Fuel subsidy

2024 - 8 - 19

NNPC Strikes Again: Using Dividends for Petrol Subsidy – What’s Cooking?

fuel subsidy in nigeria Atiku Abubakar - Fuel Subsidy - Nigerian Economy - NNPC - Petrol Prices - Tinubu Administration - fuel subsidy in nigeria

President Tinubu’s latest fuel subsidy move has everyone talking! How is NNPC funding petrol subsidies? Discover the twist behind the oil cash flow!

In a surprising move, President Bola Tinubu has given the green light to the Nigerian National Petroleum Company (NNPC) Limited to utilize its 2023 final dividends to finance fuel subsidies amidst soaring costs. This unexpected announcement has sent ripples through the Nigerian economy, revealing how the NNPC plans to navigate its cash flow issues while keeping fuel prices manageable for the average citizen. The maneuver demonstrates a fusion of corporate tactics and government strategies that essentially highlights the power dynamics between Nigeria’s oil sector and its political landscape.

While this decision might provide a temporary reprieve for many Nigerians facing the bite of rising fuel prices, it raises significant questions about the long-term implications. To boost NNPC’s cash flow further, President Tinubu has also approved the suspension of the payment of 2024 interim dividends to the federation, effectively putting a pause on funds that could have entered other economic avenues. This decision invites scrutiny, especially after Tinubu previously declared an end to fuel subsidies last year, creating a whirlwind of debate among citizens and politicians alike.

Former Vice President Atiku Abubakar has openly criticized Tinubu’s administration, arguing that the ongoing use of fuel subsidies portrays a lack of transparency and accountability. It seems that this unexpected twist is akin to a soap opera in Nigeria's political landscape, where promises made are sometimes ephemeral, mirroring the fuel crisis itself. As the cost of living continues to rise, Nigerian citizens are left pondering whether this is truly a solution or just a temporary band-aid on a much larger problem.

Interestingly, this latest development comes on the heels of an estimated N6.8 trillion that the government plans to spend on fuel subsidies between August 2023 and December 2024. This staggering figure far exceeds expectations and highlights the urgent need for a more sustainable national energy policy. As Nigeria continues to grapple with fuel pricing and subsidy strategies, conversations around energy independence and efficient resource management will become ever more prominent, particularly in the wake of such controversial decisions.

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Image courtesy of "Daily Sun"

NNPC uses dividends to fund fuel subsidies as costs skyrocket (Daily Sun)

President Bola Tinubu has approved the Nigerian National Petroleum Company (NNPC) Ltd.'s request to use its 2023 final dividends to cover petrol subsidy ...

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Image courtesy of "Business Insider Africa"

Nigeria's fuel subsidy bill soars, NNPC turns to federation's ... (Business Insider Africa)

The president also approved the suspension of the payment of 2024 interim dividends to the federation to help boost NNPC's cash flow.

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Image courtesy of "Business Hallmark"

NNPC gets Tinubu's approval to use federation's dividends to pay ... (Business Hallmark)

Nigeria's president, Bola Tinubu has reportedly approved a request by the Nigerian National Petroleum Company (NNPC) Limited to utilise the 2023 final ...

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Image courtesy of "Legit.ng"

Tinubu Bows To Pressure, Approves Request for Petrol Subsidy ... (Legit.ng)

President Bola Tinubu has approved using Nigerian National Petroleum Company Limited dividends for petrol subsidy and has decided to also 2024 interim ...

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Image courtesy of "SaharaReporters.com"

Tinubu Approves NNPC's Request To Use Dividends To Pay ... (SaharaReporters.com)

Despite many denials by the Nigerian government on non-payment of fuel subsidies, President Bola Tinubu has given approval to the Nigerian National ...

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Image courtesy of "SaharaReporters.com"

One Year After Tinubu Declared End To Fuel Subsidy, Nigeria ... (SaharaReporters.com)

The President Bola Tinubu-led government plans to spend N6.8 trillion on fuel subsidies between August 2023 and December 2024, representing a 17-month ...

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Image courtesy of "The Punch"

Atiku knocks Tinubu's administration over fuel subsidy, refinery delays (The Punch)

Atiku Abubakar has criticised President Bola Tinubu's administration, accusing it of covertly continuing the fuel subsidy on PMS...

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Image courtesy of "Daily Trust"

Tinubu approves payment of fuel subsidy - Report - Daily Trust (Daily Trust)

President Bola Tinubu has approved the request of the Nigerian National Petroleum Company Limited (NNPCL) to use the 2023 dividends due to the federation to ...

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Image courtesy of "Arise News"

Tinubu Approves NNPC's Request to Use 2023 Dividends for Petrol ... (Arise News)

The NNPC informed the president that it would be unable to remit taxes and royalties to the federation account due to these subsidy payments, which it termed “ ...

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Image courtesy of "TheCable"

Atiku to FG: Clarify confusion on petrol subsidy payment, crude oil ... (TheCable)

Atiku Abubakar, former vice-president, has demanded clarity on petrol subsidy policy and crude oil refining from the federal government.

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Image courtesy of "Bloomberg"

Nigerian National Petroleum Owed $4.9 Billion Fuel-Subsidy Debt ... (Bloomberg)

Nigeria owes its state-owned oil company almost half of what it plans to collect in revenues this year for a gasoline subsidy it reintroduced in August.

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Image courtesy of "Premium Times"

Tinubu approves use of NNPC dividends for payment of petrol ... (Premium Times)

President Bola Tinubu has approved a request by the Nigerian National Petroleum Company (NNPC) Ltd to use the 2023 final dividends due to the federation to ...

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Image courtesy of "BNN"

Nigeria Owes State Oil Firm $4.9 Billion Fuel-Subsidy Debt (BNN)

Nigeria owes its state-owned oil company almost half of what it plans to collect in revenues this year for a gasoline subsidy it reintroduced in August.

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Image courtesy of "Pulse Nigeria"

NNPC clarifies issues around fuel subsidy as petrol scarcity persists (Pulse Nigeria)

NNPC says nobody has been paid a dime as subsidy in the last nine months. | Pulse Nigeria.

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Image courtesy of "Daily Trust"

Experts demand transparency as fuel subsidy 'back' 1yr after - Daily ... (Daily Trust)

Despite initial denials about the return of subsidy on Premium Motor Spirit (PMS), also known as petrol, a report indicating that President Bola Tinubu ...

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Image courtesy of "Arise News"

Atiku Criticises Tinubu's Administration for Lack of Transparency in ... (Arise News)

Atiku, on Monday, has described as opaque the payment of oil subsidy by the Tinubu administration. The former vice president said in a statement, “The latest ...

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Image courtesy of "CHANNELS TELEVISION"

'Covert Continuation Of Fuel Subsidy Has Grave Implications', Atiku ... (CHANNELS TELEVISION)

Atiku was reacting to media reports alleging that the president had directed the Nigerian National Petroleum Company Limited (NNPCL) to spend the ...

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Image courtesy of "Vanguard"

Atiku tackles Tinubu over fuel subsidy (Vanguard)

Former Vice President Atiku Abubakar has once again criticized President Bola Tinubu's administration over the continued payment of subsidies on Premium ...

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Image courtesy of "Economic Confidential"

Fuel Subsidy: The Complex Issue That's Holding Nigeria Back By ... (Economic Confidential)

By Chimaza Nonyerem-Okoronkwo. The removal of fuel subsidies has been a contentious issue in Nigeria, with proponents arguing that it will improve the ...

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Image courtesy of "Daily Trust"

NNPC confirms payment but says it's not for fuel subsidy - Daily Trust (Daily Trust)

The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has not paid fuel subsidies to anyone in the last nine months.

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Image courtesy of "Pulse Nigeria"

Is subsidy truly gone? Fuel crisis persists as black marketers exploit ... (Pulse Nigeria)

The lingering fuel crisis in the country leaves Nigerians at the mercy of street petrol peddlers. | Pulse Nigeria.

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Image courtesy of "Daily Sun"

Fuel subsidy: We haven't received a dime, didn't pay to anyone ... (Daily Sun)

By Kachi Ekile. The Nigerian National Petroleum Company Limited (NNPC Ltd.) has stated that it has not made any fuel subsidy payment to anyone in the last ...

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Image courtesy of "Businessday.ng"

Tinubu's petrol subsidy gulps N15trn as scarcity worsens ... (Businessday.ng)

President Bola Tinubu's administration has spent N15. 096 trillion on petrol subsidy in the last 14 months, according to BusinessDay's...

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