President Tinubu has approved the use of NNPC’s 2023 final dividends to cover petrol subsidy costs.
This means NNPC Limited will not be paying dividends to the federal government for the second year since it became a commercial company Since the removal of the petrol subsidy, Nigerians have been buying fuel for as much as N1,000 per litre in some states.

President Bola Ahmed Tinubu has reportedly approved a request from the Nigerian National Petroleum Company Limited (NNPC Ltd) to utilise the 2023 final dividends owed to the federation to cover the costs of petrol subsidy payments.
This decision comes amid rising fuel prices and scarcity, with Nigerians paying between N750 and as much as N1,000 per litre for fuel from the previous rate of N620.

NNPC Ltd now operates as a commercial company, and its shares are held by the Ministry of Finance Incorporated and Ministry of Petroleum Incorporated in equal portions on behalf of the Federal Government.
Thus, NNPC Limited’s shares remain fully owned by the Federal Government pending a public offering, which is anticipated in the future.

No money to federal government account TheCable reports that the president has sanctioned a halt on the payment of 2024 interim dividends to the federation.
This measure is intended to enhance NNPC’s cash flow, allowing the company to manage the financial burden imposed by the ongoing subsidy payments.

NNPC Limited had approached the federal government explaining the financial strain caused by ongoing as the reason it is currently unable to remit taxes and royalties into the federation account, NNPC gives reason for new fuel prices, advises Nigerians
The company described this situation as a “subsidy shortfall/FX differential,” highlighting its challenges in balancing its financial obligations with the subsidy program.

The total expenditure on petrol subsidies from August 2023 to December 2024 is projected to reach a staggering N6.884 trillion. As a result, the company anticipates it will be unable to remit N3.987 trillion in taxes and royalties to the federation account during this period.
The new revelation raises questions about President Tinubu’s May 2029 address, in which he declared that the subsidy is gone.

He's called clueless for this reason

Omoh,we don suffer for nothing again

Wetin be this?!

Price of fuel ⛽️ should be reduced please. The hardships is unbearable . 100k naira has no value again. Price of garri, beans, bread 🍞 has increased and not coming down . Tinubu government should do something about the price of foodstuffs in the market

What do you expect from certificate forger, a greedy good for nothing yòrúba bastard.

Ó má sé oo! It is a pity I found myself in a dysfunctional society like Nigeria where ethnicity and tribal bigotry reign supreme.

Being itchy, twerky and nervy under the influence of heroin is not political sagacity, a druggie, certificate forger, identity theft crook and disaster of a former governor no dey hear word.

villagereporter:
....Ó má sé oo! It is a pity I found myself in a dysfunctional society like Nigeria where ethnicity and tribal bigotry reign supreme.

There are two lessons to learn by Nigerians from the socio-economic and political situation of the past 24 months.
-One, the " Hunger Protest" that raged across the Nation, especially in the North and South West, is a clear indication that hunger and starvation that bad leadership and governance precipitates knows no tribe or racial prejudice. It is a natural phenomenon that unsettles all. It is oblivious of religion, tribe or party persuasion and loyalty.

-Two, supporting a candidate in an election based on tribal, religious and ethnic sentiment is political harakiri, as in the case of BAT, an ill-wind that blows no good.

I blame the FG for this subsidy mess, Government shouldn't have let the naira collapse like this. If the naira is #1000/$, the FG won't need to pay any subsidy again, if the naira keep on losing value, the FG will keep on spending more naira on subsidy.

what’s the benefit of subsidy removal on fuel when Nigeria people can’t afford to buy foodstuffs in the market. The hardships is unbearable

Bola Ahmed Tinubu is a criminal. He removed subsidy to carry fuel price from #200 to over #550. He dey totally destroyed the exchange rate to make landing cost to over #1000. No he is approving the introduction of subsidy to stabilize prices at over #600. He is probably paying the subsidy to himself. If he had simply maintained status quo when he assumed office, we won't be in this mess. Babanla Ole.

Nigeria inflation between last year and now us over 200%. Which means its currency has lost 200% of its value.

Is a lie

Osudient will agree with this news.


Only mad people call himself Osudient.

Aye Tinubu mah laba nii seh 😭😭😭💯