NNPCL JUSTIFIES NON-REMITTANCE OF FUND INTO FEDERAL ACCOUNT
Written by Oyebamiji Idowu on January 29, 2024
The Nigerian National Petroleum Company Limited (NNPCL) has shed light on its lack of remittance to the Federation Account in 2022, attributing it entirely to the burden of fuel subsidies. Chief Financial Officer Umar Ajiya stated that the subsidies prevented the company from generating revenue, paying taxes and royalties, or even turning a profit.
Ajiya further highlighted the positive impact of President Bola Tinubu’s decision to eliminate fuel subsidies, claiming it saved Nigeria an average of N400 billion monthly. This statement has sparked debate, with some praising the move for potentially boosting government revenue and others raising concerns about its potential impact on fuel prices and inflation.
Source: Jordan105.5fm News Bulletin