World Bank Knocks NNPCL Over Lack of Transparency in Fuel Subsidy Revenue

World Bank has knocked NNPCL over the lack of transparency in Fuel Subsidy Revenue in Nigeria.

 

NewsOnline Nigeria reports that the World Bank has knocked the Nigerian National Petroleum Company Limited over non-transparency of its oil revenue earnings after fuel subsidy removal in Nigeria.

 

This Nigeria news platform understands that the apex development bank disclosed this in its Nigeria Development Update, NDP, entitled ‘Turning the Corner: Time to Move From Reforms to Results’.

 

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According to the World Bank, while revenue gains from Nigeria’s exchange rate reforms are visible, more clarity is needed on oil revenues, including the fiscal benefits from the Premium Motor Spirit subsidy reforms.

 

“There is a need for more clarity on oil revenues, especially the financial gains of Nigeria National Petroleum Corporation Limited, NNPCL, from the subsidy removal, the subsidy arrears that are still being deducted, and the impact of this on Federation revenues,” it said.

 

A former Central Bank of Nigeria governor, Lamido Sanusi, raised a similar alarm a week ago about the opaqueness of revenues from NNPCL.

 

Meanwhile, speaking during the Senate Committee on Finance sitting on Wednesday, the Group Chief Executive Officer of NNPCL, Mr Mele Kyari, said the company remitted N4.5 trillion to the federation account from January to October 2023.

 

Recall that in June 2023, President Bola Ahmed Tinubu’s administration announced the removal of fuel subsidy and forex reforms.

 

The dual economic policy reforms contributed to the October inflation rate hike to 27.33 per cent.