After Subsidy Removal, NNPCL Remits N123bn Into Federation Account
In line with the provisions of the Petroleum Industry Act 2021, the Nigerian National Petroleum Company Limited has commenced the payment of dividend into the federation account.
The NNPC Limited on Thursday begun the payment of interim dividend and PSC profit oil as part of the N907bn shared by the Federation Account Allocation Committee to the three tiers of government.
The remittance is coming barely two months after the NNPC exited the fuel subsidy shackle following the removal by President Bola Tinubu.
During the FAAC distribution, which was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, the NNPCL remitted N123bn into the coffers of government.
A breakdown of the N123bn showed that the National Oil Company paid N81bn as a monthly interim dividend and N42bn as 40 per cent PSC profit oil.
This is in addition to compliance on payment of royalties and taxes.
