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The Nigerian National Petroleum Company Limited remitted literally zero funds to the Federation Account in 2022 due to the payment of subsidy on Premium Motor Spirit, popularly called petrol, the Chief Financial Officer, NNPCL, Umar Ajiya, has said. NNPCL is a major revenue generating agency in Nigeria, operating as the national oil company in charge of the management, sales, etc, of the country’s crude oil and gas, among other key functions. Ajiya, in a 5.24 minute video released by the oil major on Sunday, said fuel subsidy stopped the revenue generating firm from remitting taxes and royalties to the Federation Account, as well as halted the company from making profit. Also, NNPCL, in the documentary, said, “The lingering constraint of fuel subsidy payment hampered its (NNPCL) growth potential, until a new administration emerged, bringing an end to the subsidy regime and saving the company from bankruptcy and setting it on a path of financial prosperity.” It stated that this enabled the oil firm to grow its profit from N674.1bn in 2021 to N2.54tn by the third quarter of 2022. President Bola Tinubu declared during his inaugural speech on May 29, 2023, that “subsidy is gone!”.

Punch