NNPC Limited’s latest tender to buy petrol for delivery in November closed during the week, the sources said. Two of them added that NNPC would pay the last debts owed under the long-running oil swaps by the end of next month.
According to the report, the shift is the result of efforts by President Bola Tinubu to eliminate costly fuel subsidies as part of broader reforms aimed at shoring up the country’s struggling finances.
Last year, NNPC did not remit monies into the government coffers, even amid surging oil prices, as oil-for-fuel swaps consumed all the crude oil it had to sell.
