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NNPCL Withheld N8.4trn As Petrol Subsidy – Group Reveals
The Nigerian National Petroleum Company Limited (NNPCL) withheld the amount of N8.480 trillion intended for the Federation Account as a gasoline subsidy between January of last year and the present, according to information released by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) yesterday.
The commission’s chairman, Mr. Mohammed Shehu, claimed that the subsidy regime was opaque in a statement made in Abuja.
He insisted that since the enormous amount has gone unaccounted for, ending the subsidy was the right course of action for the country.
According to him, “It is saddening to note that since 1st January, 2022 to date, the Nigeria National Petroleum Company Limited (NNPCL) has not been contributing to the Federation Account due to the claimed subsidy payments.
“The total amount withheld by the NNPCL as claimed subsidies for this period amounted to N8,480,204,553,608.13 as reported by the Office of the Accountant General of the Federation(OAGF) which is yet to be reconciled by the RMAFC, OAGF, and NNPCL.
“In a situation whereby the records of subsidy transactions are not transparent and crude oil prices are being determined globally, it would be unwise to sustain the phantom payments of subsidy at the detriment of other critical sectors of the economy thus making its sustainability difficult for the Government.”
Mr. Shehu said that the removal of fuel subsidies would eliminate the alleged uncertainty surrounding the subsidy regime and free funds for the execution of critical national development and human capital enhancement projects.
The Chairman described the 29th May, 2023 pronouncement of the removal of fuel subsidy by President Bola Tinubu at his inaugural speech, due to the non-budgetary provision for subsidy as a master stroke that broke the subsidy jinx.
Mr. Shehu urged President Tinubu to act in conformity with the current laws of the federation against all economic saboteurs who have contributed to the country’s economic troubles.
He expressed confidence that the Dangote Refinery will “mark a glorious dawn in hassle-free oil production and distribution in the absence of a subsidy regime when it becomes operational.”
The head of RMAFC also tasked the president with acting quickly to implement measures to lessen the pain brought on by the elimination of subsidies.
The Nigerian Content Development and Monitoring Board (NCDMB) has launched a 5-day Hands-on Oracle Primavera P6 Training in Rivers State, targeting 50 participants.
The training, being executed by Mathnebi Nig. Ltd, commenced today, March 16th and will run until Friday, March 20th.
The intensive hands-on program aims to equip participants with practical skills in project management using Oracle Primavera P6, enhancing their capabilities in the energy and construction sectors.
The NCDMB’s sponsorship of the training underscores its commitment to boosting local capacity and driving Nigeria’s economic growth through skills development.
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The training is expected to benefit participants and contribute to the development of Nigeria’s project management landscape.
President Bola Ahmed Tinubu has sworn in Mr. Taiwo Oyedele as Nigeria’s new Minister of State for Finance at the Aso Rock Presidential Villa.
The swearing-in ceremony took place shortly after the Senate confirmed Oyedele’s nomination last Wednesday.
Oyedele, 50, from Ikaram, Akoko in Ondo State, brings over two decades of experience in fiscal policy and tax administration.
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He previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system, introducing zero income tax for Nigerians earning N800,000 or less and exemptions for small businesses with turnovers below N50 million.
During his Senate screening, Oyedele described his appointment as “a call to serve at a critical time when Nigeria faces significant fiscal challenges and remarkable opportunities.”
He replaces Dr. Doris Uzoka-Anite, who has been redeployed to the Ministry of Budget and National Planning.
Oyedele also spent 22 years at PricewaterhouseCoopers, held executive programs at top global institutions including the London School of Economics and Harvard Kennedy School, and currently serves as a professor at Babcock University.
The minister’s appointment signals a continued focus on implementing the Tax Reform Acts, which took effect on January 1, 2026, and aim to simplify Nigeria’s tax system while boosting economic growth.
Passengers were thrown into panic on Monday after a train operating along the Abuja–Kaduna rail corridor derailed, leaving several passengers injured and disrupting services on the busy route.
The train, which was travelling from Kaduna to Abuja, reportedly failed to reach its destination as scheduled after the incident occurred along the rail line linking both cities.
According to passengers on board, the incident happened suddenly, sending shock through the coaches as the train came to an abrupt halt.
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Some passengers said they heard a loud bang before the train jolted violently, throwing several occupants off their seats.
Eyewitnesses said the sudden impact caused confusion inside the train compartments, with some passengers sustaining cuts and bruises after hitting seats and metal fittings.
Initial reports suggested that the Abuja-bound train might have collided with another train along the corridor, forcing rail operations to pause temporarily while authorities assessed the situation.
A source within the Nigerian Railway Corporation confirmed the incident but declined to give full details, noting that he was not authorised to speak publicly on the matter.
One of the passengers, Sada Malumfashi, shared his experience on social media shortly after leaving the train.
He described the moment as frightening, stating that the loud sound and sudden stop caused many passengers to be flung from their seats.
He said the train remained stationary for about 30 minutes before the journey resumed slowly toward Kubwa, located on the outskirts of Abuja.
When contacted, the spokesperson for the Nigerian Railway Corporation, Callistus Unyimadu, confirmed the development and said an official statement would be issued.
Authorities are yet to disclose the exact cause of the derailment or the full extent of injuries as investigations continue.
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