Business
Petrol subsidy gulped N541bn in six months – NNPC
A total of N541.65 billion was expended on petrol subsidy between February and July 2021, the Nigerian National Petroleum Corporation has said.
This is contained in a document showing an NNPC’s presentation at the August 2021 Federation Account Allocation Committee meeting.
A breakdown of the petrol subsidy payments indicated that N25.37 billion was spent in February, N60.39 billion in March, and N61.96 billion in April.
The amount rose to N126.298 billion in May, N164.337 billion in June, and reduced to N103.286 billion in July.
The NNPC, which is currently the sole importer of petrol, has continued to bear the burden of underpriced sale of petrol of premium motor spirit (PMS).
The corporation has been deducting subsidy payments from oil and gas proceeds due to the three tiers of government.
Subsidy cost, according to the NNPC, prevented it from making any remittance to the FAAC in May.
The corporation deducted N126 billion in June; N114.3 billion in July; N170.4 billion in August from its remittance to FAAC in the aforementioned months.
The document showed that between January and August, the corporation made a contribution of N349.25 billion to the federal, state and local governments with a deficit of N1.12 trillion.
A breakdown of the FAAC remittances includes N90.86 billion in January; N64.16 billion in February; N41.18 billion in March; zero contributions in April; N38.61 billion in May; N47.16 billion in June and N67.28 billion in July.
It was also learn that the NNPC would deduct a total sum of N215.32 billion from its remittance to the FAAC in September.
“Out of the value shortfall of N143,286,281,752.62, the sum of N103,286,281,752.62 was applied on the gross domestic receipts before arriving at the net receipt of N67.28bn in order to make funds available for JV cost recovery to sustain the existing production level. The balance of N40bn will be deducted in subsequent months,” the NNPC document stated.
It also stated, “The July 2021 value shortfall of N175,317,701,294.80 & outstanding balance of N40bn will be deductible from the August 2021 proceeds due for sharing at the September 2021 FAAC meeting.”
Group Managing Director of the NNPC, Mele Kyari, had said the pump price of petrol should be N256 per litre as he disclosed that subsidy payments was gulping at least N140 billion monthly.
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Railway
NRC worries over stone attacks on Abuja-Kaduna trains
NRC worries over stone attacks on Abuja-Kaduna trains
The Nigerian Railway Corporation (NRC) has raised the alarm over a surge in attacks on trains operating along the Abuja–Kaduna corridor, warning that the incidents pose growing risks to passenger safety and critical transport infrastructure.
In the latest episode, suspected vandals reportedly targeted a moving train around Kilometre 177, hurling stones that shattered the windscreen of the lead locomotive.
The attack is one of several recorded in recent weeks along the busy rail line.
According to a statement by the NRC’s Chief Public Relations Officer, Callistus Unyimadu, similar incidents have occurred in multiple locations, including Gidan Busa/Sarki Gora Village in Kakau District, Chikun Local Government Area of Kaduna State.
He disclosed that no fewer than six attack points have been identified along the corridor within a short period.
The corporation described the pattern as a dangerous escalation that threatens not only passengers and railway personnel but also the integrity of rail infrastructure.
It warned that such acts amount to economic sabotage capable of disrupting a key transport link and undermining significant government investment in the sector.
Despite the attacks, the NRC said train services had continued under heightened security and operational vigilance, with personnel maintaining strict safety protocols to protect passengers.
The agency commended security operatives for their ongoing efforts in safeguarding the corridor and noted that it is collaborating closely with security agencies, community leaders, and other stakeholders to strengthen surveillance and track down those responsible.
Appealing for public cooperation, the NRC urged residents along the rail line to remain vigilant, report suspicious activities, and discourage acts of vandalism.
It cautioned that continued attacks could disrupt service delivery if not urgently addressed, while reaffirming its commitment to safe, secure, and efficient rail operations nationwide.
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Business
Cooking Gas Crisis Deepens as LPG Price Surges to ₦1,400/kg Across Nigeria
Cooking Gas Crisis Deepens as LPG Price Surges to ₦1,400/kg Across Nigeria
Nigerians, especially urban residents, are facing renewed economic pressure as the price of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, has risen sharply to an average of about ₦1,400 per kilogram, up from around ₦1,000/kg in early March 2026. The development represents a 40 per cent increase within two months, worsening the cost of living for middle- and low-income households already struggling with inflation and rising energy costs.
The surge in cooking gas prices in Nigeria is happening alongside increases in other energy products. Petrol now sells between ₦1,345 and ₦1,400 per litre in Lagos and Abuja depending on location and filling station, while diesel has climbed to between ₦1,900 and ₦2,000 per litre, further deepening household financial strain.
Market data shows that households are already feeling the impact. A survey indicates that a 6kg cylinder of gas now costs about ₦8,400, while a 12kg refill sells for between ₦16,800 and ₦18,000 in many parts of the country, depending on the outlet and location.
The rising cost of LPG in Nigeria has significantly weakened purchasing power, forcing many families to cut consumption or switch to alternative cooking methods such as firewood and kerosene. In several urban areas, households are adjusting daily routines to cope with the increasing cost of energy.
There has also been a noticeable rise in the promotion and use of smokeless charcoal cooking stoves, which vendors are marketing as cheaper alternatives to gas. Some sellers claim the stoves cook as fast as gas, produce less smoke, and reduce household cooking expenses by up to 50 per cent, attracting increasing interest from struggling families.
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Residents across Lagos have continued to express frustration over the rising costs. A resident of Ketu, Mrs. Susan Adedayo, said she was shocked to discover that her 12kg gas refill had risen to ₦16,800, compared to ₦13,200 just a month earlier, describing the situation as unbearable for average households.
Another resident in Ojodu, Ms. Adetutu, said she now compares prices across different outlets due to constant fluctuations. She noted that she bought gas at ₦1,250 per kg, while other stations charged up to ₦1,400. She added that prices had moved from ₦700 per kg in January to ₦900 in March, warning that further increases appear likely.
Industry experts say the price hike is being driven by rising depot costs, supply shortages, and global energy pressures. The ex-depot price of LPG has reportedly increased by about 16.7 per cent to ₦21 million per 20 metric tonnes, up from around ₦18 million within weeks, forcing retailers to adjust prices upward.
The National President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Inyang Edu, confirmed the price surge and linked it to multiple structural issues affecting supply and pricing in the domestic market.
He explained that domestic supply from key producers such as the Dangote Refinery and the Nigerian Liquefied Natural Gas (NLNG) has been insufficient to meet growing demand, leading to increased dependence on imports and higher costs.
Edu also pointed to global market pressures, noting that the Middle East crisis has affected crude oil prices and, by extension, LPG costs. He added that foreign exchange challenges linked to imports are further increasing the price of petroleum products across the board.
With energy costs rising simultaneously across cooking gas, petrol, and diesel, analysts warn that Nigerian households are facing a worsening energy inflation crisis. Many consumers are now calling for urgent government intervention to stabilise LPG supply, strengthen local production, and reduce reliance on imports to ease the burden on citizens.
Cooking Gas Crisis Deepens as LPG Price Surges to ₦1,400/kg Across Nigeria
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Business
Dangote Denies Rift With Tony Elumelu, Threatens Legal Action Over Viral Claims
Dangote Denies Rift With Tony Elumelu, Threatens Legal Action Over Viral Claims
The Dangote Group has strongly denied reports alleging a fallout between its founder, Aliko Dangote, and the Chairman of United Bank for Africa (UBA), Tony Elumelu, describing the claims as false, malicious, and misleading.
The controversy began after a viral post on X (formerly Twitter) claimed that Dangote spoke about financial difficulties during the construction of the Dangote Petroleum Refinery in 2021. The post alleged that the project faced funding challenges and that Dangote sought financial assistance from several Nigerian billionaires, including Femi Otedola, Abdulsamad Rabiu, Mike Adenuga, and Tony Elumelu.
The same post further alleged that Elumelu had reportedly promised a $20 million contribution but later stopped communication, while other unnamed business figures were said to have supported the refinery project with large sums. However, no evidence was provided to back up these claims.
Responding to the viral publication, the Dangote Group issued a firm denial through its Group Chief Branding and Communications Officer, Anthony Chiejina, stating that neither Aliko Dangote nor the company made such statements or comments.
The company stressed that the allegations were entirely fabricated and misrepresented the financing structure of the refinery project, insisting that the Dangote Petroleum Refinery & Petrochemicals was not funded through personal borrowing from friends or associates.
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The statement also addressed claims suggesting any disagreement between Aliko Dangote and Tony Elumelu, dismissing them as completely false and reaffirming that both business leaders maintain a longstanding and cordial relationship built over years of professional respect and collaboration.
The Dangote Group further warned that it is considering legal action against individuals, bloggers, and platforms responsible for creating and spreading the false narrative. It also raised concerns over a growing trend of misinformation involving AI-generated and manipulated content attributed to high-profile personalities.
According to the company, such actions not only damage reputations but could also amount to fraud and intentional misinformation. It urged all individuals and media platforms involved in circulating the claims to desist immediately.
The Dangote Petroleum Refinery, located in Lagos, remains Africa’s largest single-train refinery and one of the continent’s most significant private-sector investments, expected to play a key role in Nigeria’s energy security and fuel supply chain.
Both Aliko Dangote and Tony Elumelu continue to be regarded as two of Africa’s most influential business figures, with investments spanning banking, energy, manufacturing, and infrastructure across multiple countries.
The latest denial adds to growing concerns about the spread of fake news and AI-generated misinformation targeting prominent individuals in Nigeria’s business and political space.
Dangote Denies Rift With Tony Elumelu, Threatens Legal Action Over Viral Claims
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