Nigeria, May 13 -- The World Bank on Monday revealed that the Nigerian National Petroleum Company (NNPC) Limited is remitting only 50 per cent of the gains generated from the removal of petrol subsidies to the federation account.

In its latest Nigeria Development Update report released Monday, the global institution said NNPC started transferring the revenue gains to the federation account only in January.

"Since then, it has been remitting only 50 per cent of these gains, using the rest to offset past arrears," the report said.

President Bola Tinubu announced the removal of costly petrol subsidies shortly after he was sworn into office in 2023.

The president said the decision was part of efforts to grow the economy for national devel...