President Bola Tinubu has authorized the Nigerian National Petroleum Company (NNPC) Limited to utilize the 2023 final dividends due to the federation to finance petrol subsidies.
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Additionally, the president has approved a suspension of the 2024 interim dividends payments to the federation to improve NNPC’s cash flow.
NNPC also notified the president that, due to the subsidy payments, it is currently unable to contribute taxes and royalties to the federation account, citing this issue as a “subsidy shortfall/FX differential.”
More details soon…
