NEWS
We’re Selling Petrol At Half The Landing Cost, Which Is Not Subsidy – NNPC
The Nigerian National Petroleum Company (NNPC) Ltd has addressed concerns regarding the pricing of petrol, stating that it is currently selling Premium Motor Spirit (PMS) at only half of its actual landing cost.
Umar Ajiya, NNPC’s Chief Financial Officer (CFO), clarified on Monday in an interview with the News Agency of Nigeria (NAN) that the company has been covering what he termed a “shortfall” rather than providing a subsidy.
According to Ajiya, while the official pump price remains at approximately N600 per litre, the landing cost is around N1,200 per litre.
Related News: Tinubu Approves NNPC’s Plan To Spend Federation Dividends On Petrol Subsidy
Ajiya further disclosed that it cost the NNPC a staggering N7.8 trillion to cover this price gap in the first seven months of 2024.
This revelation has reignited discussions on whether the NNPC is indirectly offering subsidies, a concept typically defined as selling a product below its cost price.
Documents reviewed showed that the term “subsidy” was used extensively in official correspondence between the NNPC and the presidency, particularly in reference to the “shortfall.”
Recall that President Bola Tinubu reportedly approved NNPC’s request to utilize the 2023 final dividends due to the federation to offset these costs.
However, during a media briefing on Monday about the company’s 2023 audited financial statements, Ajiya refuted claims that the NNPC is involved in any subsidy scheme.
He stated that the company is merely managing the price difference in petrol imports on behalf of the federation, stressing that this should not be misconstrued as a return to subsidy payments.
Ajiya further disclosed that the Nigerian government owes the NNPC N7.8 trillion ($4.9 billion) in subsidy-related debts for the period from January to July 2024.
However, in his clarification to the News Agency of Nigeria (NAN), Ajiya insisted that no subsidy payments have been made to any marketer in the last nine years, citing the NNPC’s role as the sole importer of petrol under supply contracts.
He said, “In the last eight to nine years, NNPC Ltd. has not paid anyone a dime as a subsidy; no kobo has been disbursed by NNPC Ltd. in the name of subsidy. No marketer has received any payment from us for subsidy.”
“What has been happening is that we have been importing PMS, which has been landing at a specific cost price, and the government tells us to sell it at half price. So the difference between the landing price and that half price is a shortfall.
“And the deal is between the Federation and NNPC Ltd., to reconcile, sometimes they give us money, so there is no money exchanging hands with any marketer in the name of subsidy.”
Ajiya remained silent on how much of the $4.9 billion could have been remitted to the federation account if the NNPC had not been covering the “shortfall.”
Speculation suggests that the All Progressives Congress (APC) government is keen to avoid using the term “subsidy” due to its association with the so-called “subsidy scam” – a key issue the party used to oust the Peoples Democratic Party (PDP) from power in 2015.
NEWS
#EndBadGovernance Protests: Tinubu Orders Release Of Detained Minors
In a decisive move, President Bola Tinubu has ordered the immediate release of all minors detained by police during the recent #EndBadGovernance protests.
The directive, announced by Minister of Information and National Orientation, Mohammed Idris on Monday, underscores the government’s commitment to protecting children’s rights and ensuring justice.
Related News: EndBadGovernance Protests: Court Sets N10m Bail Each For 67 Minors
Idris confirmed that President Tinubu’s directive prioritizes the welfare of detained minors, instructing the Ministry of Humanitarian Affairs to facilitate their safe reunification with their families.
A committee led by the Ministry of Humanitarian Affairs will be established to oversee the welfare of the released minors and ensure compliance with the president’s orders.
Additionally, President Tinubu has directed a formal investigation into the actions of law enforcement agencies involved in the arrests.
The president emphasized that any misconduct uncovered during the investigation will result in disciplinary action, affirming his administration’s dedication to accountability within law enforcement.
NEWS
Ibadan Man On Why He Used 76 Women For Ritual, Ate Others
An ear-tingling tale has emerged from the Oyo State capital, Ibadan, where a yet-to-be-identified male confessed on radio that he sacrificed almost 80 women to his idol over a seven-year period.
He made the confession in Ibadan, while appearing at a Fresh FM radio programme, titled, ‘Opeyemi’ on Saturday.
Famous in the locality, Foko area of Ibadan, where he was born, by his alias, ‘Mistina Orobo’, the now self-acclaimed pastor asserted that the almost 80 women were not part of those he was hired to kill and had eaten.
He was driven to sacrifice the women in the quest to renew his mystical power. He would then indulge in cannibalism after he had taken their blood for sacrifice to his idol.
ALSO READ: Edo Deputy Gov, Omobayo Ordered To Court Over Refusal To Vacate Office
In his words, “My idol takes about 73 to 76 women for over seven years. These women are always gotten from the club or other popular places. When I eat people, it is purposely to renew the voodoo in my body. Sometimes, when I’m shot, it won’t penetrate, even when I’m hacked, the machete breaks. The sweetest human parts are tongue, palm, and foot.”
The cannibal then used the mystical powers for nefarious activities including supporting others, including politicians, business people, and high flying career people, like bank managers, in the quest to accomplish ulterior motives.
“I also work for bank managers, politicians, and some other rich men. I’m very popular among them. When I first worked with a bank manager, it was one wealthy man that we killed and the info was supplied in the bank.
“The only person who was left to sign refused to sign, we visited him, made him sign, and killed him aftermath. I charge up to N50 to N80 million to get people killed and we always work as a team. I taught some people to work, some as highway or armed robbers and I usually get my fair share,” he added.
He formally sought anonymity until the right time, and gave graphic details of what he and his boys did to influence outcome of elections in Oyo State.
On his early days, the mysterious man confessed that he has been eating sacrifices since the age of nine as the son of an herbalist, from which he added hired assassin and highway robbery to his trade.
“As a child of an herbalist, I always eat sacrifices in seven different junctions, this was what fortified me before I grew up to become a dreaded hired assassin and sometimes, highway robber,” he confessed.
On how he turned a new leaf, the man said he met Jesus in his dream after he attempted to avenge people who earlier fought with him.
According to him, “I had been killed before but I woke up because of the idol I had at home. The day I went to retaliate those people who fought and killed me. When we got to the first person, I had a change of mind. When we got to the house of the other one, he was drunk, and my boy was about to unleash on him when I begged that he should be spared, since then, I have been sympathetic and have left the wayward life. Now, God has taken over my life.
“I am now in a seminary. I spent four years learning to be a prophet. I am not ready to establish a church. I just want people to know my terrible story. I had sold all three houses and cars I bought while engaging in these acts. I met Jesus in my dream.”
He also stressed that a former lawmaker in the House of Representatives, Temitope Olatoye (a.k.a. Sugar) died because he was in Ghana at that time if not it would have been averted, adding that he had always informed Sugar of the dangers looming.
Recall that Sugar died on March 9, 2019, in the Intensive Care Unit of the University College Hospital, after suffering bullet wounds in the head from shots of suspected political thugs in the Lalupon area of Ibadan.
The public is still wondering at the speed with which the news of his attack spread, the tales in the locality being that Sugar died on the spot.
NEWS
JUST IN: Angry Nigerians Storm NNPC HQ, Demand Mele Kyari’s Resignation
Tensions flared outside the Nigerian National Petroleum Corporation (NNPC) headquarters in Abuja on Monday as a large group of Nigerians gathered to demand the resignation of NNPC Group Managing Director Mele Kyari.
READ MORE: Music Icon Quincy Jones Passes Away At 91
The protesters, driven by frustration over reported mismanagement and high spending, specifically pointed to $4 billion spent on the refurbishment of the Port Harcourt, Warri, and Kaduna refineries—projects that many feel have yielded little return.
More to follow……….