The Nigerian National Petroleum Company Limited (NNPCL) has informed the Federal Account Allocation Committee (FAAC) of an outstanding of N4.56 trillion for selling petrol at a subsidized price between August 2023 and June 2024.
The Chief Communication Officer of the Nigerian National Petroleum Corporation (NNPC) Limited, Olufemi Soneye, has revealed that the national oil firm is the largest contributor to monthly tax revenue to federation account.
The Minister of Information, Idris Mohammed, has said that Nigeria’s domestic consumption dropped from 2 billion of petrol by 50% following the removal of fuel subsidy.
President Bola Tinubu has stated that over N570 billion has been released to the 36 states of the federation to expand livelihood support to vulnerable citizens.
The Minister of Interior, Olubunmi Tunji-Ojo, characterized the era of fuel subsidy as a cancer that was destroying Nigeria’s economy, necessitating its removal by President Bola Tinubu.
The Nigeria Hotel Association (NHA) on Tuesday urged the Federal Government to reintroduce fuel subsidy payments to marketers to help hoteliers stay in business.
Nigeria’s debt to petrol traders has surpassed $6 billion, doubling since early April, as the state oil firm, Nigerian National Petroleum Corporation (NNPC), struggles to cover the gap between fixed pump prices and international fuel costs, according to six industry sources.
PricewaterhouseCoopers (PwC) says that the reforms instituted by President Tinubu have yielded positive outcomes in terms of government revenue, improvement in credit ratings, exports and capital importation.
Since the removal of the fuel subsidy in 2023, the average retail price of petrol in Nigeria has surged, affecting the economy.
Moody's Ratings has projected a significant increase in Nigeria's interest spending, estimating a rise of 1% of the Gross Domestic Product (GDP) in 2024.
The Nigerian National Petroleum Corporation Limited (NNPC) has denied reports in the media that it inflated subsidy claims by N3.3 trillion.
The Federal government said fuel subsidy is projected to gulp about N5.4 trillion in 2024 as against the N3.6 trillion budgeted for the intervention in 2023.
