{"id":2169,"date":"2024-08-19T11:16:59","date_gmt":"2024-08-19T11:16:59","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=2169"},"modified":"2024-08-19T11:16:59","modified_gmt":"2024-08-19T11:16:59","slug":"tinubu-approves-nnpcs-request-to-pay-petrol-subsidy","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2024\/08\/19\/tinubu-approves-nnpcs-request-to-pay-petrol-subsidy\/","title":{"rendered":"Tinubu Approves NNPC\u2019s Request To Pay Petrol Subsidy"},"content":{"rendered":"
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President Bola Tinubu has approved the Nigeria National Petroleum Company Limited (NNPCL) request to use 2023 dividends to pay the petrol subsidy.<\/h2>\n

The 2023 dividends were supposed to be paid into the federation account, which should be shared among the three tiers of government<\/p>\n

This is coming as the federal government has continued denying the existence of petrol subsidy after President Tinubu announced\u00a0\u201csubsidy is gone\u201d<\/em>\u00a0on his inauguration day on May 29, 2023.<\/p>\n

Minister of Finance, Wale\u00a0 Edun in an interview, said the gap between the landing cost and what petrol is sold by filling stations is covered by \u201csome organization\u201d<\/em>.<\/p>\n

According to The Cable, the President also approved suspending the payment of 2024 interim dividends to the federation to augment NNPC\u2019s cash flow.<\/p>\n

\u201cIn addition, the national oil company told the president it will be unable to remit taxes and royalties to the federation account for now because of the subsidy payments, termed subsidy shortfall\/FX differential.<\/em><\/p>\n

\u201cAn NNPC forecast seen by the newspaper showed that the cumulative petrol subsidy bill from August 2023 will hit \u20a66.884 trillion by December 2024 \u2014 leaving the national oil company unable to remit \u20a63.987 trillion in taxes and royalties to the federation account,<\/em>\u201d the report said.<\/p>\n

The report added that \u201cNNPC is expected to pause the payment of interim dividends for eight months this year \u2014 from May to December<\/em>\u201c.<\/p>\n<\/div>\n<\/div>\n

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President Bola Tinubu has approved the Nigeria National Petroleum Company Limited (NNPCL) request to use 2023 dividends to pay the petrol subsidy. The 2023 dividends were supposed to be paid into the federation account,...<\/p>\n","protected":false},"author":2,"featured_media":2170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t