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The Nigerian National Petroleum Company Limited, NNPC, has said the amount spent as subsidy on Premium Motor Spirit, also known as Petrol, and on refinery rehabilitation between January and May this year was N1.301trillion.
According to NNPC, bulk of the oil firm’s spending was on Petrol subsidy, as it consumed N1.274trillion during the five-month period, while for refinery rehabilitation, NNPC spent N9.11billion in each of the months of January, March and April, amounting to N27.33billion.
Iran has submitted an application to become a member of the group of emerging economies known as the BRICS. According to the Iran’s Foreign Ministry, the Country’s membership in the BRICS group, which includes Brazil, Russia, India, China and South Africa, would result in added values for both sides. Meanwhile, Russian Foreign Ministry Spokeswoman, Maria Zakharova noted that Argentina had also applied to join the Group.
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