News
Tinubu reportedly approves use of NNPC dividends for fuel subsidy
President Bola Tinubu has reportedly given approval to the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends owed to the federation to cover the cost of petrol subsidies.
National Daily gathered that the president approved a halt on the payment of 2024 interim dividends to the federation to help boost NNPC’s cash flow.
According to the report, the NNPC informed the president that due to the subsidy payments, it is currently unable to pay taxes and royalties into the federation account, referring to this as a “subsidy shortfall/FX differential”.
The report which is based on a forecast from NNPC, obtained by the newspaper, indicated that the total petrol subsidy expenses from August 2023 to December 2024 will amount to N6.884 trillion, leaving the company unable to remit N3.987 trillion in taxes and royalties to the federation account.
-
Education5 days agoUniversity of Ibadan releases 2026/2027 post-UTME screening results
-
Football5 days agoUnpaid £185m Club World Cup fund sparks fresh FIFA controversy
-
Business7 days agoInformation Minister, VON DG to lead ARCON’s 2026 Advertising Industry Colloquium
-
Aviation6 days agoCanada issues 10 key tips to help immigration applicants avoid processing delays
-
Business1 week agoCooking gas dealers slash prices amid intensifying market competition
-
Business4 days agoBreaking: NNPCL reduces pump price of petrol as competition intensifies
-
Politics1 week agoKenneth Okonkwo questions INEC’s credibility, calls for reforms ahead of 2027 polls
-
Latest6 days agoFubara’s early push for political structure triggered rift – Wike