Economy
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
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
‘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
Brazil Fines TikTok $30m Over Failure to Implement Child Safety
Brazil Fines TikTok $30m Over Failure to Implement Child Safety
Brazil’s data protection agency on Tuesday fined TikTok nearly $30 million for failing to implement child safety measures in what it said was a “powerful signal” to social media companies.
Eereporter.com
Brazil has taken a tough stance on the regulation of social media platforms, cracking down on disinformation and requiring users under 16 years to have their accounts linked to those of their parents.
An enforcement director with the ANPD data protection agency, Fabricio Lopes, told a press conference that TikTok “was not taking the necessary measures to prevent adolescents from accessing the platform and from having the data of these children and adolescents processed.”
This data was “being used to offer advertising to adolescents.”
He said the fine of 153.7m reais ($29.9 million) was a “powerful signal to other platforms regarding how seriously the ANPD takes this work” and that the agency hoped they “get the message.”
TikTok agreed last week to pay $400m to settle a lawsuit with the US Department of Justice over claims that the video-sharing platform collected children’s personal data without parental permission.
– Tougher enforcement –
This month, the ANPD also ordered popular streaming platform Discord to suspend livestreams and video calls after a teenage girl was allegedly encouraged to take her own life during a broadcast.
The agency told AFP that an appeal filed by Discord on Monday against the suspension is under review.
ANPD director Lorena Coutinho said the agency had, last week, initiated proceedings to verify the compliance of 22 social media networks and platforms with a law passed this year to protect children and teens online.
In addition to the fine, the ANPD ordered TikTok parent company ByteDance to delete data collected in violation of regulations.
Coutinho said TikTok had committed to suspend all adverts for users who are not logged in.
TikTok has committed to “implementing a compliance plan to improve the protection of children and adolescents,” the ANPD said.

Brazil Fines TikTok
The platform will be required to automatically apply stricter privacy settings to accounts belonging to children under the age of 16, strengthen parental supervision systems, and implement stricter content filters.
TikTok did not immediately respond to requests for comment from AFP.
In 2024, the platform X was blocked for 40 days in Brazil, until the social media network owned by the world’s richest person, Elon Musk, complied with the Supreme Court’s orders to remove accounts spreading disinformation.
Eereporter.com
Economy
Umahi Leads the Way as Tinubu Orders Immediate Action on Benin-Agbor-Asaba Road Intervention
Umahi Leads the Way as Tinubu Orders Immediate Action on Benin-Agbor-Asaba Road Intervention
The Minister of Works, Senator Engr. David Umahi, CON, has moved swiftly to address the worsening condition of the Ifaki-Kabba-Ado Ekiti road in Ekiti and Kogi States, and Benin-Agbor-Asaba Roads following President Bola Ahmed Tinubu’s directive for urgent intervention to ease the hardship being faced by motorists and commuters.
Eereporter.com
Umahi, who expressed deep concern over the deplorable condition of the road and the suffering of road users who have spent hours and, in some cases, days on the route, said the Federal Government was determined to take immediate corrective measures while working towards permanent solutions.
“President Tinubu, GCFR, has directed the Federal Ministry of Works to urgently intervene and ensure that necessary corrective actions are taken to restore movement on the affected roads as quickly as possible.” Said Umahi
The Minister, in response to the directive, has already set machinery in motion for immediate action.
As part of the intervention, Umahi directed the Minister of State for Works to lead a team of ministry officials to the Ifaki-Kabba-Ado Ekiti axis to assess the situation and commence urgent remedial works.
The assignment is already on as of 10 a.m. on Tuesday, August 25, 2026, with officials of the Ministry on the ground to begin the intervention.
While the intervention team moved into Ekiti and Kogi States, Umahi himself headed to Benin, Edo State, alongside members of the National Assembly Works Committees, to initiate a similar coordinated intervention on the Benin-Agbor-Asaba road.
The Benin meeting is expected to bring together key stakeholders, including representatives of the Edo and Delta State Governments and the Niger Delta Development Commission (NDDC), with the aim of finding immediate solutions to the challenges confronting motorists on the strategic corridor.
Umahi also took responsibility for the unfortunate situation on the affected roads and apologised to commuters who have been stranded or delayed for several hours and days.

Benin-Agbor-Asaba
He assured road users that the Federal Government’s response would go beyond temporary relief, with immediate measures being pursued alongside permanent solutions to restore the affected roads and improve their long-term reliability.
Francis Nwaze
Senior Special Assistant to the Honourable Minister of Works (Media)
August 25, 2026
Eereporter.com
Economy
NNPC Cares: Boost for Nationwide Medical Access as NMSL Deploys Laparoscopic Instrument in Abuja
NNPC Cares: Boost for Nationwide Medical Access as NMSL Deploys Laparoscopic Instrument in Abuja
NNPC Medical Services Limited (NMSL) has deployed articulating laparoscopic instruments at its main hospital in Utako, Abuja. The machine is an advanced surgical equipment designed to enhance precision and flexibility during laparoscopic procedures.
Eereporter.com
The latest deployment widens the range of procedures available at the medical facility and represents a boost for healthcare access in the country.

NNPC
Acting Managing Director / Chief Operating Officer, NMSL, Dr. Dickson Bada, received the equipment from SQI Limited, represented by Dr. Emmanuel Otitoloju.
NNPC Limited continues to invest in its medical facilities, which are open to the public nationwide, towards improving healthcare delivery in Nigeria.
Eereporter.com
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