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Oye Alleges NNPC Ltd’s N17.5trn Energy Security Expenses is ‘Fuel Subsidy’

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The N17.5 trillion debt owed the Nigerian National Petroleum Company Limited (NNPC Ltd) by the Nigerian government is a disguised fuel subsidy.

Chairman of Alliance for Economic Research and Ethics Ltd/GTE, Dele Oye, made the allegation in a statement, adding that Nigeria was currently operating the most expensive subsidy programme in its history, despite the government’s claimed removal of fuel subsidy.

The erstwhile President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), added that the huge liability, accumulated through what NNPC described as “energy security expenses,” “under-recovery” and other receivables, represented a continuation of the subsidy regime under a different name.

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Oye, who is also the immediate past President of Organised Private Sector of Nigeria (OPSN), averred that the government’s 2023 announcement of fuel subsidy removal did not eliminate the financial burden but merely transformed it into an accounting arrangement that had placed additional pressure on public finances.

He said, “Nigeria is currently executing the most expensive subsidy programme in its history, yet almost no one is calling it by its true name.

“A N17.5 trillion liability has been accumulated in the shadows, hidden behind accounting terminologies designed to obscure rather than illuminate.

“This is not energy security; it is fiscal capture, the systematic transfer of public wealth through mechanisms that evade democratic oversight. The Petroleum Industry Act was designed to dismantle such opaque structures, not to be weaponised to legitimise them.

“Three years after the declaration that ‘subsidy is gone’, the burden has never been heavier. It has merely been rebranded. And that, tragically, is the most expensive word game in Nigerian history.”

He noted that the NNPC Ltd’s 2024 financial statements showed that the federation’s obligations to the company had risen to about N17.5 trillion, comprising energy security expenses, under-recovery claims, and other receivables.

Oye asserted that the development raised concerns over transparency, accountability, and the sustainability of Nigeria’s petroleum policy.

He stated, “On May 29, 2023, President Bola Ahmed Tinubu stood before the nation and declared, with theatrical finality: ‘Subsidy is gone.’ It was a bold proclamation, one that signalled a definitive break from decades of fiscal haemorrhage.

“Yet, three years later, as the Nigerian National Petroleum Company Limited (NNPC) released its 2024 Consolidated and Separate Financial Statements, the numbers revealed a profoundly different reality.

“The subsidy did not vanish; it metamorphosed. Today, the federation owes NNPC a staggering N17.5 trillion, an exposure nearly double the N9.36 trillion recorded in 2023. The anatomy of this colossal liability is as stark as it is revealing: N7.13 trillion categorised as ‘Energy Security Expense’, N8.67 trillion labelled as ‘under-recovery” and N8.84 trillion grouped under ‘Other Receivables from the Federation’.

“NNPC’s auditors, PwC, SIAO, and Muhtari Dangana & Co., have certified these figures. The company proudly posted a record N5.4 trillion profit after tax in 2024, a 64 per cent surge from the previous year. Yet, this ‘profit’ was declared even as the company simultaneously booked nearly N18 trillion in debts owed by the very federation to which it is mandated to remit dividends.”

According to Oye, “NNPC insists this is not a subsidy. They call it ‘energy security.’ But as the late economist, Thomas Sowell, astutely observed: ‘It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.’

“In Nigeria’s case, the price is being paid by 220 million citizens, while the decision-makers engage in a deeply expensive exercise in linguistic gymnastics.”

He said the current arrangement had created a situation where government revenue was reduced through deductions from NNPC remittances while Nigerians continued to experience high petrol prices.

The alliance chairman further questioned the continued accumulation of the liability despite the passage of the Petroleum Industry Act (PIA) 2021, which was designed to promote transparency and commercial efficiency in the petroleum sector.

Oye also criticised the continued reliance on petrol imports, despite the commissioning of the Dangote Petroleum Refinery and Petrochemicals (DPRP), describing it as a contradiction in Nigeria’s quest for energy independence.

He stated, “The narrative becomes truly surreal when we consider the Dangote Petroleum Refinery. Commissioned to end Nigeria’s decades-long dependence on imported fuel and save precious foreign exchange, Africa’s largest refinery (with a capacity of 650,000 barrels per day) should have rendered the ‘energy security expense’ entirely obsolete.

“Instead, Nigeria finds itself embroiled in a crisis over whether the Dangote Refinery should even be permitted to supply the domestic market effectively.”

He called for a comprehensive forensic audit of all energy security expenses and related claims, stating that Nigerians deserve clarity on the financial obligations being accumulated in their name.

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“Even a Prisoner Can Canvass for Votes” — Wike Defends Betta Edu’s Campaign Role

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It Took Me Time To Develop Your Mum’s Village, Wike Tells Amaechi

Federal Capital Territory Minister, Nyesom Wike, has defended the inclusion of former Humanitarian Affairs Minister, Betta Edu, in President Bola Tinubu’s 2027 campaign structure despite her ongoing investigation by the Economic and Financial Crimes Commission.

Wike argued that being investigated by the EFCC does not prevent an individual from participating in political activities or canvassing votes for a candidate.

The former Rivers State governor made the remarks on Wednesday during a media parley he hosted, which was aired on Channels Television.

SEE MORE: Betta Edu: EFCC Grills Officials, ICPC Recovers N50bn

The FCT minister questioned what he described as a double standard in the criticism surrounding Edu’s inclusion in the campaign council, noting that people facing criminal allegations had previously contested elections and won.

“You (media) were asking the moral justification of putting someone who has an EFCC case to be in a campaign council. And I was just watching the lady. The lady doesn’t even know what to say,” Wike said.

He added, “Now, somebody cannot be in a campaign to canvass for votes for a particular person, but somebody who has an EFCC case can contest an election and win an election?”

Wike said there had been instances where individuals facing criminal allegations contested elections and eventually became elected officials.

“This person had an EFCC case in court, charged to court. He contested an election and became a Governor,” he said without naming the person.

The minister further argued that even a person serving a prison sentence could canvass votes for a political candidate.

“Listen. Even a prisoner… maybe they have somebody in prison. I go and visit the person. The person can tell me, ‘My brother, I want you to support so-and-so candidate.’ A prisoner has canvassed for vote,” Wike stated.

He also referred to an unnamed person allegedly linked to a coup plot, saying the individual had also canvassed votes for a political candidate.

“I was watching, when Channels, when Sunrise, who came up to say, ‘Ah, how can somebody who’s being looked for as a coup plotter is now canvassing for votes for so-and-so government?’ Somebody EFCC is looking for is now canvassing for votes for so-and-so person.

“But… a party, or a candidate cannot, simply because EFCC is investigating the person, cannot be a member of the campaign council to campaign for votes,” he said.

Controversy over Betta Edu’s campaign role
The controversy followed Edu’s inclusion in the campaign structure for Tinubu’s 2027 re-election bid.

Edu was listed as Director of Women Mobilisation in the APC Presidential Campaign Council.

She was suspended by President Tinubu in January 2024 following allegations of financial impropriety and was subsequently investigated by the EFCC.

However, Edu has not been publicly declared guilty of any offence in connection with the investigation.

APC campaign council spokesperson, Kemi Asekun-Shittu, had earlier defended Edu’s inclusion during an interview on Channels Television’s Morning Brief.

Asekun-Shittu said Edu had not been found guilty and argued that it would be unfair to prevent her from participating in political activities while awaiting the outcome of the investigation.

“I’d like to say that for Betta Edu, for example, she has not been found guilty. And it will be unfair to ask that she leaves her life or refuses to live her life until the EFCC declares her,” she said.

She added that Edu deserved an opportunity to present herself again for the party, noting that the case had lasted almost two years.

Asekun-Shittu also said the campaign committee was an internal party affair and that the APC could determine who would serve on it, while stressing that the list was not final and could still be reviewed.

 

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How NNPC Remitted N7.9tn to Federation Account in Seven Months Despite Oil Output Drop

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) remitted N7.91tn to the Federation Account between January and July 2026, despite a decline in crude oil and condensate production in July.

The company disclosed this in its July 2026 operational and financial performance report released on Wednesday.

According to the report, NNPC recorded N3.09tn in revenue and N279bn in profit after tax during the period under review.

SEE MORE: Ogoni Committee Washes Hands Off Contracts, 40 NNPC Ltd’s Job Slots

However, crude oil and condensate production fell from 1.73 million barrels per day in May to 1.72 million barrels per day in June, before dropping further to 1.68 million barrels per day in July.

NNPC attributed the July decline to operational disruptions affecting several of its assets.

“July crude oil production was affected by a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints,” the company stated.

The decline in output was also reflected in crude oil and condensate sales, which fell to 22.53 million barrels in July from 28.23 million barrels in June.

The July sales comprised 21.53 million barrels of crude oil and one million barrels of condensate.

NNPC said it was implementing measures to reverse the decline and improve production, including preventive maintenance programmes aimed at sustaining facility uptime and reducing unplanned downtime.

“Production improvement efforts will focus on sustaining high facility uptime through effective preventive maintenance programmes and minimizing unplanned downtime,” the company stated.

It added that the measures would include optimising export operations at FEPL and Nembe EP, developing incremental production opportunities and strengthening operational reliability across key facilities.

“Additional measures include the activation of tandem offloading operations at Akpo and Erha to enhance export flexibility and the restoration of barging operations at Obodo to improve production evacuation and sustain output,” NNPC added.

On gas infrastructure, the company reported 100 per cent availability of its upstream pipeline network.

NNPC also said pre-commissioning activities had been completed on the River Niger Crossing section of the Obiafu-Obrikom-Oben gas pipeline, with first gas initially targeted for August 2026.

On the Ajaokuta-Kaduna-Kano gas pipeline, the company said construction and installation works were at an advanced stage to facilitate early gas delivery to Abuja in 2026.

The AKK pipeline recorded 95 per cent availability, while NNPC Retail’s petrol stations recorded 52 per cent availability, with distribution varying across regions.

Meanwhile, natural gas production stood at 7.49 billion standard cubic feet per day, while gas sales were 4.6 billion standard cubic feet per day.

NNPC, however, cautioned that the figures contained in the report remained provisional and subject to reconciliation with relevant stakeholders.

“All production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders,” the company stated.

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2027: Donald Duke Reveals Why He Wants to Be Nigeria’s President

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Donald Duke

The presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has explained that his decision to contest the 2027 presidential election is driven by his desire to address Nigeria’s longstanding leadership challenges and transform the country’s economy.

Duke, a former governor of Cross River State, made the declaration while speaking with journalists in Abuja on Tuesday.

He lamented what he described as a persistent leadership deficiency in Nigeria since the return to democratic rule in 1979, arguing that successive administrations had failed to provide the country with the vision required to achieve meaningful development.

According to him, Nigeria could have performed significantly better if the country had been led by individuals with clearly articulated visions for governance.

READ MORE:JUST IN: Former Cross River Gov Donald Duke Defects To ADC

“There has been frustration in the political system since the return to democracy. In reality, we could have done better than what we have if we had the right leadership.

“Since the return to democratic rule, there have been successive governments but there has not been one with leadership vision.

“That is why I have put up myself in order to provide the needed leadership to change the political question and provide the required development and growth.

“We in the political system do not need mudslinging but to tell Nigerians what we can do for the country.”

Duke said many previous leaders assumed office without a clearly defined understanding of what they intended to achieve, maintaining that the absence of an articulated national vision had contributed to repeated failures in governance.

Duke backs opposition unity

The PRP candidate also said the opposition could defeat the incumbent administration in 2027 if political parties and presidential contenders were willing to unite behind the strongest candidate.

He argued that the opposition must put aside personal ambitions and determine who among them has the capacity to lead a united political front.

Duke warned that failure to achieve such unity could make it easier for the President Bola Tinubu-led All Progressives Congress (APC) to retain power in 2027.

He maintained that even the APC’s control of more than 30 states would not guarantee victory if opposition parties successfully united around a common objective.
Duke backs fuel subsidy

On the economy, Duke expressed support for subsidising petroleum products, arguing that Nigeria should not use its natural resources in a way that further burdens citizens.

He criticised the removal of fuel subsidy and the subsequent pricing of petroleum products at rates linked to international market conditions, saying Nigerians should benefit from the resources available in their country.

The former governor also backed the establishment of state police, arguing that the measure had become necessary given the country’s security challenges and the rise in poverty-related crimes.

Student loans need jobs, says Duke
Duke described the government’s student loan scheme as a positive initiative but warned that it would not achieve its intended purpose without sufficient employment opportunities for beneficiaries.

He argued that graduates would struggle to repay their loans if the government failed to introduce policies capable of creating jobs and expanding economic opportunities.

He also criticised the relationship between government spending and revenue generation, calling for stronger coordination between monetary and fiscal policies to stimulate wealth creation and reduce poverty.

Atiku promises direct payment to LGs
Meanwhile, the presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has pledged that his administration would ensure that federal allocations meant for local government councils are paid directly to them if he wins the 2027 presidential election.

Atiku, in a statement issued by his spokesperson, Kenneth Okonkwo, said his government would uphold the rule of law and guarantee the constitutional independence of all tiers of government, including local councils.

He referenced the Supreme Court’s July 2024 judgment on local government financial autonomy, accusing the Tinubu administration of failing to fully enforce the ruling.

Atiku alleged that political considerations ahead of the 2027 election were influencing the handling of local government funds.

“My administration will respect court judgments, protect local government autonomy, ensure that public funds reach the people for whom they are meant, and restore true federalism,” he said.

According to him, direct funding of local governments would bring development closer to citizens, reduce poverty at the grassroots and strengthen the capacity of local authorities to tackle crimes and terrorism.

The former Vice President further alleged that state governors were being allowed to retain control over local government funds in exchange for political support for Tinubu’s re-election bid.

“This is not the Nigeria we should accept,” Atiku stated.

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