Nigeria: World Bank Urges Full Transfer of Subsidy Removal Revenues to Federation Account

Nigeria: World Bank Urges Full Transfer of Subsidy Removal Revenues to Federation Account

The World Bank has called for the complete transfer of revenue gains from the total removal of fuel subsidy into the Federation Account. It said despite the full subsidy removal in October 2024, Nigerian National Petroleum Company Limited (NNPCL) started transferring the revenue gains to the federation only in January 2025.

W/Bank queries NNPCL’s remittance of subsidy proceeds - Daily Trust

The World Bank on Monday queried the remittance of the proceeds of the petrol subsidy removal by the Nigerian National Petroleum Company Limited (NNPCL). At his inauguration on May 29, 2023, President Bola Ahmed Tinubu announced the removal of petrol subsidy; the policy triggered a hike in price of the product and virtually all goods and services across the nation. The policy was projected to save the federal government billions of dollars annua…

W’Bank Urges Full Transfer Of Subsidy Removal Revenues To Federation Account - Thepodiummedia

The World Bank has called for the complete transfer of revenue gains from the total removal of fuel subsidy into the Federation Account. It said despite the full subsidy removal in October 2024, Nigerian National Petroleum Company Limited (NNPCL) started transferring the revenue gains to the federation only in January 2025. The bank also stated that resolving any remaining net arrears and channelling the full benefits of subsidy reform to the Fe…

World Bank Faults NNPCL Over Low Remittances Despite Subsidy Removal

The World Bank has raised concerns over low remittances by the Nigerian National Petroleum Company Limited (NNPCL) despite the removal of fuel subsidies. According to the apex bank’s Nigeria Development Update, NNPCL has failed to fully remit revenue to the Federation Accounts Allocation Committee (FAAC) despite the subsidy removal in October 2024.   The report stated that NNPCL started transferring revenue gains to the Federation only in Januar…

World Bank kicks against petrol price manipulation, demands NNPC forensic audit

The World Bank in Abuja on Monday asked the Nigerian government to step up efforts at eliminating Premium Motor Spirit (PMS) otherwise called petrol price manipulation, calling for a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) to improve transparency in the country’s oil and gas sector. World Bank’s Country Director for Nigeria, Taimur Samad at event said Nigeria’s macroeconomic situation is improving. The recommend…