NNPCL to Remit N14.6 Trillion by 2025 Amid Reforms
The Nigerian National Petroleum Company Limited (NNPCL) is expected to remit N14.6 trillion to the Federation Account by 2025, with projections of N10 trillion in 2024 and N4.5 trillion from January to September 2023. This increase follows the removal of subsidies, which previously resulted in zero remittances in 2022 despite the company reporting profits of N2.5 trillion.
President Bola Ahmed Tinubu's administration is implementing reforms, including the elimination of dual exchange rates and the stabilization of the naira, which is currently valued at N800 to $1. The Central Bank of Nigeria (CBN) aims to maintain a steady rise in the naira's value, targeting N1,000 to $1.
The Petroleum Industry Act (PIA) of 2021 has been pivotal in streamlining NNPCL's operations, enhancing regulatory clarity, and addressing the decline in oil revenue inflow. The administration's focus on reform is expected to position Nigeria as the third-largest economy in Africa by 2026.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
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