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Nigeria NewsTinubu grants NNPC's request to pay the subsidy for gasoline.


The Nigeria National Petroleum Company Limited (NNPCL) requested to utilize its 2023 dividends to pay for gasoline subsidies, and President Bola Tinubu granted their request.

The federation account, which is intended to be divided among the three levels of government, was intended to receive the 2023 dividends.


The Nigeria National Petroleum Company Limited (NNPCL) requested to utilize its 2023 dividends to pay for gasoline subsidies, and President Bola Tinubu granted their request.

The federation account, which is intended to be divided among the three levels of government, was intended to receive the 2023 dividends.


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This occurs as the federal government has persisted in disputing the existence of the gasoline subsidy following President Tinubu's declaration that the "subsidy is gone" on his May 29, 2023, is the day of inauguration.


Recall that in an interview, Minister of Finance Wale Edun stated that "some organization" pays the difference between the amount of fuel filling stations sell and the landing cost. This information was obtained by Naija News.


The Cable claims that in order to improve NNPC's financial flow, the President also gave his approval to postpone paying the federation's interim dividends until 2024.


Furthermore, the national oil corporation informed the president that the subsidy payments—which it referred to as the "subsidy shortfall/FX differential"—will prevent it from sending taxes and royalties to the federation account for the time being.


According to a NNPC prediction obtained by the publication, the total cost of gasoline subsidies starting in August 2023 will reach ₦6.884 trillion by December. The national oil corporation won't be able to pay ₦3.987 trillion in taxes and royalties to the federation account by 2024, according to the report.


"NNPC is expected to pause the payment of interim dividends for eight months this year—from May to December," the report continued.

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