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Tinubu Government To Investigate NNPC Under Buhari As Audit Reveals ₦3.3 Trillion Subsidy Inflation
Initially, NNPCL reported spending ₦6 trillion on fuel subsidies, a substantial portion of which was covered by the government during former President Muhammadu Buhari’s administration. Following President Bola Tinubu’s announcement of subsidy removal, NNPCL’s Group CEO, Mele Kyari, stated that the federal government still owed the company ₦2.8 trillion for petrol subsidy payments.....KINDLY READ THE FULL STORY HERE▶
As per the May 2024 report, no reimbursement has been made to NNPCL for this amount. “Since the provision of the ₦6tn in 2022, and ₦3.7tn in 2023, we have not received any payment whatsoever from the Federation. That means they (the Federal Government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC. We are waiting for them to settle up to ₦2.8tn of NNPC’s cash flow from the subsidy regime and we can’t continue to build this,” Kyari said.
KPMG’s reconciliation reduced the subsidy claims to ₦2.7 trillion, prompting the Nigerian Government to initiate a fresh audit of NNPC Limited’s ₦2.8 trillion subsidy claim. The new audit will cover the period from 2015 to 2021 to verify the authenticity of NNPC’s claims.
The Office of the Auditor-General for the Federation (OAuGF) will lead the audit, with the potential involvement of an external firm for additional support. This decision was made during a Federal Account Allocation Committee (FAAC) session in March 2024, where the need for an impartial audit to avoid conflicts of interest was discussed.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized President Tinubu’s dedication to the forensic audit, which was initiated following KPMG’s findings. The initial audit has underscored the necessity for a deeper investigation into the subsidy claims made by NNPC.
President Bola Ahmed Tinubu has called for a radical overhaul of the United Nations, emphasizing that reform must begin by reconstituting the Security Council to grant permanent representation to Africa. Speaking through Vice President Kashim Shettima during the General Debate at the 81st Session of the United Nations General Assembly in New York, the Nigerian leader warned that the continent can no longer be sidelined on the Council’s agenda, stressing that the modern world cannot remain bound to the power structures of 1945.....KINDLY READ THE FULL STORY HERE▶
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Security Council Reform: In alignment with the Ezulwini Consensus and the Sirte Declaration, Nigeria demanded at least two permanent African seats—complete with full rights, responsibilities, and veto power—alongside a total of five non-permanent seats.
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Global Peace and Multilateralism: President Tinubu issued an urgent call for an immediate end to global warfare and a rejection of rising nationalism, urging world leaders to return to the foundational dialogue and cooperation principles of the UN Charter.
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Climate Action and Energy Transition: Reaffirming Nigeria’s commitment to the Paris Agreement, the President stressed that Africa bears a heavy climate burden despite contributing less than 4% of global emissions, noting that the nation aims for net-zero emissions by 2060 under its Energy Transition Plan.
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Economic and Financial Restructuring: The address highlighted the obstacles posed by inadequate financing and high debt-servicing costs for developing nations, calling for a broader reform of the international financial architecture and increased access to concessional financing.
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Security and Regional Solidarity: Drawing on Nigeria’s domestic experience with insurgency and its regional peacekeeping efforts through ECOWAS and the African Union, Tinubu underscored that lasting security requires strong foundations in education, accountable governance, and economic opportunity.
Concluding his address, the President maintained that a reformed and inclusive United Nations remains vital for addressing global crises, reminding world leaders that humanity is our oldest citizenship and peace is the inheritance owed to every child.
Former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, has publicly rejected his inclusion in the African Democratic Congress (ADC) presidential campaign council as a member of Atiku Abubakar’s policy team for the 2027 election.....KINDLY READ THE FULL STORY HERE▶
The controversy arose following the release of Atiku’s campaign council list via a statement signed by his aide, Phrank Shaibu. The announcement named Kashim Ibrahim-Imam as chairman, former Kaduna State Governor Nasir El-Rufai as deputy chairman, and Senator Austin Akobundu as director-general, alongside a policy team headed by Mohammed Hayatudeen and featuring individuals such as Professor Mohammed Sagagi and Professor Kingsley Moghalu.
Moghalu’s Reaction and Clarification Expressing surprise at the announcement, Moghalu stated that he was never consulted nor did he give consent for his name to be published.
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No Partisan Ties: Moghalu emphasized that he has quit partisan politics in Nigeria since 2022 and maintains a completely non-partisan posture in national affairs.
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Denial of Membership: He clarified that he is not a member or sympathizer of any political party, nor is he part of Atiku’s policy team in any official, unofficial, or advisory capacity.
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Current Focus: He noted that his primary focus is serving as the President of IGET Africa—a non-partisan public policy think tank and executive education academy—and as the CEO of Sogato Strategies, a geopolitical risk and regulatory strategy advisory firm.
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Path of Statesmanship: Reaffirming his commitment to Nigeria’s progress, Moghalu stated that national service does not require partisan alignment, choosing instead the path of statesmanship.
The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has officially released the list of members for his Presidential Campaign Council ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
According to a statement issued on Thursday by Phrank Shaibu, Senior Special Assistant on Public Communication to Atiku, the campaign structure was intentionally shaped around the daily economic hardships faced by Nigerians, particularly soaring food prices, high transport costs, and shrinking household incomes.
Key Leadership Appointments
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Campaign Council Chairman: Kashim Ibrahim-Imam
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Deputy Chairman: Malam Nasir El-Rufai
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Director-General and Campaign Manager: Senator Austin Akobundu
Operational Structure and Key Portfolios The campaign organization features six Deputy Directors-General overseeing operational directorates alongside 30 specialized directors:
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Media and Communications: Headed by Dele Momodu
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Contact and Mobilization: Led by Dino Melaye
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Policy Team: Chaired by Mohammed Hayatudeen, working alongside key figures like Professor Mohammed Sagagi and Professor Kingsley Moghalu to formulate practical solutions for economic challenges.
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Campaign Advisory Board: Chaired by John Oyegun.
Describing the lineup as a structure built strictly for execution, the campaign emphasized that every appointee carries a direct assignment and will be held accountable for results. The core benchmarks for success will center on tackling unemployment, rising living costs, insecurity, and declining purchasing power to make life in Nigeria more affordable.
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