Lagos — The World Bank has disclosed that the Nigerian National Petroleum Company Limited, NNPCL, handed over only half of the income resulting from the elimination of thePremium Motor Spirit subsidy into the nation’s Federation Account. The World Bank revealed this information in their most recent Nigeria Development Update, which was published on Monday. Out of the ₦1.1 trillion revenue generated from oil sales and other incomes in 2024, the NNPCL transferred only ₦600 billion, resulting in an unexplained shortfall of ₦500 billion. The document entitled "Creating Impetus for Equitable Expansion" revealed that the NNPCL utilized the leftover funds to clear its outstanding debts. According to the World Bank report, the NNPCL postponed transferring the related revenue surplus and began making payments into the Federation Account three months later, starting from January 2025. The World Bank disclosed that the NN...