A recent Nigerian Development Update from the World Bank expresses concern over the lack of transparency in the Bola Tinubu-led government and the Nigerian National Petroleum Commission Limited (NNCPL) regarding oil revenue and the proceeds from the recent fuel subsidy removal.
NN News Media gathered that the report notes nominal oil revenue gains since June but emphasizes a lack of clarity on the NNPC’s financial gains from subsidy removal, ongoing subsidy arrears deductions, and their impact on Federation revenues.
The World Bank also questions the stagnant retail petrol prices since August despite exchange rate fluctuations and global oil price changes.
In October, the Nigerian federal government announced a notable increase in the country’s oil production, reaching approximately 1.7 million barrels per day. This represents a significant surge of six million barrels per day from the recorded figure of 1.1 million barrels per day in August 2023.
