Africa Business News

The Nigerian National Petroleum Company Limited has begun buying petrol via cash tenders, rather than oil swaps, for the first time in nearly a decade. Shell Petroleum Development Company Limited has also disbursed N3.72 billion and an additional $12.32 million for host community development in compliance with the provisions of the Petroleum Industry Act. NNPC will pay the last debts owed under the long-running oil swaps by the end of next month. 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.