x

Tinubu Approves Use of NNPC Dividends for Petrol Subsidy

By   Milcah   Tanimu

 

President Bola Tinubu has authorized the Nigeria National Petroleum Company Limited (NNPCL) to utilize its 2023 dividends for the payment of petrol subsidies.

These dividends were initially intended for deposit into the federation account, from which they would be distributed among the federal, state, and local governments.

This decision marks a departure from President Tinubu’s previous stance, expressed during his inauguration on May 29, 2023, when he declared the end of petrol subsidies.

In a recent interview, Finance Minister Wale Edun indicated that the difference between the cost of imported petrol and its retail price is being covered by an unnamed organization.

Additionally, President Tinubu has agreed to suspend the payment of 2024 interim dividends to the federation to support NNPC’s financial needs. The company has reported that it will be unable to contribute taxes and royalties to the federation account due to the costs associated with the subsidy.

Forecasts suggest that the total petrol subsidy bill from August 2023 to December 2024 could reach ₦6.884 trillion, leaving NNPC unable to remit ₦3.987 trillion in taxes and royalties. Consequently, NNPC plans to halt interim dividend payments from May to December this year.

Hot this week

Victor Osimhen Sets New Galatasaray Record With Brilliant Brace Against Bodø/Glimt

 Victor Osimhen continued his sensational European form on Wednesday...

Issa- Onilu’s digital drive in NOA

By Paul OdenyiAs Mallam Lanre Issa-Onilu marks two years...

Russia-Ukraine War: The Unfolding Burden on Africa

By Abu Jemimah LamiWhen Russia invaded Ukraine on...

Principal Urges Parents to Monitor Children’s Activities to Curb Social Vices

By Noah Ocheni, LokojaThe Principal of GYB Model Science...

Principal Urges Parents to Monitor Children’s Activities to Curb Social Vices

By Noah Ocheni, LokojaThe Principal of GYB Model Science...

CHAIN Urges Federal Government to Adopt National Policy on Religious Freedom and Equal Protection

By Achadu Gabriel, KadunaThe Christian Awareness Initiative of Nigeria...

North-Central APC Forum Backs Mutfwang, Rejects Plateau APC Leaders’ Move to Block Defection

By Israel Adamu, JosThe North-Central All Progressives Congress (APC)...

Nasarawa Farmers Triple Rice Yields with Climate-Smart Farming Innovations

By Abel Zwanke, LafiaFarmers in Nasarawa State have recorded...

Ex-Liverpool Star Explains Why Arsenal Won’t Win the Premier League This Season

Arsenal’s blistering start to the season has reignited hopes...

Ruben Amorim’s Tactical Shift Could Earn Manchester United £24 Million

Ruben Amorim’s bold decision to deploy a striker-less formation...

NGO Trains Plateau Judges, Security Operatives on Enforcement of Child Rights Law 2005

By Israel Adamu, JosThe Child Protection Network (CPN), Plateau...

Related Articles

Popular Categories

spot_imgspot_img