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NNPCL Confirms Federal Government’s Role in Subsidizing Petrol Amid Nationwide Shortfalls
NNPCL Confirms Federal Government’s Role in Subsidizing Petrol Amid Nationwide Shortfalls
The Nigerian National Petroleum Company Limited (NNPCL) has confirmed that the Federal Government continues to subsidize petrol imported into the country. Despite recent denials of paying fuel subsidies to marketers over the past nine months, the NNPCL disclosed that it has been selling petrol at a price below its landing cost, as directed by the government.....KINDLY READ THE FULL STORY HERE▶
Subsidy Confusion Clarified
Speaking in Abuja, the company’s Chief Financial Officer, Alhaji Umar Ajiya, clarified the situation. Ajiya emphasized that no direct payments have been made by the NNPCL to marketers under the guise of subsidies in the last eight to nine months. Instead, the government has instructed the NNPCL to sell petrol at a price significantly lower than the actual landing cost, with the shortfall being reconciled between the company and the federal government.
“In the last eight to nine months, NNPCL has not paid anybody a dime as a subsidy; no one has been paid kobo by NNPCL in the name of subsidy. No marketer has received any money from us by way of subsidy,” Ajiya stated. He further explained that the NNPCL has been handling the importation of Premium Motor Spirit (PMS) and selling it at a government-mandated price, with the difference being managed between the Federation and the NNPCL.
Financial Arrangements and Supplier Relations
NNPC also highlighted that credit lines are common in downstream businesses, aligning with global commercial practices. In line with this, the NNPCL has maintained open credit agreements with PMS suppliers, allowing for a dynamic payment process.
Dapo Segun, the Executive Vice President of downstream at NNPCL, added that the company’s established credibility has facilitated these credit agreements. While addressing concerns about the company’s outstanding payments to suppliers, Segun assured that the amount owed is not as high as previously reported, refuting claims of a $6.8 billion debt.
“The relationship between us and our suppliers is crucial to ensure that we keep faith in making these payments, which we have done over time,” Segun remarked. He explained that the outstanding figure fluctuates based on the timing of payments and product supplies, emphasizing the NNPCL’s commitment to maintaining a steady supply of PMS across Nigeria.
Government’s Stance on Fuel Subsidies
Despite the Federal Government’s repeated denials of subsidizing petrol, major marketers have pointed out that the landing cost of petrol currently exceeds N1,000 per litre. As the sole importer of petrol, the government compensates the NNPCL to provide fuel to Nigerians at a subsidized rate.
However, this arrangement has contributed to frequent fuel shortages across the nation. Experts are increasingly calling for an end to fuel importation and a transition to a more sustainable solution for meeting Nigeria’s energy needs.
Latest News
The OK Movement That We Know, Did Not Authorize This Statement – NDC Rejects Oghulu
A major political feud has erupted within the opposition coalition as the Nigeria Democratic Congress (NDC) officially distanced itself from a faction of the OK Movement led by John Oghulu. The friction follows Oghulu’s public refusal to surrender the movement’s national, state, local government, and ward structures to the NDC, insisting that the group is an independent political organization rather than a conventional support group.....KINDLY READ THE FULL STORY HERE▶
The controversy gained momentum after NDC National Leader, Senator Seriake Dickson—speaking while welcoming former SGF Babachir Lawal into the party—criticized support groups that operate as rival structures instead of focusing on grassroots mobilization for candidates Peter Obi and Rabiu Kwankwaso.
Reacting sharply to Oghulu’s dismissal of these concerns, the NDC Director of New Media and Strategic Communications, Theo Abu Agada, issued a blistering clarification on social media:
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Disowned Leadership: Agada declared that John Oghulu’s faction does not speak for the party, stating explicitly, “The OK movement that we know, did not authorize this statement.”
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Working Against the Party: The NDC spokesperson accused Oghulu of actively undermining both the NDC and the broader Obidient movement.
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True Grassroots Alignment: Agada affirmed that the legitimate wing of the OK Movement remains in close collaboration with the party to drive mobilization for the upcoming 2027 elections.
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THE UNTOLD STORY: How Senator Yayi Flew In Indian Doctors Before Tragedy Struck Late Ogogo!
Azeez “Olu Ogogo” Onifade, a close friend of the late veteran Nollywood actor Taiwo Hassan (popularly known as Ogogo), has revealed the extensive efforts made by Ogun State APC governorship candidate Solomon Ademola (Senator Yayi) to save the beloved movie star.....KINDLY READ THE FULL STORY HERE▶
In an interview with City People, Onifade—who shared a 25-year friendship with the actor—recounted how persistent chest pain ultimately led to a devastating stage-four cancer diagnosis after visits to multiple medical facilities, including Apena Hospital in Ebute-Metta and LASUTH.
Key highlights from the emotional revelation include:
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The Senator’s Intervention: Upon learning of the diagnosis through the monarch and Aunty Mutiat, Senator Yayi initially attempted to fly Ogogo to India, but visa delays stalled the plan.
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Indian Specialists Brought to Nigeria: To circumvent the travel delays, Senator Yayi flew in a specialist doctor straight from India to join the medical team.
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The Final Days: Ogogo was swiftly moved to St. Nicholas Hospital on Lagos Island where multiple specialists commenced treatment, and he showed signs of recovery before a sudden turn of events five days prior to his passing.
Onifade expressed gratitude, noting that despite the heartbreaking loss, he believes God made the transition peaceful for the late icon due to his good deeds.
Latest News
“I WAS SET UP TO FAIL!” Paul Onuachu Drops A Bombshell On His Miserable Stint At St Mary’s!
Super Eagles forward Paul Onuachu has opened up about the factors behind his underwhelming stint at Southampton, pointing to a tactical incompatibility, constant managerial changes, and the tricky timing of his mid-season transfer.....KINDLY READ THE FULL STORY HERE▶
Onuachu arrived at St Mary’s in January 2023 after making a name for himself as a prolific scorer in Denmark and Belgium. However, he struggled to find the back of the net in the Premier League and failed to make a lasting impact before leaving the club.
Speaking to Trabzonspor Magazine, Onuachu explained that the team’s playing style did not complement his strengths, and frequent coaching changes made stability impossible. Reflecting on the transfer, he noted:
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The Mid-Season Risk: Moving in January is always difficult, and while he knew Southampton faced a high risk of relegation, he chose to take the gamble. “I knew the team had a 50-50 chance of staying in the league or getting relegated. But sometimes you take a risk, and then you see if it works. I took the risk, and it didn’t work.”
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Important Lessons: The striker emphasized the need for players to thoroughly research a club’s tactics and environment before committing. “Maybe I’m making excuses, but sometimes if you want to go to a team, you need to ask and learn very, very well about the system, how things work in the team, and everything else.”
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