According to its latest Nigeria Development Update, the World Bank reports that Nigerian National Petroleum Company Limited (NNPCL) has been transferring only 50% of fuel subsidy removal savings to the Federation Account.
It said out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for.
The report titled “Building Momentum for Inclusive Growth” reveals that NNPCL is using the remaining funds to settle debt arrears.