NNPC confirms return of fuel subsidy, experts demand transparency – Newstrends
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NNPC confirms return of fuel subsidy, experts demand transparency

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NNPC confirms return of fuel subsidy, experts demand transparency

Despite initial denials, the Nigerian National Petroleum Company Limited (NNPCL) says the Federal Government is subsidising the pump price of  Premium Motor Spirit (PMS), also known as petrol.

It said in a new report that President Bola Tinubu approved the request of the company to use its 2023 dividends due to the federation to pay for petrol subsidy.

The President was also said to have approved the suspension of the payment of the 2024 interim dividends to the federation in order to augment the NNPCL’s cash flow.

Tinubu announced the removal of fuel subsidy during his inaugural address on May 29, 2023.

Many analysts had argued that the government must have restored petrol subsidy with the landing cost at over N1,200/litre and pump price retained between M568 and N700/litre.

But the Federal Government before now consistently denied paying subsidy.

Some weeks ago, when some Nigerians hit the streets to protest hardship, one of their demands was the reinstatement of subsidy.

But in his national broadcast, Tinubu ruled out the return of subsidy, saying the decision to remove fuel subsidy as painful but necessary.

Newstrends.ng found in a report obtained by TheCable indicating that the President had given the NNPCL his approval to use its 2023 dividends to pay for petrol subsidy.

According to the 2023 Audited Financial Statement (AFS) of the national oil company, a net profit of N3.297tn was declared at the close of the financial year which ended in December, 2023, an increase of over N700bn (28 per cent) when compared to the 2022 profit of N2.548tn.

The NNPCL shareholders also approved a final dividend of N2.1trn in line with the Petroleum Industry Act (PIA) 2021 provisions.

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Analysts react

An economic analyst, Dr Muda Yusuf, said that the government was only being “socially sensitive” by retaining subsidy payment.

Yusuf, who is the chief executive officer of Centre for the Promotion of Private Enterprise (CPPE), however, called for transparency and openness in the management of the payment.

He said, “I think the government is just being pragmatic; they are just being realistic and they are just being socially sensitive. That is why the price of fuel has remained at around N600, N650, N700.

“If the government had yielded to this argument that there should be no more subsidy, fuel price should have gone to around N1,200, N1,300. And how will the citizens feel?

“So, for the government to be able to show that it is sensitive, it has to continue to provide it until we are able to refine domestically.

“If we begin to refine domestically either through Dangote or through the government-owned refineries, the level of subsidy may drop but it will not completely disappear.

“It is a major dilemma because if you withdraw the subsidy, the citizens will begin to cry out. If you retain the subsidy, you would incur a lot of costs.”

 

NNPC confirms return of fuel subsidy, experts demand transparency

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Nigerian deportees from UAE arrive in Abuja airport

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Nigerian deportees from UAE arrive in Abuja airport

Nigerian deportees from the United Arab Emirates (UAE) have arrived in the country, as revealed by the  Nigerian Television Authority (NTA).

The deportees, numbering 400, were received at the Nnamdi Azikiwe International Airport, Abuja on Wednesday.

ImageAccording to reports, officials from the Office of the National Security Adviser, in collaboration with the National Commission for Refugees, Migrants, and Internally Displaced Persons, the National Agency for the Prohibition of Trafficking in Persons, the National Emergency Management Agency, and other relevant stakeholders received them.

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Sharing information about the arrival on X, the aforementioned news platform penned: “Four hundred Nigerians, including 90 females and 310 males, have been deported from the United Arab Emirates back to Nigeria.

“They were received at the Nnamdi Azikiwe International Airport, Abuja, by the office of the National Security Adviser in collaboration with the National Commission for Refugees, Migrants, and Internally Displaced Persons, the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), the National Emergency Management Agency (NEMA), and other stakeholders.”

Nigerian deportees from UAE arrive in Abuja airport

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Tinubu visits King Charles at Buckingham Palace

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Tinubu visits King Charles at Buckingham Palace

President Bola Ahmed Tinubu recently visited King Charles at Buckingham Palace, aiming to reinforce diplomatic ties and partnerships between Nigeria and the United Kingdom.

According to presidential aide Segun Dada, the discussions centered on deepening the long-standing relationship between both nations.

This visit marks the second time President Tinubu and King Charles have met, following their initial encounter in November 2023 during the United Nations Climate Change Conference (COP 28) in Dubai, UAE.

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While specific details of their discussions were not disclosed, the ongoing engagement between Nigeria and the UK underscores shared interests in addressing global challenges and fostering economic development.

This high-level interaction reflects the importance both countries place on collaboration in areas such as trade, climate action, and international diplomacy.

Tinubu visits King Charles at Buckingham Palace

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Nigerian man bags 12 years jail for $200K fraud in US

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Christopher Agbaje

Nigerian man bags 12 years jail for $200K fraud in US

A Nigerian citizen, has been found guilty of aiding in an attempt to defraud a North Dakota law firm through false digital transfers. According to the US Attorney’s Office for the District of North Dakota, between November and December of 2020, Christopher Agbaje, along with others, purported to be a business owner in a legal dispute with a Bismarck company, and entered into a fake attorney-client relationship with the firm. After a series of false statements and promises, the firm received a parcel containing a fraudulent Citibank check payable in the amount of $198,850.00, which was deposited in their bank account. At the purported business owner’s request, the firm then sent a $198,336.68 wire transfer to Agbaje’s business partner.

After the transfer, Agbaje directed his partner to initiate a fake $180,000 international transfer to conceal the money’s location, ownership, and control. Upon hearing that law enforcement officers were actively conducting a fraud investigation on the transfer, he reportedly instructed his business partner to “gain leverage”, “press on”, and “claim naivety.”

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Agbaje was originally extradited from the United Kingdom to North Dakota in February 2024, where he faced five different charges. While he was cleared of Wire Fraud and Mail Fraud in May, the suspect was also found guilty of Money Laundering, Aiding and Abetting Wire Fraud, and Aiding and Abetting Mail Fraud.On September 11, Agbaje was sentenced to 142 months in prison, and must pay the firm $188,935.74 in restitution.“This strong sentence shows that international fraudsters cannot hide from justice,” United States Attorney Mac Schneider said. “When North Dakotans are the victims of fraud, our prosecutors and law enforcement partners will work internationally to hold defendants accountable in a federal courtroom in Bismarck or Fargo.”

“Today’s sentencing demonstrates that no fraud scheme is beyond the reach of justice, no matter its complexity or scope,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “Those who engage in fraudulent schemes will be met with swift and decisive action. The FBI will continue to work with partners across the globe to protect the financial security of the American people from those who seek to exploit it.”

Nigerian man bags 12 years jail for $200K fraud in US

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