A total of N541.65 billion was expended on petrol subsidy between February and July 2021, the Nigerian National Petroleum Corporation has said.
This is contained in a document showing an NNPC’s presentation at the August 2021 Federation Account Allocation Committee meeting.
A breakdown of the petrol subsidy payments indicated that N25.37 billion was spent in February, N60.39 billion in March, and N61.96 billion in April.
The amount rose to N126.298 billion in May, N164.337 billion in June, and reduced to N103.286 billion in July.
The NNPC, which is currently the sole importer of petrol, has continued to bear the burden of underpriced sale of petrol of premium motor spirit (PMS).
The corporation has been deducting subsidy payments from oil and gas proceeds due to the three tiers of government.
Subsidy cost, according to the NNPC, prevented it from making any remittance to the FAAC in May.
The corporation deducted N126 billion in June; N114.3 billion in July; N170.4 billion in August from its remittance to FAAC in the aforementioned months.
The document showed that between January and August, the corporation made a contribution of N349.25 billion to the federal, state and local governments with a deficit of N1.12 trillion.
A breakdown of the FAAC remittances includes N90.86 billion in January; N64.16 billion in February; N41.18 billion in March; zero contributions in April; N38.61 billion in May; N47.16 billion in June and N67.28 billion in July.
It was also learn that the NNPC would deduct a total sum of N215.32 billion from its remittance to the FAAC in September.
“Out of the value shortfall of N143,286,281,752.62, the sum of N103,286,281,752.62 was applied on the gross domestic receipts before arriving at the net receipt of N67.28bn in order to make funds available for JV cost recovery to sustain the existing production level. The balance of N40bn will be deducted in subsequent months,” the NNPC document stated.
It also stated, “The July 2021 value shortfall of N175,317,701,294.80 & outstanding balance of N40bn will be deductible from the August 2021 proceeds due for sharing at the September 2021 FAAC meeting.”
Group Managing Director of the NNPC, Mele Kyari, had said the pump price of petrol should be N256 per litre as he disclosed that subsidy payments was gulping at least N140 billion monthly.
SERAP sues Buhari over alleged missing N11tn electricity fund
President Muhammadu Buhari has been dragged to court by the Socio-Economic Rights and Accountability Project (SERAP) for allegedly failing probe N11tn electricity fund said to missing.
The money, according to SERAP, was meant to provide regular electricity supply for the country since 1999, and it is suspected to have “been stolen, mismanaged or diverted into private pockets.”
In the suit number FHC/L/CS/1119/2022 filed last week at the Federal High Court, Lagos, SERAP sought for “an order of mandamus to direct and compel President Buhari to investigate how over N11 trillion meant to provide regular electricity supply has been allegedly squandered by governments since 1999.”
This is coming after it was reported that Nigeria’s electricity grid has collapsed at least three times within five months, and 130 times in seven years, plunging many households across the country into darkness.
Toyota-Suzuki joint SUV coming in August, Africa listed
The collaboration between Toyota and Suzuki is set to manifest in concrete terms as Toyota says it will start the production of a new SUV model developed by Suzuki at Toyota Kirloskar Motor Pvt. Ltd from August.
The Suzuki-developed SUV will come with mild and strong hybrid variants – made in India for both brands, multiple sources including motorauthority.com report.
The two companies are said to be planning to export the new model to markets outside India including Africa.
Toyota and Suzuki are promoting mutual supply of vehicles globally, which is one of the collaborations in their business partnership.
The two companies signed a memorandum of understanding for a business alliance in 2017. Since then, the two companies have been bringing together Toyota’s strength in electrification technologies and Suzuki’s strength in technologies for compact vehicles for joint collaboration in production and in the widespread popularization of electrified vehicles.
The powertrains of the new model to be on sale in India will be equipped with mild hybrid developed by Suzuki and strong hybrid developed by Toyota.
By bringing together strengths of both Toyota and Suzuki through the collaboration, the two companies say they will be able to provide a wide variety of vehicle electrification technologies to customers and contribute to the acceleration of electrification and the realization of a carbon-neutral society in India.
While Suzuki leads and understands the India market, Toyota brings hybrid tech to the table.
Maruti Suzuki India Limited and TKM will market the new model in India as Suzuki and Toyota models, respectively.
Ford to end production of Focus in 2025
Ford has confirmed that it will stop producing the Focus model in 2025, in a move that threatens the longer-term future of its Saarlouis, Germany plant that only makes that model.
Nigeria may not miss the exit of the Focus as it has not really been as popular as other Ford models such as the Escape, the Edge and Everest.
Ford however said that its plant in Saarlouis would continue to produce the Ford Focus passenger car, while the company is also evaluating options for future site concepts.
In Europe, Ford has emphasised the future role for electrified models – which includes its Cologne plant in Germany being a hub for EV production. It will build a new SUV based on VW’s MEB platform from 2023.
Ford also recently announced that its Valencia, Spain, plant would receive investment for making electric vehicles on a next-generation electric vehicle architecture.
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