Nigeria's president approves 2023 final dividends for petrol subsidies, halts 2024 payments, and postpones $9.3B tax remittances.

Nigeria's President Bola Tinubu approved NNPC's request to use 2023 final dividends for petrol subsidies, and halted 2024 interim dividend payments to boost cash flow. This decision will prevent $9.3 billion (N3.987 trillion) in tax and royalty remittances to the federation account from May to December. The NNPC projects a total expenditure of N6.884 trillion on petrol subsidies from August 2023 to December 2024.

August 19, 2024
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