Lower amounts of revenue might be available for sharing by the three tiers of government through the Federation Accounts Allocation Committee (FAAC) in the coming months as the cost borne by the Nigerian National Petroleum Corporation (NNPC) to subsidise petrol has increased by about N17 per litre, Daily Trust reports. Subsidy on Premium Motor Spirit (PMS), otherwise called petrol, rose to N38 per litre on Monday, according to figures obtained from the Petroleum Products Pricing Regulatory Agency (PPPRA). Subsidy or technically, under-recovery, averaged N21 per litre in December 2019, the data showed. The latest increase comes just as oil prices on Monday climbed above $70 a barrel for the first time in four months. The rise in the price of oil followed fears that the US airstrike that killed Iran’s top military commander may trigger retaliation and disrupt global oil supplies. Rising tensions between the U.S and Iran have […]