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Economy This past week, managers of the economy were rattled to their core as their worst fears came to pass. Over 44 per cent of revenue will not be paid into the federation account between April and June. This is because the Nigerian National Petroleum Corporation will be using over N111 billion to settle the fuel subsidy payment. No one needed a soothsayer to tell the government that things were bound to turn out this way, sometime. But this could have been prevented. The question is: how can Nigeria exit this fuel subsidy abyss? Chris Paul reports Considering the content of the correspond...

NNPC Writes Accountant-General Over N111billion Shortfall In Oil Revenue, Says No Contributions To Federal Allocations For April, May The NNPC would therefore not be contributing to the FAAC for April and May which will in turn affect the revenue to be shared among states of the federation. by Saharareporters, New York Apr 28, 2021 The Nigerian National Petroleum Corporation has written to the Accountant-General of the Federation, raising the alarm that it recorded a value shortfall of N111,966,456,903.74 in February 2021 which will affect its contributions to the Federal Allocations to stat...

More trouble for Nigeria as fuel subsidy wipes off oil revenue The announcement by the NNPC will have telling consequences for the nation's economy. The Nigerian National Petroleum Corporation (NNPC) has said that it will remit nothing into the federation account in the month of May due to costs incurred from subsidy payments on petrol. The NNPC made this known in a letter written to the Accountant-General of the Federation, where it explained that it recorded a value shortfall of N111bn in February 2021. The shortfall, the NNPC said, will affect its contributions to federal allocations to s...