President Bola Tinubu has approved a request from the Nigerian National Petroleum Company (NNPC) Ltd to utilize the 2023 final dividends due to the federation for petrol subsidy payments, according to a recent report.

TheCable reported on Monday that President Tinubu has also sanctioned the suspension of 2024 interim dividends to the federation to bolster NNPC Ltd’s cash flow.

Additionally, the NNPC has informed the President that it will be unable to remit taxes and royalties to the federation account for the time being due to the financial strain caused by the subsidy payments, which it has labeled as a “subsidy shortfall/FX differential.”

Trust TV's Sagir Ibrahim chronicles the fuel subsidy in this explainer.

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