{"id":20706,"date":"2024-08-19T15:55:56","date_gmt":"2024-08-19T15:55:56","guid":{"rendered":"https:\/\/newsreservoir.com\/?p=20706"},"modified":"2024-08-19T15:55:56","modified_gmt":"2024-08-19T15:55:56","slug":"president-tinubu-consents-nnpcs-request-to-use-2023-dividends-for-petrol-subsidy-payments","status":"publish","type":"post","link":"https:\/\/newsreservoir.com\/?p=20706","title":{"rendered":"President Tinubu consents NNPC\u2019s Request to Use 2023 Dividends for Petrol Subsidy Payments"},"content":{"rendered":"<div dir=\"auto\">President Tinubu consents NNPC\u2019s Request to Use 2023 Dividends for Petrol Subsidy Payments<\/p>\n<p>President Bola Tinubu has given his consent to the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends owed to the federation to cover the cost of petrol subsidies.<\/p>\n<p>It will be recalled that the President during his inaugural address on May 29, 2023 announced the removal of fuel subsidy.<\/p>\n<p>In addition, the president has also approved a halt on the payment of 2024 interim dividends to the federation to help boost NNPC\u2019s cash flow.<\/p>\n<p>NNPC informed the president that, due to the subsidy payments, it is currently unable to pay taxes and royalties into the federation account, referring to this as a \u201csubsidy shortfall\/FX differential.\u201d<\/p>\n<p>Business Day reports that forecast from NNPC, has indicated that the total petrol subsidy expenses from August 2023 to December 2024 will amount to N6.884 trillion, leaving the company unable to remit N3.987 trillion in taxes and royalties to the federation account.<\/p>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The exact amount of dividends that would be withheld or put on hold it said, is yet be verified.<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Tinubu consents NNPC\u2019s Request to Use 2023 Dividends for Petrol Subsidy Payments President Bola Tinubu has given his consent to the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends owed to the federation to cover the cost of petrol subsidies. It will be recalled that the President during his inaugural [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":16471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7],"tags":[],"class_list":["post-20706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>President Tinubu consents NNPC\u2019s Request to Use 2023 Dividends for Petrol Subsidy Payments -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newsreservoir.com\/?p=20706\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President Tinubu consents NNPC\u2019s Request to Use 2023 Dividends for Petrol Subsidy Payments -\" \/>\n<meta property=\"og:description\" content=\"President Tinubu consents NNPC\u2019s Request to Use 2023 Dividends for Petrol Subsidy Payments President Bola Tinubu has given his consent to the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends owed to the federation to cover the cost of petrol subsidies. It will be recalled that the President during his inaugural [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/newsreservoir.com\/?p=20706\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-19T15:55:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/newsreservoir.com\/wp-content\/uploads\/2023\/07\/Bola-Tinubu-signs-.jpg_copy_675x450.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"675\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"ZAINAB TANIMU\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ZAINAB TANIMU\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/newsreservoir.com\/?p=20706\",\"url\":\"https:\/\/newsreservoir.com\/?p=20706\",\"name\":\"President Tinubu consents NNPC\u2019s Request to Use 2023 Dividends for Petrol Subsidy Payments -\",\"isPartOf\":{\"@id\":\"https:\/\/newsreservoir.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/newsreservoir.com\/?p=20706#primaryimage\"},\"image\":{\"@id\":\"https:\/\/newsreservoir.com\/?p=20706#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newsreservoir.com\/wp-content\/uploads\/2023\/07\/Bola-Tinubu-signs-.jpg_copy_675x450.jpg\",\"datePublished\":\"2024-08-19T15:55:56+00:00\",\"author\":{\"@id\":\"https:\/\/newsreservoir.com\/#\/schema\/person\/faffbb141ad72e9bc665f603c95ca365\"},\"breadcrumb\":{\"@id\":\"https:\/\/newsreservoir.com\/?p=20706#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/newsreservoir.com\/?p=20706\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/newsreservoir.com\/?p=20706#primaryimage\",\"url\":\"https:\/\/newsreservoir.com\/wp-content\/uploads\/2023\/07\/Bola-Tinubu-signs-.jpg_copy_675x450.jpg\",\"contentUrl\":\"https:\/\/newsreservoir.com\/wp-content\/uploads\/2023\/07\/Bola-Tinubu-signs-.jpg_copy_675x450.jpg\",\"width\":675,\"height\":450},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/newsreservoir.com\/?p=20706#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/newsreservoir.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"President Tinubu consents NNPC\u2019s Request to Use 2023 Dividends for Petrol Subsidy Payments\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/newsreservoir.com\/#website\",\"url\":\"https:\/\/newsreservoir.com\/\",\"name\":\"\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/newsreservoir.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/newsreservoir.com\/#\/schema\/person\/faffbb141ad72e9bc665f603c95ca365\",\"name\":\"ZAINAB TANIMU\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/newsreservoir.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7e89828a0637116ffc513026e478f73fd30000bfffd8574e845936fb44d48266?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7e89828a0637116ffc513026e478f73fd30000bfffd8574e845936fb44d48266?s=96&d=mm&r=g\",\"caption\":\"ZAINAB TANIMU\"},\"url\":\"https:\/\/newsreservoir.com\/?author=5\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"President Tinubu consents NNPC\u2019s Request to Use 2023 Dividends for Petrol Subsidy Payments -","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/newsreservoir.com\/?p=20706","og_locale":"en_US","og_type":"article","og_title":"President Tinubu consents NNPC\u2019s Request to Use 2023 Dividends for Petrol Subsidy Payments -","og_description":"President Tinubu consents NNPC\u2019s Request to Use 2023 Dividends for Petrol Subsidy Payments President Bola Tinubu has given his consent to the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends owed to the federation to cover the cost of petrol subsidies. 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