Tag: he Nigerian National Petroleum Company Limited

The deductions from Nigeria’s Federation Account fell by N1.7tn in the first half of 2026, following the Federal Government’s move to stop certain oil revenue retentions by the Nigerian National Petroleum Company Limited and redirect gas-flaring penalties to the Federation Account. The World Bank disclosed this in its Nigeria Development Update report analysed by our correspondent on Thursday, noting that total deductions declined from N10.1tn in the first half of 2025 to N8.4tn in the corresponding period of 2026.  The reduction represented a fall of N1.7tn, or 16.8 per cent, year-on-year. As a share of the nation’s Gross Domestic Product, deductions dropped from 4.6 per cent to 3.4 per cent, a decline of 1.2 percentage points.  The World Bank attributed the development...