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Despite Subsidy Removal, NNPC’s FAAC Remittance Dropped By N500bn In 2024: World Bank

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Despite Subsidy Removal, NNPC’s FAAC Remittance Dropped By N500bn In 2024: World Bank

Despite subsidy removal, NNPC’s FAAC remittance dropped by N500bn in 2024: World Bank. The World Bank says revenue remitted by the Nigerian National Petroleum Company (NNPC) Limited dropped by N500 billion in 2024 despite a surge in gross revenues collected by Nigeria’s main revenue agencies in the year.

In the latest World Bank Nigeria Development Update (NDU), published on May 12, the Bretton Woods organisation said NNPC’s remittance to the federation account dropped from N1.1 trillion in 2023 to N600 billion in 2024.

On May 29, President Bola Tinubu said the petrol subsidy regime was over.

Three months later, TheCable reported that Tinubu was considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange (FX) rates soared.

Although the federal government had consistently denied the return of petrol subsidy, the NNPC, on August 19, 2024, said the federal government owes it N7.8 trillion for under-recovery.

According to the World Bank, NNPC’s remittance performance in 2024 was due to “implicit petrol subsidy,” which was in place till September 2024.

“Gross revenues collected by Nigeria’s main revenue agencies surged in 2024, despite minimal remittances from NNPCL,” the lender said.

“FAAC data show that gross revenues collected by the main revenue agencies (FIRS, NCS, NNPCL and NUPRC) rose significantly from N16.5 trillion (7 percent of GDP) in 2023 to N29.5 trillion (10.6 percent of GDP) in 2024.”

World Bank said the largest revenue increases came from foreign exchange-denominated sources that benefited from the removal of the FX subsidy, “including oil revenues (royalties, taxes, signature bonuses), customs revenues, and the foreign trade-related component of value-added tax”.

“However, NNPCL was the only laggard, remitting just N0.6 trillion to FAAC in 2024, down from N1.1 trillion in 2023, largely due to the implicit PMS subsidy, which remained in place until the end of September 2024,” the lender said.

“Although the subsidy was fully removed October 1, 2024, NNPCL did not start transferring the resulting revenue gains to the Federation until January 2025. From that point, it began remitting 50 percent, with the other half being used to settle past arrears.

“As of February 2025, NNPCL’s claimed arrears stood at N7.8 trillion, while the Federation’s claims totalled N6.1 trillion, resulting in net arrears to NNPCL of approximately N1.7 trillion, down from N3.4 trillion in September 2024, before the subsidy removal.”

‘FISCAL OUTLOOK REMAINS OPTIMISTIC’

Despite NNPC’s decline in remittances, the World Bank said Nigeria’s fiscal outlook remains cautiously optimistic but hinges on the necessary consolidation of recent advances.

“First, it is essential to ensure that the full revenue gains from the removal of the PMS subsidy—estimated at about 2.6 percent of GDP in 2024—are transferred to the Federation,” the bank said.

“Despite the subsidy being fully removed in October 2024, NNPCL started transferring the revenue gains to the Federation only in January 2025. Since then, it has been remitting only 50 percent of these gains, using the rest to offset past arrears.

“Resolving any remaining net arrears and channeling the full benefits of subsidy reform to the Federation is critical for sound fiscal management.”

World Bank

World Bank

‘ENSURE REVENUE GAINS FROM PETROL SUBSIDY REMOVAL’

The Bretton Woods organisation urged the federal government to ensure revenue gains from the removal of the petrol subsidy flow to the federation.

World Bank also asked the federal government to publish reconciled monthly fiscal reports and quarterly budget implementation reports on time.
“Publish raw FAAC data and documents from all agencies,” the bank said.

“Improve transparency in accounting for oil revenues by conducting a fo- rensic audit of NNPCL, and adopting standardized reporting to FAAC.”

The Bretton Woods institution also encouraged the federal government to “clear the backlog of audited financial statements for 2021-2023”.

Crime

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

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Troops Destroy 56 Illegal Refining Sites

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
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The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.

The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations

Troops Destroy 56 Illegal Refining Sites

Oil

The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.

ABIODUN FOLORUNSHO

Navy Captain

Director Naval Information

Nigerian Navy
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Economy

NNPC Ltd Offers N66 Fuel Discount Throughout the Nation

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NNPC Ltd Offers N66 Fuel Discount Throughout the Nation

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a nationwide ₦66 fuel discount promotion for customers using the NNPC Fuel App.
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In a post obtained from its X handle on Friday, the promotion, which runs from October 1 to 7, is being held across NNPC stations nationwide as part of activities marking the period.

“The ₦66 Discount Promo is ongoing & the excitement is already happening across our stations nationwide!

“All over Nigeria, our customers are getting in on the action & there’s still time for you to benefit!

The promo runs from 1–7 October on the NNPC Fuel App,” the post read.

NNPC said customers across the country have already begun participating in the promotion, with highlights from the first day showing activities at several stations.

“Keep fueling, keep transacting and keep your eyes on our pages,” the post read.

NNPC

NNPC

NNPC also shared moments from the first day of the promotion and said more pictures and activities from stations across the country would be released.

The company urged customers not to miss the opportunity to participate before the promotion ends on October 7.

The ₦66 discount offer is available through the NNPC Fuel App during the stated promotional period.
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Economy

President Tinubu Tells EFCC: You Have Justified my Confidence in You

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EFCC Arraigns Gidado Ibrahim

President Tinubu Tells EFCC: You Have Justified my Confidence in You

President Bola Ahmed Tinubu has applauded the efforts and performance of the Economic and Financial Crimes Commission, EFCC, in tackling economic and financial crimes and other acts of corruption in the country, stressing that it has justified the confidence reposed on it.
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He gave this commendation on Friday, October 2, 2026 in Awka, Anambra State at the commissioning of a new Zonal Directorate of the EFCC. The President pointed out that there are evidential proofs of the success of the Commission in convictions, recoveries and other landmark achievements

Represented by Honourable Tajudeen Abbas, Speaker, House of Representatives, Tinubu noted that “supporting the EFCC is not particularly difficult. The agency has consistently demonstrated that the confidence reposed on it is well founded. Without mincing words, the evidential proof of the EFCC’s success speaks loudly in convictions secured, assets and properties recovered”

He affirmed that the strides of the Commission are in tandem with the Renewed Hope Agenda of his administration.

“When we came in three years ago, I highlighted nine major focal areas of my administration. Two of which are reforming the economy for sustained and inclusive growth and promotion of good governance. The anti-graft agency compliments this agenda as they are focused on accountability and transparency and appropriate deployment of resources”, he said.

At the commissioning, the Executive Chairman of the EFCC, Mr. Ola Olukoyede restated the commitment of the Commission to preventive frameworks in tackling economic and financial crimes and other acts of corruption in the country.

According to him, the Commission will continue its focus on making corrupt practices difficult by blocking avenues through which they may happen.

“This new Directorate will not only enforce the law professionally and courageously, it will be high on corruption prevention. It will engage government institutions, businesses, financial institutions, professional bodies, schools, markets, civil society organisations, traditional institutions, religious bodies and communities. It will educate stakeholders, build relationships and mobilise the people to own the fight against all forms of corrupt practices in the zone”, he said

He assured Nigerians that the EFCC would not relent in the pursuit of its mandate, recalling the achievements of the Commission in the last 34 months and describing them as impressive progress.

“The pursuit of our mandate has been our dominant engagement and in the past few years, we have made impressive progress. Between October 2023 and July 2026, the Commission received 49, 673 petitions, investigated 39, 615 cases, filed 14, 476 cases in court and secured 10, 872 convictions. This gives a conviction-to-filing ratio of 75.1 percent. In the first half of 2026 alone, we recorded 1, 370 convictions from 1, 889 filings. The Commission also recorded recoveries of N1, 233, 612, 040, 411. 11, $684, 478, 457. 32, £373, 905. 78, €9, 343, 803. 66 inn addition to recoveries in other currencies”, he said.

He noted that at the institutional level, the Commission has made radical reforms that have been yielding optimal results as there are consequential improvements in the agency’s processes and procedures, which partly explains the impacts the EFCC has made and will continue to make in all the matrices of law enforcement.

“Reforms that have strengthened the Commission during the period include new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre”, he said.

While charging Ndi Anambra on whistleblowing, the anti-graft czar said that the Commission has established channels through which members of the public can submit petitions and provide information. He noted that the Commission’s Eagle Eye App allows citizens to provide details of suspected wrongdoing and makes the provision of an informant’s personal details optional. “However, whistleblowing must be responsible and based on facts. It must not become an instrument for settling scores”, he said.

EFCC Arraigns Gidado Ibrahim

EFCC

He thereafter said that Anambra and Imo States deserve effective and responsive institutional presence as they are renowned for enterprise, innovation, commerce and an extraordinary culture of industry, adding that these legitimate activities must be protected from fraud, cybercrime, money laundering, investment fraud, diversion of public resources and other forms of economic and financial crimes. “Therefore, our coming to Awka is beyond geographical expansion. It is about taking the mandate of the EFCC closer to the people and closer to the economic activities we are meant to protect”, he said.

In their remarks, His Excellencies, Professor Chukwuma Soludo, Governor of Anambra State and Senator Hope Uzodinma, Governor of Imo State said that they were pleased with the activities and management of the EFCC under the leadership of Olukoyede. They pledged their support to the Commission as it opened a new Zonal Directorate in their domain.

The commissioning of the new Directorate witnessed massive turn out of distinguished Nigerians, including members of the National Assembly, civil society organisations, community leaders, students, media among others.
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