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
UNIZIK Professor Suspended as University Investigates Alleged Sexual Assault
The management of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, has suspended a professor in the Department of Chinese Studies, Prof. Ifeanyi Odinye, for three months over an alleged sexual assault involving a female student.
The suspension, approved by the Vice-Chancellor, Prof. Ugochukwu Anyaehie, followed the preliminary report of a six-member special investigative panel set up to examine the circumstances surrounding the incident.
SEE ALSO: Horrific Abuse Exposed: London Imam Jailed For 21 Sexual Offenses
The university said Odinye would serve the suspension with half salary in the first instance.
The development follows an August 15 incident in which the professor was allegedly assaulted and stripped by some students after he was accused of attempting to sexually molest a female student in his office.
A video of the incident subsequently went viral on social media. In the footage, the female student was seen leaving the lecturer’s office with his clothes while alleging that he had attempted to sexually assault her.
The lecturer was later seen being pursued and assaulted by individuals believed to be students before leaving the university premises in a tricycle.
According to the university’s Public Relations Officer, Mr. Aloysius Attah, the investigative panel chaired by Prof. Emmanuel Obidimma, Provost of the College of Postgraduate Studies, has so far addressed two of its five terms of reference.
Attah said the panel’s preliminary report indicted Odinye for allegedly violating Section 5.8.3 of the university’s General and Academic Regulations.
He explained that the professor allegedly failed to properly record and submit an examination misconduct case involving the student, Chikamso Favour Okechukwu, using the prescribed examination misconduct report form.
The lecturer was also accused of returning an offending phone recovered during the examination to the student on the same day, allegedly in violation of Section 5.8.1(iv) of the university’s regulations.
Meanwhile, the student involved in the matter has been referred to the university’s Student Examination Misconduct Committee.
The Vice-Chancellor has extended the investigative panel’s assignment by another two weeks to enable it to complete its remaining terms of reference.
According to Attah, the outstanding issues include determining whether sexual harassment occurred, identifying those involved in the assault on Odinye and establishing whether there was any incident of kidnapping.
“The committee members are expected to conclude their findings with recommendations to the Vice Chancellor before a final verdict is initiated, including possible criminal prosecution,” the university spokesman said.
Attah added that the Vice-Chancellor had reiterated his administration’s commitment to the welfare of staff and students, while maintaining a zero-tolerance policy towards unethical practices.
The university also stressed that transparency and fair hearing would be upheld throughout the investigation as the panel works towards its final recommendations.
NEWS
2027: ‘You Can’t Win by Shrinking Your Support Base’ — Onoh Tells Tinubu
Former South-East spokesman of the Tinubu/Shettima Presidential Campaign Council, Denge Josef Onoh, has urged President Bola Tinubu to review the composition of the All Progressives Congress (APC) Presidential Campaign Council ahead of the 2027 election.
Onoh made the call in a memorandum addressed to Tinubu, expressing concerns over the 223-member campaign council and what he described as inadequate representation of key APC stakeholders and loyalists from the South-East.
He warned that the composition of the council could undermine the party’s mobilisation efforts in the region ahead of the presidential election.
ALSO READ: APC Denies Withdrawing Tinubu’s 2027 Campaign Council List
According to Onoh, the structure used for the 2023 presidential campaign was more inclusive and provided opportunities for regional stakeholders and grassroots mobilisers who played roles in the party’s campaign.
He alleged that the latest campaign structure failed to adequately accommodate some longstanding APC supporters in the South-East.
Onoh also questioned the region’s representation in key operational, policy and management directorates of the campaign council, arguing that broader inclusion would give stakeholders a greater sense of ownership of Tinubu’s re-election bid.
The former campaign spokesman further criticised the council’s media structure, saying the campaign required experienced political communicators capable of effectively responding to the opposition.
“With the strict exception of only two persons who possess genuine fire and strategic depth, the current media team completely lacks the political tenacity and intellectual grit to face the opposition’s sophisticated PR machinery,” Onoh said.
He warned that leaving experienced campaigners and media operatives out of the structure could create vulnerabilities for the APC and provide opposition parties with an opportunity to gain political advantage.
Onoh therefore called on Tinubu to order a comprehensive review of the 223-member campaign council, with particular attention to geopolitical balance and the inclusion of established party leaders and grassroots mobilisers.
He also urged the President to strengthen the campaign’s media team by bringing in politically experienced and resilient communicators.
Onoh further appealed to Tinubu to ensure that APC stakeholders across the country felt a sense of ownership of the re-election campaign.
“Mr. President, do not let the short-sighted selfishness of a few handlers ruin the future of your administration. You cannot win a national re-election by shrinking your support base and telling an entire region they have no stake in your campaign,” he said.
He maintained that broader representation and effective coordination would be crucial to the APC’s efforts to retain the presidency in 2027.
NEWS
C’River: Man Takes Own Life Inside Obudu Market, Community Demands N300,000 Cleansing Fee
A 56-year-old shoemaker identified simply as Anthony has reportedly died by suicide inside the Obudu Main Market in Obudu Local Government Area of Cross River State.
The incident occurred in the early hours of Sunday, August 23, 2026.
SEE MORE: Forced Marriage Gone Wrong — Borno Police Investigate Alleged Suicide Case
Anthony, who was said to be from Bekwarra Local Government Area, was found dead inside the market, prompting community leaders to shut down the facility.
The leaders reportedly demanded N300,000 from the deceased’s family for cleansing rites, insisting that the circumstances surrounding his death were considered sacrilegious.
Confirming the incident, the Cross River State Police Public Relations Officer, ASP Sunday Eitokpah, said the deceased was a 56-year-old man simply identified as Anthony.
Eitokpah said the police had commenced an investigation to establish the circumstances surrounding the death and determine whether foul play was involved.
He said, “Police operatives visited the scene, documented the area, and recovered the body to the mortuary. The circumstances surrounding the death are yet to be established.
“Further updates will be provided as the investigation progresses.”
The police spokesman’s statement indicates that the exact circumstances of Anthony’s death remain under investigation.





