• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, August 7, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

New NNPC: Federal Govt Yet To Agree On Modality For Revenue Remittance

by Mark Itsibor
3 years ago
in News, Cover Stories, Featured
New NNPC
Share on WhatsAppShare on FacebookShare on XTelegram

Despite the formal commercialisation of the Nigerian National Petroleum Company (NNPC), the federal government is yet agree with the oil company on modalities for the remittance of revues due to the federation from operations of the new NNPC.

Advertisement

By nature of its commercialization, NNPC will be paying royalties, dividends and taxes to the government. Speaking during the public consultation forum on the 2023-2025 Medium-Term Fiscal Framework in Abuja yesterday, minister of Finance, Budget and National Planning, Zainab Ahmed said while the revenue might not be monthly, “we will work out an arrangement with NNPC on how this will be paid.”

The minister said it is possible to work out an arrangement where the payment could be monthly or quarterly. The finance minister said the federal has been discussing with NNPC. She said a transition committee has been set up of which she is a member.

Days after the entity was commercialised by President Muhammadu Buhari, the minister said her committee was yet to reach the terms of the relationship between government and the new NNPC, including the landing on how remittances will be made. She told stakeholders that thronged the main auditorium of the Ministry of Finance that the committee still has about two meetings with the NNPC and the Federation Account Committee to come up with a framework for revenue remittances to federation account.

“The new arrangement requires that NNPC will not be contributing to FAAC on a monthly basis. But NNPC will still be paying taxes, royalties and dividends. And we will be engaging the NNPC on how we expect these incomes to come to the federation. We can negotiate that these remittances are done on a quarterly basis for example,” she stated.

RELATED

Coalition Cautions Against Derailing Peace Process In UK APC

FCT Polls: Crisis Rocks APC Over Alleged Plan To Drop Chairmanship Candidate

11 minutes ago
Teenager Launches SPARK To Connect African Girls To Global Tech Leaders

A Case for Corporate Social Responsibility to Empower Communities in Nigeria

12 minutes ago

‘New NNPC Unveiled For Nigeria’s Energy Security‘

Asked why has NNPC not been remitting revenues to the federation account, Ahmed said “because NNPC has been instructed to cover the cost of fuel subsidy on behalf of the federation. So, NNPC is not paying the fuel subsidy on its account, it’s on the account of the federal government.”

She explained that NNPC has been funding fuel subsidy on behalf of the federation. “So, it’s on the cost of the federation. Even though they are the one paying it, we are paying them from what they generate. So, when they generate revenue, instead of remitting it, they use part or all of the revenue to fund the fuel subsidy,” Mrs Ahmed said, adding that “That has been the arrangement and that is what will continue to be in place until we exit the fuel subsidy as a nation.”

Meanwhile, the minister has also clarified that NNPC has not been privatized. She said “NNPC is owned by the federation 100 per cent. Ministry of Finance and Ministry of Petroleum Resources are the two shareholders. It’s still a government owned enterprise, it’s not privatized.”

Group managing director of NNPC Mele Kyari had announced that NNPC would become a fully private company after the unveiling of the new NNPC.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: NNPC
SendShareTweetShare
Previous Post

Fuel Subsidy To Gulp N6.72trn In 2023

Next Post

TO CURB RISING INSECURITY… Federal Govt Plans Ban On Okada, Mining Activities Nationwide

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

Coalition Cautions Against Derailing Peace Process In UK APC
News

FCT Polls: Crisis Rocks APC Over Alleged Plan To Drop Chairmanship Candidate

2025/08/07
Teenager Launches SPARK To Connect African Girls To Global Tech Leaders
Feature

A Case for Corporate Social Responsibility to Empower Communities in Nigeria

2025/08/07
Planned Union Protest: Aviation Minister Pleads For Dialogue
News

Minister Orders Placement Of KWAM 1 On No-Fly List

2025/08/07
NAF Airstrikes Hit Terrorists’ Stronghold In Kaduna, Kill Scores
News

Airstrike Kills 30 Terrorists At Wedding Ceremony In Zamfara

2025/08/07
FEC Approves Establishment Of Council For Humanitarian Affairs
News

FEC Approves Establishment Of Council For Humanitarian Affairs

2025/08/07
Inmates Of Delta Correctional Centres Cleared To Write WAEC
News

WAEC Reviews WASSCE Results, Corrects Technical Glitches

2025/08/07
Leadership Conference advertisement

LATEST

FCT Polls: Crisis Rocks APC Over Alleged Plan To Drop Chairmanship Candidate

A Case for Corporate Social Responsibility to Empower Communities in Nigeria

Minister Orders Placement Of KWAM 1 On No-Fly List

Airstrike Kills 30 Terrorists At Wedding Ceremony In Zamfara

FEC Approves Establishment Of Council For Humanitarian Affairs

WAEC Reviews WASSCE Results, Corrects Technical Glitches

WAEC: Students Complain Of English Language Grades

Kwara Flags Off Free Medical Outreach

Our Children Deserve Classrooms, Not Abandoned Projects — Obi

JUST-IN: NCAA To Ban Fuji Star KWAM 1 From Flying In Nigeria

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.