NEWS
NNPCL Reports 37.2% Revenue Surge In 2022
The Nigerian National Petroleum Corporation Limited (NNPC Ltd) has unveiled its latest Audited Financial Statement (AFS), showcasing an extraordinary 37.2% increase in revenue.
The figures skyrocketed from N6.42 trillion in 2021 to an impressive N8.81 trillion in 2022, marking a significant milestone for the corporation.
The AFS, the fourth in a series since NNPC’s inception in 1977, reveals a jaw-dropping Profit After Tax (PAT) of N2.52 trillion.
This translates to an astounding 274% growth compared to the N674 billion recorded in the previous year, solidifying NNPCL’s financial prowess in the industry.
Delving into the corporation’s financial landscape for the year ending December 2022, the audited statement lays bare a formidable total asset base of N58.65 trtrillion which includes N37 trillion in non-current assets and N21.59 trillion in current assets.
The remarkable financial trajectory continued with a staggering 260.47% increase in total assets, reaching N58.65 trillion in 2022 compared to N16.27 trillion in 2021.
However, this prosperity was met with a proportional rise in liabilities, as non-current liabilities reached N19.98 trillion, and current liabilities surged to N29.3 trillion, resulting in a total of N49.35 trillion by the end of 2022—an increase of about 266.6% from N13.46 trillion in 2021.
The Audited Financial Statement (AFS) further sheds light on other crucial financial aspects, such as deferred tax liabilities at N13.23 trillion, deferred tax assets at N3.098 trillion, and a notable increase in the cost of sales, climbing to N6.7 trillion in 2022—a 25.47% rise from N5.34 trillion in 2021.
Despite these substantial changes, the AFS emphasized the auditors’ confidence in NNPCL’s financial stability.
For the 16-month period ending December 2022, they expressed no doubts about the NNPC’s ability to continue as a going concern, dispelling concerns of bankruptcy.
The auditors, in their notes to the 2022 Audited Financial Statement (AFS), affirmed that the financial statements were prepared following the going concern principle under the historical cost convention.
They stated, “Nothing has come to the attention of the directors to indicate that NNPC will not remain a going concern for at least 12 months from the date of these financial statements.
“At this time, no significant events after the reporting date that may have an impact on going concern have been noted.”
NEWS
Fire Ravages Gombe Technology Centre, N4m Property Lost
A fire outbreak has ravaged part of the Technology Incubation Centre near the Police Headquarters in Gombe, destroying property estimated at N4 million.
The incident occurred on Friday and affected five shops at the centre, according to the Federal Fire Service, Gombe State Command.
The command said its prompt intervention prevented the fire from spreading further, enabling firefighters to save property estimated at N15 million.
SEE MORE:Tragedy Strikes Algeria: Orphanage Fire Kills 11, Injures 19
The Federal Fire Service said it received a distress call about the incident at approximately 10:14 a.m., after which a multipurpose water tender was immediately deployed to the scene.
The firefighting operation was led by ASF II Mukhtar Shehu, with IF Bernard serving as the driver.
The crew successfully contained the blaze and extinguished it using one medium jet of water.
According to the command, four of the five affected shops were successfully saved, limiting the extent of the damage.
The command’s Public Relations Officer, ASF MB Muazu, said firefighters carried out a thorough inspection after extinguishing the flames and confirmed that there was no immediate threat of re-ignition.
Muazu said, “The Federal Fire Service, Gombe State Command, has successfully contained a fire outbreak involving five shops at the Technology Incubation Centre, near the Police Headquarters, Gombe.”
He added, “Four of the five affected shops were successfully saved, with property estimated at N15m salvaged, while the estimated loss stood at approximately N4m.”
The fire appliance and crew returned to the station at about 11:09 a.m. after confirming that the fire had been completely extinguished.
The Federal Fire Service reaffirmed its commitment to responding promptly to emergencies and protecting lives and property.
Muazu urged members of the public to report fire incidents promptly and adhere to basic fire safety precautions to prevent avoidable losses.
NEWS
OPEC Hails Tinubu’s Reforms, Oil Output on Nigeria’s Economy
The Organisation of the Petroleum Exporting Countries (OPEC) has expressed the view that Nigeria’s positive economic outlook is predicated on the strategic reforms of the President Bola Ahmed Tinubu administration and improved crude oil output.
The views were expressed in its latest assessment of the Nigerian economy, in which it noted that the country’s economy expanded by 3.9 percent year-on-year in Q1, 2026.
It added that the growth rate was only slightly below the 4.0 percent recorded in the fourth quarter of 2025, a confirmation that economic growth remained close to recent highs.
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According to the oil producers’ organisation, the non-oil economy continued to provide the main support for growth, with activity driven by agriculture, manufacturing, construction, trade, finance and insurance.
It pointed out that higher oil output had also improved fiscal revenues, foreign exchange inflows and external buffers. “The economy expanded by 3.9 percent, year-on-year, in 1Q26, only slightly below the 4Q25 pace of 4.0 percent, confirming that growth remains close to recent highs,” OPEC stated.
The organisation said survey indicators pointed to continued, though moderating, momentum in private-sector activity. It noted that the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) eased to 52.5 in July, from 53.4 in June and 54.1 in May.
The July reading, it said, was the weakest since March but still signalled a sixth consecutive monthly improvement in private-sector conditions. The OPEC said firms again reported a marked increase in new orders, supported by improved customer demand, better pricing and new product launches.
It added that output and employment also rose modestly during the month. The organisation predicted that higher domestic refining capacity, particularly improved fuel supply from the Dangote Petroleum Refinery and Petrochemicals (DPRP), should further support energy availability and reduce some of the pressures associated with petroleum imports.
“Higher domestic refining capacity, including improved fuel supply from the Dangote refinery, should continue to support energy availability and reduce some import-related pressures,” OPEC stated.
The DPRP, with a nameplate capacity of 650,000 barrels per day, has become a major source of locally refined petroleum products as its operations have expanded.
The refinery’s increased supply of petrol and other refined products has also reduced some of the country’s reliance on imported petroleum products, in line with the impact highlighted by the OPEC.
On inflation, the OPEC said pressures had begun to soften, with headline inflation standing at 15.9 percent year-on-year in both June and May. “The July PMI pointed to softening input costs, despite higher fuel and raw material costs,” the organisation stated.
The report said the moderation in input costs was an indication that some cost pressures facing businesses had begun to ease, although higher fuel and raw material costs remained a challenge.
The OPEC said Nigeria’s near-term outlook remained positive, with oil production, reform progress, infrastructure investment and stronger business activity providing support.
“Overall, Nigeria’s near-term outlook remains positive, supported by oil production, progress on reforms, infrastructure investment, and stronger business activity,” it stated.
NEWS
State Police Bill: FG Extends Deadline for Nigerians to Submit Memoranda
The Presidential Working Group on the National Policing Bill has extended the deadline for the submission of memoranda and position papers on the proposed legislation to Friday, August 21, 2026.
The extension, announced on Thursday, is aimed at giving Nigerians, institutions and other stakeholders more time to prepare and submit substantive contributions to the proposed reform of the country’s policing architecture.
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Chairman of the Working Group and Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, said the additional time was necessary to ensure broad consultation and enable stakeholders to make well-considered and technically sound contributions.
“The Presidential Working Group is committed to ensuring that the process of developing the National Policing Bill benefits from broad consultation and the informed perspectives of Nigerians and relevant stakeholders.
“The proposed legislation is intended to provide the operational, administrative, institutional and funding framework necessary for an effective policing architecture that responds to Nigeria’s evolving security needs while providing appropriate safeguards for accountability, professionalism and the protection of citizens’ rights,” Gbajabiamila said.
The Working Group had initially set August 13 as the deadline for public submissions but has now shifted it to 5:00 p.m. WAT on August 21.
Gbajabiamila urged legal practitioners, civil society organisations, security sector professionals, state governments, professional bodies, academics, experts and other interested members of the public to take advantage of the extension.
“All submissions must be made on or before 5:00 p.m. WAT on Friday, August 21, 2026, exclusively through the official National Policing Bill portal, nationalpolicingbill.com,” he stated.
According to the Working Group, the proposed legislation will address critical areas including sustainable funding, command and control structures, recruitment and training standards, operational jurisdiction, inter-agency coordination, accountability mechanisms and safeguards against political interference or abuse.
Gbajabiamila said these issues make extensive stakeholder engagement essential to producing a policing framework that is effective, accountable, sustainable and responsive to the security needs of communities across the federation.
“The Working Group recognises that developing an effective policing framework requires careful consideration of critical issues, including sustainable funding, command and control structures, recruitment and training standards, operational jurisdiction, inter-agency coordination, accountability mechanisms and safeguards against political interference or abuse.
“These considerations underscore the importance of robust stakeholder engagement in developing a framework that is effective, accountable, sustainable and responsive to the peculiar security needs of communities across the Federation,” he said.
The Working Group, inaugurated by President Tinubu to develop the legal framework for the implementation of state police, is expected to present a final, implementation-ready draft of the National Policing Bill for onward legislative processing.
The proposed bill is being developed alongside the constitutional amendment process required to establish state police, with the legislation expected to provide the detailed operational framework for federal and state policing.






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