News
NNPC Spent N1.1tr On Subsidy, Oil Exploration, FAAC Remittance In 7 Months
The Nigerian National Petroleum Corporation (NNPC) spent N1.165 trillion to subsidize petrol, for oil exploration and remittance to the Federation Account Allocation Committee (FAAC) in seven months of this year.
According to NNPC monthly FAAC report for September, the three expenditure items gulped 57 per cent of the total revenue distribution of N2.043 trillion done by the national oil company in the first eight months of 2021. The balance of N878bn was distributed for other expenditures including crude oil lifting inspection expenses.
On subsidy which NNPC describes as under-recovery of Premium Motor Spirit (PMS) value shortfall, the corporation spent N714.791bn within seven months, from February to August.
While there was no subsidy spent in January, NNPC spent N25.37bn in February and that figure rose by nearly three times in March to N60.396bn. The corporation then spent N61.966bn in April which more than doubled to N126.298bn in May, following a reported higher rise in the landing cost of imported petrol.
The national oil company further incurred a higher cost in petrol subsidy of N164.337bn in June but declined to N103.286bn by July; however, by August, the gain was reversed when subsidy cost rose to N173.132bn, the highest figure published so far.
The Minister of State, Petroleum Resources, Timipre Sylva, has continually reiterated that the government was committed to ensuring the total removal of subsidy from next year especially with the implementation of the Petroleum Industry Act (PIA) as Nigerians await the impact of the decision.
Frontier exploration gulps N20bn
NNPC also spent N20.681bn on frontier oil exploration in seven months with the highest expenditure done in August. While it spent N1.964bn on exploration activities in January, the bill slightly dropped to N1.920 in February but rose to N2.250bn in March. There was no expenditure on oil exploration in April but the figure rose to N3.216bn in May, and dropping to N2.715bn in June. While oil exploration expenses dropped to N2.443bn in July, it rose by three times in August to N6.167bn.
This expenditure on oil exploration is being made at a time when global leaders are shifting from the use of fossil fuel to renewable and clean energy. However, Sylva recently said Nigeria will gradually lead its energy transition by focusing on gas exploration towards reaching a cleaner energy goal.
More so, in the recently signed PIA, 30 per cent of oil proceeds has been pegged for oil exploration activities at the frontier basins with concerns that these activities are concentrated in the north.
However, the Governor of Nasarawa State, Engr. Abdullahi Sule, at an oil and gas union gathering last week in Abuja, clarified this misconception saying what refers to as frontier encompasses all new exploration areas including the Niger Delta, with the Benue Trough exploration reaching Calabar, the Cross River State capital. He also said it includes the Benin Basin and some undeveloped offshore areas in the South-South.
FAAC gets N429bn in 7 months
The corporation also remitted N429.284bn oil proceeds to the FAAC for seven months during the period as it skipped remittance in April.
The breakdown of the remittance shows that NNPC remitted N90.860bn in January, but that dropped to N64.161bn in February, and further depleted to N41.184bn in March 2021.
There was no remittance in April which was said to have gone for subsidizing petrol pump price per litre to keep it at the 162 to N165 price band.
By May, the remittance to FAAC dropped to N38.608bn but rose significantly to N47.162bn in June and higher to N67.280bn in July before climaxing at N80.030bn in August.
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Interview
“Not as Corrupt as the World Thinks”: Reno Omokri Defends Nigeria’s Image and Safety
Citing economic growth and safe public festivals, Reno Omokri urges the nation to tell its own story rather than rely on external perception indexes.
Nigeria is not nearly as corrupt or unsafe as foreign reports claim, according to Reno Omokri, Nigeria’s Ambassador-designate to Mexico. In a television interview on Channels Television, Omokri explained that international assessment groups often misunderstand Nigerian customs because they apply global benchmarks that ignore local traditions.
A central issue, Omokri noted, is how different cultures view appreciation. In Nigerian society, offering a gift to say thank you to an official who provides excellent service is a familiar sign of respect, much like tipping in other parts of the world.
However, international observers often label this practice as corruption. Omokri stated that the country needs to share its own experiences directly with the world rather than allowing outside groups to set a negative narrative.
Omokri also defended the country’s safety record by pointing to Lagos, where the economy has expanded steadily and major cultural events draw massive crowds.
He highlighted the annual holiday season in Lagos, which brings more than one million visitors together peacefully each year. For Omokri, these vibrant events show that everyday life in Nigeria is full of energy, community warmth, and safety.
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News
‘Jobs Must Not Be Based on Connections’ — Oyintiloye Tells FCC
Calls for greater transparency in the distribution of federal employment opportunities have intensified, with APC chieftain Olatunbosun Oyintiloye urging the Federal Character Commission to ensure that recruitment is not influenced by powerful individuals.
Oyintiloye, speaking in Osogbo, Osun State, appealed to the commission’s Executive Chairman, Ayo Hulayat Omidiran, to stand firm against intimidation or pressure while carrying out her responsibilities.
According to him, the credibility of federal recruitment depends on giving qualified Nigerians a fair chance, regardless of their background or connections.
He said the FCC should strengthen its oversight of recruitment processes and prevent situations where applicants are disadvantaged through manipulation or other improper practices.
“The FCC must adopt a renewed commitment to building a commission where merit, fairness and the principles of federal character guide the management of employment opportunities across the public service” Oyintiloye said.
His appeal comes shortly after Omidiran publicly reiterated that federal government jobs were not for sale and that employment opportunities should be available to Nigerians regardless of social status.
Oyintiloye said the position of the FCC was particularly important because of its constitutional responsibility to promote equitable representation in federal institutions.
He also praised the commission for addressing concerns over fairness in recruitment and allegations of corrupt practices, saying greater openness could help rebuild public confidence.
The APC chieftain further urged the commission to ensure that recruitment opportunities are communicated clearly and that qualified applicants from all parts of the country are given an equitable chance.
He expressed confidence that reforms under Omidiran could strengthen the FCC’s credibility, while encouraging job seekers to rely on legitimate recruitment announcements rather than individuals claiming to have connections within the commission.
The FCC itself has warned Nigerians about people offering supposed shortcuts into federal employment, stressing that it does not sell jobs or select candidates for federal appointments.
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News
Nwifuru Dismisses Cubana Chief Priest as ‘Attention-Seeker’
Ebonyi State Governor Francis Nwifuru has hit back at socialite and businessman Paschal Okechukwu, better known as Cubana Chief Priest, after the latter criticised his administration.
The governor dismissed the businessman’s comments while speaking at an event in Abakaliki, saying he had no interest in engaging with him.
“I don’t have time for Cubana Chief Priest. He’s a mere attention-seeker and an individual of no consequence” Nwifuru said.
He added, “However, if I remember him, I feel sorry for him.”
The exchange followed comments by Cubana Chief Priest questioning the governor’s performance in office. He reportedly challenged Nwifuru to explain how an administration could spend about three years in office without having major projects commissioned by the President or other state governors.
The remarks had earlier attracted criticism from Chinedu Ogah, the member representing Ikwo/Ezza South Federal Constituency in the House of Representatives.
Ogah condemned Cubana Chief Priest’s comments, defending the governor’s administration.
Nwifuru’s response now adds another layer to the controversy, although the governor did not provide a detailed response to the specific claims made about projects commissioned under his administration.
The disagreement has consequently shifted attention to the broader question of the Ebonyi government’s record on infrastructure and development projects since Nwifuru assumed office.
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