Flingpord

  The IMF on Friday raised doubts on the reported volumes of fuel consumed in Nigeria,  calling for a proper audit of the financials of the state-owned oil company – the Nigerian National Petroleum Company (NNPC) Limited. In its latest 2022 Article 1V mission in Nigeria, the IMF raised concerns of a double whammy of very poor revenue mobilization amid huge subsidies and therefore warned that fiscal transparency remained critical for a sound fiscal policy for the Africa’s largest economy. Apart from the IMF, there have been similar doubts around NNPC latest figures which show that Nigeria consumes as much as 66.8 million litres of petrol daily, with the attendant revenue – gulping monthly subsidies which have denied government remittances from oil sale in the past 9 months, at least. In the statement, the IMF acknowledged efforts by the authorities to published the annual financial reports of the state-owned Nigerian National Petroleum Company (NNPC) since 2019, but worry that ...