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Nigeria

Tinubu moves to rein in the NNPC, slashing funds for northern states

The president’s plan would double the central government share of the state oil company’s profits to over 80%

As tensions deepen between President Bola Ahmed Tinubu and the managing director of the state-owned Nigerian National Petroleum Company (NNPC) Bashir Bayo Ojulari, the government plans to claw back some of the company’s financial autonomy. Tinubu wants to cut the share of profits that the NNPC retains for running costs and exploration before submitting the remaining revenues to the federal government account. As most of the exploration funds are spent in the northern states, where Tinubu’s support is waning, this plan could prove politically explosive.

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