President Bola Tinubu don give green light to Nigeria National Petroleum Company Limited (NNPCL) make dem use 2023 dividend take pay petrol subsidy.
Di 2023 dividends suppose enter federation account wey dem go share among di three tiers of government, but now, Tinubu don gree say make dem use am settle subsidy matter.
As per wetin The Cable talk, Tinubu still approve say make dem hold di payment of 2024 interim dividends to di federation, so NNPC fit get better cash flow.
Dem say di national oil company yarn Tinubu say dem no fit remit tax and royalty into di federation account for now because di subsidy payments don turn wahala, wey dem call “subsidy shortfall/FX differential.”
As per one forecast wey dem see, di cumulative petrol subsidy bill from August 2023 go reach ₦6.884 trillion by December 2024. Di kain wahala be say, NNPC no go fit remit ₦3.987 trillion in taxes and royalties to di federation account because of di subsidy palava.
Di report still add say NNPC go pause di payment of interim dividends for eight months dis year – from May to December.
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