Tinubu’s Govt Not Transparent With Oil Revenue, Amount Generated From Subsidy Removal – World Bank

A new World Bank report suggests that the President Bola Tinubu-led government and Nigerian National Petroleum Commissions Limited (NNCPL) are not transparent with the amount made from oil and the amount generated from the recent removal of fuel subsidy.

In its latest Nigerian Development Update, released on Wednesday, the bank claimed that while oil revenue gains have been obvious since June, there was a lack of transparency around oil revenue, particularly the NNPC’s financial gains from the recent removal of fuel subsidy.

“Nominal oil revenue gains have been evident since June. These are mostly categorized as “exchange rate gains”, suggesting that they are due to Nigerian naira depreciation.

“Except for the exchange rate-related increases, however, there is a lack of transparency regarding oil revenues, especially the financial gains of the Nigeria National Petroleum Corporation (NNPC) from the subsidy removal, the subsidy arrears that are still being deducted, and the impact of this on Federation revenues.

“It is also unclear why retail petrol prices have not changed much since August, despite fluctuations in the exchange rate and global oil prices,” the World Bank report partly read.

Naija News recalls that the federal government in October revealed that Nigeria’s oil production  increased to about 1.7 million barrels per day.

The figure swelled up by six million barrels per day, up from the 1.1mbpd recorded in August 2023.