Rising oil prices are significantly reducing the NNPC's transfers to the government

Breakdown of allocation of revenue received by the state oil firm, Nigerian National Petroleum Corporation (NNPC)

For full year 2021, total subsidy spend was 42% of NNPC's revenue
*The JV cash calls refers to the repayment of the backlog of debts owed to international oil companies since 2016 in ine with the signed agreement to repay US$5.0bn over 5 years. The outstanding debt as at Nov 2020 was reportedly US$1.5bn.

Chart: Ayobami Omole, Janet Ogunkoya Source: World bank calculations