The Nigerian National Petroleum Company Limited (NNPCL) has clarified that the payment of dividends to the federation is not connected to the outstanding N1.3tn debt owed by the Federal Government.

In June, the national oil company disclosed its expectation of a refund of about N1.3tn from the Federation Account as debt owed by the government….CONTINUE READING

However, the company’s Chief Corporate Communications Officer, Garba-Deen Muhammad, emphasized that dividend payment is based on projected profit and is separate from the Federal Government’s debt to the NNPC.

The oil company had previously claimed that the government owed almost N4.1tn for unsettled outstanding claims related to subsidy payments on petroleum products imports, supplies, and distribution on behalf of the government.