NEWS
Senate Launch Investigation Into NNPCL Fuel Subsidy Regime
On Tuesday, the Senate established an ad hoc committee to examine the fuel subsidy system of the Nigerian National Petroleum Company Limited (NNPCL).
The decision was made after Patrick Chinwuba (APC-Imo) presented a motion during the plenary session on Tuesday.
The motion, titled “Need to Investigate the Controversial Huge Expenditure on Premium Motor Spirit (PMS) under the Subsidy/Under Recovery Regime by the Nigerian National Petroleum Company Limited (NNPCL),” prompted the formation of the committee.
During the motion presentation, Mr. Chinwuba highlighted that the federal government had announced a fuel pump price increase from N87 to a range between N135 and N145 per litre on May 11, 2016.
He said “This was in its fight against corruption and in order to plug the presumed highly proliferated leakages, wastages and slippages surrounding the fuel subsidy as well as in an attempt to end the controversial subsidy regime.
“At the inauguration of the present government on May 29, the president took a bold step to announce the total removal of fuel subsidy, noting that the scheme has increasingly favoured the rich more than the poor,”
He said the government’s interest in exiting the subsidy regime was in line with the policy of reducing the cost of governance and the desire to eliminate corrupt practices surrounding the scheme.
“The NNPCL, within the period of subsidy exit attempt, substituted the term subsidy with under recovery without any recourse to the National Assembly or supervision by any other arm of the government.
“While NNPCL within ten years, 2006 and 2015, claimed about N170 billion as under-recovery, the same NNPCL within 13 months, January 2018 to January 2019 claimed a whopping sum of N843.121 billion as under-recovery. He added.
Concerns were raised by the lawmaker regarding the uninvestigated and alarming costs of under-recovery and direct deductions by NNPCL without proper oversight which has resulted in a misunderstanding of the government’s well-intentioned motive behind subsidy removal.
Supporting the motion, Jibrin Isa (APC-Kogi) emphasized the importance of utilizing the savings generated from subsidy removal.
He said “This is where our oversight function comes to play. These monies that are going to be recovered from the discontinuance of fuel subsidy should be used to revive some of the ailing companies in particular; the Ajaokuta Steel Complex, Itakpe Iron Ore Mining Company in Kogi and Oshogbo Iron and Steel Rolling Mills in Osun.
“Those projects can create a lot of employment opportunities, create a lot of revenue for the government,”
Also, Osita Izunaso (APC-Imo) said, “We need to look at the palliatives to cushion the effects of subsidy removal.
“Much as we are going to make a lot of gains from subsidy removal, we have to look at the suffering of our people.”
Mohammed Monguno (APC-Borno) said the previous government never had the political will to withdraw the subsidy.
He said “We thank this government for taking the bull by the horn and gathering all the political will to withdraw the subsidy in the interest of Nigerians.
“We are now saving a lot of money, which we can use to deploy for revamping our infrastructure.
“In view of the hardship unleashed on Nigerians as a result of the subsidy, there is the need for government to take responsibility in cushioning the effect of the removal,” he added.
Following a voice vote conducted by Senate President Godswill Akpabio, all senators unanimously adopted the resolutions put forward in the motion.
Former Vice President, Atiku Abubakar, has raised fresh concerns over Nigeria’s security situation following deadly bomb attacks in Maiduguri, warning that terrorism is making a dangerous comeback.
In a statement released on Tuesday, Atiku condemned the coordinated explosions that rocked parts of the city, describing them as a troubling sign of renewed insurgent activities.
He noted that the return of suicide bombings, once believed to have been largely defeated, poses a serious threat to national stability.
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23 killed, 108 injured in Maiduguri bomb blasts
The attacks, which occurred on Monday night, targeted the Maiduguri Monday Market, a post office, and an area near the University of Maiduguri Teaching Hospital.
At least 23 people were confirmed dead, while over 100 others sustained injuries, leaving families in anguish as they search for missing loved ones.
Reacting to the development, Atiku warned that the resurgence of terrorism could erode public confidence in the government’s ability to protect its citizens.
He stressed that Nigerians are more interested in concrete results than official condemnations of attacks.
While acknowledging the sacrifices of security operatives, the former vice president urged the administration of President Bola Ahmed Tinubu to urgently review its security strategies to address the growing threats.
He also criticised the government’s handling of insecurity, alleging that more attention appears to be given to political matters than to tackling the worsening security challenges across the country.
Atiku further cautioned against politicising national security, noting that terrorism affects all Nigerians regardless of political affiliation.
He called for unity, decisive action, and a renewed commitment to safeguarding lives and property.
Meanwhile, security agencies have confirmed the incidents and launched investigations into the coordinated attacks as efforts continue to restore calm in the affected areas.
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.
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