US EditionNigeria: World Bank Urges Full Transfer of Subsidy Removal Revenues to Federation Account
- The World Bank urged the Nigerian government to transfer all revenue gains from the full fuel subsidy removal in October 2024 to the Federation Account.
- This call followed NNPCL starting to remit only about 50 percent of subsidy savings to the Federation from January 2025, using the remainder to offset past arrears.
- The Nigeria Development Update launched in May 2025 highlighted concerns over ambitious 2025 budget revenue assumptions, persistent inflation, and the need for fiscal transparency.
- The subsidy removal was estimated to free revenue equivalent to 2.6 percent of GDP in 2024, yet NNPCL remitted only N600 billion out of N1.1 trillion generated in 2024.
- The report and officials stressed that full remittance and efficient fiscal management are critical to sustaining macroeconomic stability and advancing Nigeria’s growth and development goals.
19 Articles
19 Articles
How NNPCL failed to remit N500bn to FAAC in 2024 — World Bank
The World Bank has explained how the Nigerian National Petroleum Company Limited remitted only 50 percent of revenue gains from the removal of the Premium Motor Spirit subsidy to the country’s Federation Account. The Bretton Woods institution disclosed this in its latest Nigeria Development Update released on Monday. NDU, which revealed concerns over fiscal transparency and revenue management following the deregulation of the downstream petroleu…
Nigeria: World Bank Urges Full Transfer of Subsidy Removal Revenues to Federation Account
The World Bank has called for the complete transfer of revenue gains from the total removal of fuel subsidy into the Federation Account. It said despite the full subsidy removal in October 2024, Nigerian National Petroleum Company Limited (NNPCL) started transferring the revenue gains to the federation only in January 2025.
W/Bank queries NNPCL’s remittance of subsidy proceeds - Daily Trust
The World Bank on Monday queried the remittance of the proceeds of the petrol subsidy removal by the Nigerian National Petroleum Company Limited (NNPCL). At his inauguration on May 29, 2023, President Bola Ahmed Tinubu announced the removal of petrol subsidy; the policy triggered a hike in price of the product and virtually all goods and services across the nation. The policy was projected to save the federal government billions of dollars annua…
NNPCL Did Not Remit N500bn Revenue In 2024 — World Bank
The World Bank has revealed that the Nigerian National Petroleum Company Limited has only been remitting 50 per cent of revenue gains from the removal of the Premium Motor Spirit subsidy to the Federation Account. This highlights concerns about fiscal transparency and revenue management in Nigeria’s downstream petroleum sector following deregulation.This disclosure is contained in the latest World Bank Nigeria Development Update, which highlight…
World Bank Questions NNPCL’s N500bn Shortfall In 2024 FAAC Remittances
The World Bank has raised concerns over a significant revenue shortfall in remittances by the Nigerian National Petroleum Company Limited (NNPCL) to the Federation Account, stating that only 50 percent of subsidy savings from oil revenue were transferred in 2024. According to the latest Nigeria Development Update report titled “Building Momentum for Inclusive Growth,” the […] The post World Bank Questions NNPCL’s N500bn Shortfall in 2024 FAAC Re…
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