy after reducing the pump price of the product to N125 per litre from N145 following the sharp drop in crude oil prices.

Available data from the NNPC showed that it incurred N25.37bn subsidy cost in January, N60.40bn in February, N111.97bn in March, and N126.30bn in April and N114.34bn in May.

NNPC said subsidy cost rose from N143.29bn in June to N175.32bn in July but fell to N149.28bn in August.