President Bola Tinubu has approved the request by the Nigeria National Petroleum Company Limited (NNPCL) to use 2023 dividends to pay petrol subsidy.
It was gathered that the 2023 dividends were supposed to be paid into the federation account, which should be shared among the three tiers of government.
This is coming as the federal government has continued to deny the existence of a petrol subsidy after President Tinubu announced “subsidy is gone” on his inauguration day on May 29, 2023.
Recall that the Minister of Finance, Wale Edun, in an interview, said the gap between the landing cost and what petrol is sold by filling stations is covered by “some organisation.”.
READ: Crude Oil Sale To Dangote Begins October – FG
According to The Cable, the President also approved the suspension of the payment of 2024 interim dividends to the federation in order to augment NNPC’s cash flow.
“In addition, the national oil company told the president it will be unable to remit taxes and royalties to the federation account for now because of the subsidy payments, which it termed subsidy shortfall/FX differential.
“An NNPC forecast seen by the newspaper showed that the cumulative petrol subsidy bill from August 2023 will hit ₦6.884 trillion by December 2024 — leaving the national oil company unable to remit ₦3.987 trillion in taxes and royalties to the federation account,” the report said.
The report added that “NNPC is expected to pause the payment of interim dividends for eight months this year — from May to December“.
Governor Siminalayi Fubara has expressed concern that President Bola Tinubu only mentioned his name in…
The Lagos State Police Command, on Monday disclosed that it has detained a commercial sex…
As Nigeria continues to evolve, its citizens are drawn to stories that resonate with their…
As the violence in Rivers State escalates following the recent local government council elections, Nigerians…
●Commends Agboluaje Kajola Foundation's Interest-Free Loans Former Minister of Interior, Ogbeni Rauf Aregbesola, has canvassed…
A Federal High Court in Abuja has reversed the decision of the Osun State Government…
This website uses cookies.