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‘Who Owns NNPC?’ Rufai Grills Olabode Sowunmi Over Fuel Subsidy

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Rufai Oseni has challenged political analyst Olabode Sowunmi over the Federal Government’s 30-day petrol discount, questioning whether the intervention amounts to a return of fuel subsidy despite claims that the discount is being borne by the Nigerian National Petroleum Company Limited (NNPC).

The exchange occurred during an edition of The Morning Show on Arise News, where Oseni questioned Sowunmi about the financial implications of the petrol discount and other measures introduced to cushion the impact of fuel prices.

Oseni argued that several elements of the government’s intervention could be regarded as forms of subsidy, insisting that NNPC’s ownership structure must be considered when determining who ultimately bears the cost.

SEE MORE: ‘Another Speech to Tell Us, It Is Well’ — Oseni Rufai Reacts to Tinubu’s Address

“No matter how you try to explain it away, a subsidy is a subsidy,” Oseni said.

He challenged the argument that the discount should not be classified as a government subsidy simply because NNPC was responsible for providing it.

“We’re talking like NNPC is not owned by [the government] and heavily equity-based by the Ministry of Finance Incorporated,” he said.

Oseni identified the 30-day discount, forward sales of crude oil to domestic refineries, a proposed price ceiling, the removal of road levies and the consideration of an excess-profit tax among the measures he believed could amount to different forms of subsidy.

He argued that forward sales of crude oil to domestic refineries, with increased volumes as production grows, could help shield petrol pump prices from fluctuations in the international market.

Oseni also questioned the proposed negotiation of a price ceiling of ₦1,350 on landing and ex-country costs, arguing that government intervention to moderate prices contradicted the principle of allowing market forces to determine them.

“You are not supposed to come in to do this. Let me go back to your words: forces of market supply and demand should do this, but you have now come in to do this. That’s another form of subsidies,” he said.

He further cited the removal of road levies and cooperation with state governments under new tax laws as part of the measures requiring scrutiny.

After listing the interventions, Oseni demanded that Sowunmi explain their financial implications and identify who would ultimately pay for the petrol discount.

“But tie this with the most important question, actually, that you skipped: How much will this cost NNPC, and who pays for it? Don’t evade that question. Tell us the cost item and how much, who will pay for it,” Oseni said.

Sowunmi Defends His Position

In his response, Sowunmi argued that a government subsidy should be determined by whether the government bears the difference between the total cost of a product and its selling price.

He explained that a subsidy occurs when the government assumes the financial burden created by the gap between the cost of a product and the price at which it is sold.

“In the case of the discount that has been announced, it is borne by NNPC. So that cannot be…” Sowunmi said before Oseni interrupted.

Oseni challenged the distinction, insisting that NNPC’s ownership made it necessary to establish whether the cost could ultimately be linked to the government.

“Wait, not—who owns NNPC? Please answer. No, no, a straight question, and you can go ahead. Who owns NNPC?” Oseni asked.

Sowunmi responded that he had been invited to contribute to the discussion and should be allowed to complete his explanation.

“You asked, you asked NNPC because you believe—you asked me a question because you believe I have something to say. You cannot—you cannot tell me how to talk, so just be…” he said.

Oseni subsequently repeated his question about NNPC’s ownership, prompting Sowunmi to urge him to exercise patience.

“Basically, you need to be a bit patient and just…” Sowunmi responded.

The available transcript ends during the exchange, with no further explanation of the financial arrangements or conclusion to the discussion provided.

 

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NNPC Reveals Sokoto Healthcare Intervention as September Profit Hits ₦509bn

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The Nigerian National Petroleum Company (NNPC) Limited has disclosed its support for healthcare infrastructure in Sokoto State through the donation and subsequent handover of an Infectious Diseases Hospital (IDH) to the state government.

The development was contained in the company’s September 2026 Monthly Operations and Financial Report, which also highlighted its financial performance, oil and gas production, pipeline infrastructure and other operational activities.

According to the report, the Sokoto State Commissioner for Health visited the NNPC Foundation and NNPC Limited on September 1, 2026, to present a letter of appreciation to the Foundation for donating the Infectious Diseases Hospital and handing it over to the Sokoto State Government.

SEE MORE: Tinubu Promises to Boost Local Production with NNPC Refineries

The engagement provided an opportunity for the state government to formally acknowledge the Foundation’s intervention and support towards strengthening healthcare infrastructure in Sokoto State.

The report identified the engagement as part of the NNPC Foundation’s public impact initiatives.

NNPC Records ₦509bn September Profit

On its financial performance, NNPC recorded a profit after tax of ₦509 billion in September 2026, representing an 18.1 per cent increase compared with the previous month.

The company’s revenue also rose to ₦4.608 trillion from ₦3.74 trillion recorded in August, representing an increase of approximately 23.2 per cent.

Cumulative statutory payments to the Federation increased by 17.4 per cent, rising from ₦9.49 trillion between January and August to ₦11.14 trillion between January and September 2026.

Crude Oil and Gas Production

The report showed that average crude oil and condensate production stood at 1.70 million barrels per day during the period.

Natural gas production increased to 7,789 million standard cubic feet per day, while total hydrocarbon production reached 3.04 million barrels of oil equivalent per day.

The monthly operational summary also presented production and sales trends for crude oil, condensate and natural gas.

Pipeline Infrastructure Records Progress

On infrastructure development, NNPC reported 100 per cent availability of its upstream pipelines.

The company also disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline had reached 100 per cent completion, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline stood at 95 per cent completion.

According to the report, the OB3 River Niger Crossing pipeline had been commissioned and operationalised.

For the AKK pipeline, NNPC said sustained collaboration with stakeholders was helping to accelerate construction and pre-commissioning activities towards achieving early gas delivery to Abuja in 2026.

NNPC Reports 54% Retail Station Availability

The report also highlighted the availability of petrol at NNPC retail stations across the country, putting the nationwide Premium Motor Spirit (PMS) availability level at 54 per cent.

A geographical map showing retail station availability across different parts of Nigeria was included in the monthly operational summary.

NNPC Outlines Strategic Production Efforts

On efforts to sustain production growth, NNPC listed accelerated restoration of shut-in wells and facilities, production optimisation and well interventions among its priorities.

The company also highlighted efforts to strengthen facility reliability and preventive maintenance, address infrastructure and operational constraints, improve community engagement and resolve storage, tank-top and export infrastructure challenges.

These measures, according to the report, are aimed at sustaining production growth and improving operational efficiency across its oil and gas assets.

 

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Nigeria Must Create Jobs Before Graduates Leave School, Ex-NLC Chief Tells FG

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Former General Secretary of the Nigeria Labour Congress (NLC), John Ejoha Odah, has urged the Federal Government to develop a comprehensive employment strategy that provides jobs for young Nigerians before they graduate from educational institutions.

Odah said the government must adopt proactive employment planning by projecting the number of graduates expected to enter the labour market annually and making adequate arrangements to absorb them.

He made the call during an appearance on NTA’s Good Morning Nigeria on Wednesday, where he blamed the country’s persistent unemployment challenge on the failure of successive administrations to sustain national development plans.

ALSO SEE: Nigeria’s Unemployment Rate Drops To 4.3% In Q2 2024 – NBS

According to him, Nigeria’s political leadership has abandoned young people to their fate by failing to implement deliberate policies that create employment opportunities.

“The fundamental problem that we have in this country is the fact that our ruling elite have abandoned the Nigerian youth to their fate,” Odah said.

He explained that Nigeria previously operated five-year national development plans, which enabled the government to anticipate future employment needs and make arrangements for young people expected to graduate within two to five years.

The former NLC leader traced the worsening unemployment situation to the abandonment of national development plans between the late 1970s and 1985.

He also recalled the establishment of the National Directorate of Employment (NDE), explaining that the agency was created as a stopgap measure to provide employment and self-employment opportunities for young Nigerians.

Odah, however, stressed that the NDE was never intended to serve as the country’s primary driver of employment.

“What we need is a comprehensive employment scheme based on development programmes and industries,” he said.

He further disclosed that during his time in the labour movement, efforts were made to establish a national job summit involving the Ministry of Labour, the International Labour Organisation (ILO) and other government institutions.

According to him, the initiative produced an employment plan presented to the National Executive Council, targeting the creation of at least four million jobs within four years across the federal, state and local governments.

Odah said the proposal was developed around 2005 but was abandoned after the administration under which it was initiated left office.

He expressed concern that Nigeria has yet to establish a coherent employment strategy capable of addressing the needs of young people entering the labour market.

The former labour leader warned that failure to address youth unemployment could further encourage social challenges, including irregular migration, as Nigerians continue to seek better opportunities abroad.

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Sanusi Lists Tinubu’s Economic Gains, Reveals What Could Restore Nigeria’s 2005 Living Standards

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The Emir of Kano, Muhammadu Sanusi II, has highlighted improvements in Nigeria’s economic performance under President Bola Tinubu, saying the administration deserves credit for bringing the country back from the brink of economic collapse.

Sanusi made the remarks at the Oxford Global Think Tank conference, where he assessed the impact of the Tinubu administration’s economic reforms and acknowledged progress in key economic indicators.

SEE ALSO: Dangote IPO Will Spread Wealth Across Nigeria – Emir Sanusi

The former Governor of the Central Bank of Nigeria (CBN) pointed to the country’s 4.48 per cent Gross Domestic Product (GDP) growth in the second quarter of 2026, describing it as an improvement compared with the economic performance recorded during the administration of former President Muhammadu Buhari.

According to him, Nigeria’s economy grew by approximately 0.9 per cent during the Buhari years, while the latest growth figures indicate a stronger economic performance.

Sanusi also highlighted the decline in inflation, saying it had dropped from 30 per cent to 14.6 per cent, with projections indicating a possible reduction to 12.5 per cent by the end of 2026.

He further disclosed that Nigeria’s GDP per capita, measured in dollar terms, had increased by 47 per cent since 2023.

The Emir said sustaining the current growth trajectory could return the country’s GDP per capita to its 2005 level by the end of 2027.

“If we continue at this rate, by the end of next year, GDP per capita will be back to where it was in 2005,” he said.

On the country’s external reserves, Sanusi disclosed that they had reached $55 billion, although he cautioned that a significant portion of the inflows was driven by foreign portfolio investments, which he described as volatile.

He attributed some of the investor interest to high oil prices linked to the conflict around the Strait of Hormuz, alongside the attractive returns available in Nigeria’s financial market.

Sanusi also identified the Dangote Refinery as part of the country’s growing economic diversification, claiming that 20 per cent of Nigeria’s exports were coming from the facility.

According to him, the developments suggest that the country is laying the foundations for economic stability, although more work remains to be done.

“I’m not a fan of politicians, but we need to give credit to President Tinubu’s administration for bringing us back from the brink,” Sanusi stated.

He stressed that the progress recorded should be recognised as an initial step towards stability rather than an indication that Nigeria’s economic challenges have been fully resolved.

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