NEWS
NNPCL Unveils Strategy For Royalties, Taxes From $3.3bn Afrexim Loan
The Nigerian National Petroleum Company Limited (NNPC Ltd), would be prepaying future royalties and taxes to the Nigerian Government from the $3.3bn financing deal from the African Export-Import Bank (Afrexim) last year.
Chief Corporate Communications Officer, Olufemi Soneye, NNPC Ltd made the disclosure on Sunday in a document titled, ‘Frequently Asked Questions – Project Gazelle’.
Recall that the state oil company secured a $3.3bn emergency crude oil repayment loan from the Afrexim, with the objective of helping the Nigerian government stabilize the exchange rate.
In an attempt to address public’s curiosity, Sonyeye explained that, “Everything you need to know about the NNPC Limited’s $3.3bn loan, also known as Project Gazelle.
“There has been a lot of interest from the public and stakeholders in recent weeks regarding the $3.3bn crude oil pre-payment loan, also known as Project Gazelle.
This is a financing agreement secured by NNPC Limited to prepay future royalties and taxes to the Federal Government.”
The company also stated that it adopted a lower price benchmark for the $3.3bn crude-for-cash loan to reduce the risk of default and ensure financial stability.
Offering more details on the benchmark oil price, the NNPC Ltd said the facility was using a conservative crude price of $65/barrel to calculate the allocated crude to be produced and sold in the future.
Brent, the global benchmark for crude, is currently at about $78/barrel.
Commenting on the benchmark oil price of $65/barrel for the $3.3bn deal, the national oil firm said, “This provides a safety margin for price fluctuations in the future.
“NNPC Limited has reserved up to 90,000 barrels of crude for Project Gazelle, ensuring sufficient cash flow for repayment and other financial obligations.
“If oil prices rise, more money will come in from selling the 90,000 barrels, allowing for faster repayment. However, if oil prices fall, the repayment may be slower.
“The quantity of crude earmarked (90,000 barrels) is sized to ensure enough cash is available for the repayment of the facility when it is due.
“This also ensures that NNPC Limited can meet other cash flow obligations, considering the expected future price of crude oil globally.”
According to the NNPCL, repayments were strategically planned and tied to future oil sales, with conservative pricing in oil sales contracts mitigating the risks associated with oil price volatility.
International News
WHO Releases Alarming Casualty Figures From US‑Israel‑Iran Conflict
The World Health Organization (WHO) has released a disturbing update on the escalating conflict involving the United States, Israel, and Iran, revealing that thousands of people have been killed or injured in just under two weeks.
WHO Director-General Tedros Adhanom Ghebreyesus warned that health systems across the Middle East are under “immense strain” and are at risk of complete collapse if the crisis continues.
SEE MORE: US-Israel-Iran War: Day Four Updates from the Middle East
According to WHO reports, Iran has suffered over 1,300 deaths and around 9,000 injuries, while Lebanon has recorded at least 570 deaths and approximately 1,400 injuries.
In Israel, at least 15 people have died and more than 2,100 have been injured since hostilities escalated.
The conflict began on February 28, following a massive joint strike by US and Israeli forces that targeted top Iranian officials, including the country’s Supreme Leader.
The violence has since spread across the region, with retaliatory attacks targeting Israeli sites and US military bases in neighboring countries.
The humanitarian impact is severe. Over 100,000 Iranians and up to 700,000 Lebanese citizens have been displaced, many living in overcrowded conditions with limited access to clean water, sanitation, and medical care.
The WHO warns that these conditions put women and children at particular risk of disease outbreaks.
The organization also highlighted a growing trend of attacks on healthcare infrastructure, reporting dozens of strikes on hospitals and medical facilities across Iran and Lebanon.
Such attacks have not only resulted in deaths but also deprived entire communities of critical medical care when they need it most.
Tedros emphasized the urgent need for all parties to respect international law and protect civilians, calling for unimpeded humanitarian access and immediate measures to prevent the collapse of fragile health systems.
With the conflict continuing to escalate, the WHO has stressed that immediate action is required to protect lives, ensure medical support reaches affected populations, and prevent the humanitarian crisis from worsening.
NEWS
2026 Poll: Osun Ndigbo Backs Adeleke’s Second-Term Bid
Ahead of the 2026 governorship election, the Ndigbo community across the local government areas of Osun State has declared its support for the second-term bid of Governor Ademola Adeleke.
A government house statement in Osogbo on Wednesday night has it that ndi Igbo cited his administration’s developmental strides across the state for their decision.
The endorsement was made during a courtesy visit by leaders of the Igbo community in Osun to the governor at the Government House in Osogbo, where they commended his leadership and commitment to inclusive governance.
ALSO READ: Adeleke on Why he Deserves Second Term
Speaking on behalf of the association, President-General of the Ndigbo in the state, Chief John Dike, praised the governor for the infrastructural and social development projects being carried out across the state.
He particularly commended the governor for appointing some members of the Igbo community as Senior Special Assistants, describing the gesture as a sign of recognition and inclusion of the community in the affairs of the state.
Chief Dike, however, appealed for further inclusiveness, requesting that more Igbo indigenes be considered for appointments into the state cabinet and other employment opportunities within the government.
He also urged the state government to allocate land for the construction of a modern secretariat for the Igbo community and grant approval for an endorsement rally in support of the governor’s re-election bid.
In addition, the Ndigbo leader sought assistance for Igbo farmers operating within the state, while assuring the governor of the community’s unwavering support for his administration and second-term ambition. Members of the delegation also presented campaign caps to the governor as a symbol of their solidarity.
Responding, Governor Adeleke expressed appreciation for the endorsement, noting that the Igbo community has continued to contribute positively to the social and economic development of the state.
He assured them that his administration would continue to promote their welfare and support their progress, while granting the requests presented during the visit.
NEWS
Adeleke on Why he Deserves Second Term
Osun State Governor, Senator Ademola Jackson Nurudeen Adeleke, has declared that his administration’s record of performance and fulfilment of electoral promises justifies a second term in office.
A government house statement in Osogbo on Wednesday has it that the governor made the declaration while hosting a delegation of the Ansar-Ud-Deen Society of Nigeria (ADS), Osun State Council, during a courtesy visit to the Government House, Osogbo.
ALSO READ: CNG: Tinubu Orders Deployment of 100,000 Kits in Three Weeks
It was gathered that the delegation was led by the National Vice President of the society, Asiwaju Justice Adeigbe (Rtd), alongside the Chairman of the Osun State chapter, Chief Daud Oladapo.
Speaking on behalf of the delegation, the State Secretary of the society, Dr Afeez Akande, praised the Governor’s performance and pledged the support of the organisation for the continuity of the administration.
“We have been following what you are doing and your track records. You are wonderful and you are marvelous in our eyes. The monumental works you have been doing in Osun make it look like we have never had a Governor like this before,” Dr Akande said.
He noted that the administration’s projects are known for timely delivery and strategic impact on the lives of residents.
“We have identified that once you embark on projects, they are time-bound. It shows genuine administrative acumen, love for the state and love for the people,” he added.
Dr Akande also cited infrastructural developments, specifically the ongoing dualisation of roads, notably that of Iwo as an example of the Governor’s vision-driven leadership.
“That road project has helped to boost economic activities in the area. Such development can only come from someone with vision who follows through with implementation. We appreciate what you are doing and we are resolved to support the continuity,” he said.
Responding, Governor Adeleke thanked the delegation for the visit and reaffirmed his commitment to people-centred governance.
“Today marks the starting point of campaigning for the August 15, 2026 governorship election. We need your prayers and support for a free and fair election through which the will of the people will prevail,” the Governor said.
Governor Adeleke also unveiled an upgraded Five-Point Agenda that will drive his re-election campaign.
“Our reloaded Five-Point Agenda will focus on integrated youth, women and workers’ welfare and empowerment; infrastructure consolidation for citizens’ social and economic wellbeing; agro-industrial expansion for human development and collective prosperity; affordable and qualitative health and education access; and an improved and secured business environment for job creation,” the Governor stated.
Explaining why he deserves a second term, the Governor pointed to the administration’s record across several sectors.
“When the opposition asked whether I deserve to be re-elected, I told them yes based on my performance in this first term in office,” the Governor said.
“I deserve re-election because of what our administration has delivered for the people of Osun. We have empowered the cooperative movement with almost four billion naira, strengthened community development associations with grassroots health and infrastructure projects, and implemented the Imole Medical Outreach that has benefited almost eighty thousand residents.”
He added that the administration has also revived agriculture and rural development across the state.
“We revived the cocoa revolution through aggressive seedling distribution and new farmers’ initiatives, acquired brand new tractors now serving farmers across the state, and implemented thousands of local projects through integrated rural development under the O-RAMP programme,” he said.
Governor Adeleke further highlighted achievements in governance, infrastructure and economic management.
“We introduced a 45-day window for the acquisition of Certificates of Occupancy, revived the Osun Free Trade Zone with active investors, digitised tax and revenue collection, and implemented the SIFMIS payroll application to ensure transparency in the management of public funds,” he stated.
The Governor also cited major achievements in infrastructure and social services.
“We have constructed over 350 kilometres of roads, developed three major flyover bridges, revived six moribund waterworks, drilled 332 boreholes across wards, rehabilitated schools and health centres, and paid inherited half salaries and almost one hundred billion naira in pension debts,” he added.
Governor Adeleke assured the people of Osun that his administration will continue to deliver inclusive governance and sustainable development if re-elected.
“My promise to the people of Osun is that now and when we are re-elected, we will continue to run an inclusive and forward-looking government that keeps the people at the centre of our programmes and policies,” he said.
Other dignitaries, and political functionaries present included the Deputy Governor of Osun State, Prince Kola Adewusi, and the Head of Service, Elder Ayanleye Aina.






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