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PRESIDENCY: NNPC’s $6 billion Debt To Oil Traders Confirms Tinubu Not Lying About Removal Of Fuel Subsidy

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PRESIDENCYNNPC’s $6 billion Debt To Oil Traders Confirms Tinubu Not Lying About Removal Of Fuel Subsidy—The Special Adviser to the President on Information and strategy, Bayo Onanuga, stated that the $6 billion owed to oil traders by the Nigerian National Petroleum Corporation (NNPC) Limited serves as clear proof that President Tinubu was truthful about the removal of the fuel subsidy.

Thecloudngr reports that Onanuga made this remark in an X (formerly Twitter) post on Tuesday.

The presidential spokesperson stated that the debt arose because the budget did not account for the fuel subsidy, leaving the NNPC to bear the burden of the price difference caused by the devaluation of the naira and the high cost of crude oil.

“I have read a series of articles attacking the Federal Government for not telling the truth about fuel subsidy payments, following  NNPC Limited’s admittance it was owing suppliers some $6 billion.

“Some of the stories have been written with relish, as the authors believed they have uncovered some scoops.

“The truth is that there is no discovery. No lie uncovered.  The government has been faithful to its policy that it was no longer going to pay fuel subsidies since President Tinubu announced the deregulation of the PMS sector on 29 May 2023. Since then, subsidy provisions have disappeared from the budget. It was not in the Supplementary budget of 2023, not in the 2024 budget and the amended 2024 budget.

“The NNPC cried out recently because it can no longer sustain the price differential on its balance sheet without becoming insolvent. The situation  has greater implications for the ability of the three tiers of government to function as the  NNPC has failed to pay into the Federation Account, the money that should go to the government,” Onanuga said.

Backstory 

Nairametrics previously reported that NNPC Limited has acknowledged its debt to international oil traders, which has significantly contributed to the shortage of fuel supply to local marketers.

Recent reports indicate that NNPC owes these traders approximately $6 billion in subsidy obligations, leading the traders to halt the supply of imported petrol to the national oil company.

Although NNPC initially denied these claims, the company later admitted that its outstanding debts to suppliers have been a major factor behind the ongoing fuel scarcity across the country.

“NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.  

“In line with the Petroleum Industry Act (PIA), NNPC Ltd. remains dedicated to its role as the supplier of last resort, ensuring national energy security. We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide,” NNPC said.

Although NNPC has yet to confirm the reintroduction of the subsidy, its recent statement suggests that the federal government may need to step in to help settle some of the company’s obligations to international oil traders.

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BREAKING: Patrick Vieira Appointed New Senegal Head Coach as Teranga Lions Begin New Era

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BREAKING: Patrick Vieira Appointed New Senegal Head Coach as Teranga Lions Begin New Era—-The Dakar-born former France international takes his first national-team coaching role after Senegal parted ways with Pape Thiaw following their disappointing 2026 World Cup campaign.

Patrick Vieira has been appointed the new head coach of the Senegal national team, with the former France international taking charge of the Teranga Lions for the first time in his managerial career.

The Senegalese Football Federation (FSF) confirmed Vieira’s appointment on Tuesday, August 18, announcing that the 50-year-old will succeed Pape Thiaw, whose tenure ended following Senegal’s elimination from the 2026 FIFA World Cup. 

The appointment represents a major new chapter in Vieira’s coaching career and his first opportunity to manage a senior national team.

Vieira Returns to His Birth Country

Although Vieira represented France throughout his international career, including winning the 1998 FIFA World Cup and Euro 2000, he was born in Dakar, Senegal.

The former midfielder moved to France at the age of eight before developing into one of the country’s most celebrated footballers. He eventually earned 107 caps for Les Bleus and became an important figure in France’s golden generation.

His connection to Senegal makes the appointment particularly significant as he now returns to lead the country’s senior national team.

Replacing Pape Thiaw

Vieira takes over after Thiaw was removed from his position following Senegal’s disappointing World Cup campaign.

The Teranga Lions were eliminated in the round of 32 after surrendering a 2–0 lead against Belgium before eventually losing 3–2 in extra time. The result brought an early end to Senegal’s World Cup ambitions and contributed to the decision to make a change in the dugout.

The FSF subsequently turned to Vieira as it looks to begin a new era.

First National-Team Job for Vieira

Vieira arrives with considerable experience in club management but has never previously managed a senior international side.

He began his coaching career with Manchester City’s youth setup before taking charge of New York City FC in MLS. He later managed French side Nice, Premier League club Crystal Palace, Strasbourg and Italian club Genoa.

His appointment therefore presents a new challenge for the former Arsenal captain, who must now translate his club-management experience to the international stage.

AFCON 2027 Qualification Awaits

Vieira’s first major task will be preparing Senegal for the next international window and the country’s qualification campaign for the 2027 Africa Cup of Nations.

Senegal are the reigning African champions and will be expected to remain among the continent’s leading teams under their new manager. The AFCON qualifiers are scheduled to begin as early as September.

The appointment also gives Vieira an opportunity to build a team capable of competing for another continental title while establishing a long-term project with the national side.

A New Chapter for Senegal

For Senegal, Vieira’s appointment represents both a change in leadership and an attempt to reset after a disappointing World Cup.

For Vieira, it is a chance to manage the country of his birth and take charge of a talented generation of Senegalese players.

The FSF said further details concerning Vieira’s official presentation and the next steps in his installation will be announced later.

The man who lifted the World Cup with France in 1998 will now attempt to lead Senegal to continental and international success — beginning with the Teranga Lions’ new era under Patrick Vieira.

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JUST IN: Maresca Suffers Arsenal Defeat Again as Manchester City Lose Community Shield 3–0

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JUST IN: Maresca Suffers Arsenal Defeat Again as Manchester City Lose  Community Shield3–0—-Enzo Maresca’s competitive debut as Manchester City manager ends in disappointment as Arsenal cruise to victory in Cardiff and lift the Community Shield.

Enzo Maresca’s first competitive match in charge of Manchester City ended in a nightmare as Arsenal swept aside the FA Cup holders 3–0 to claim the 2026 Community Shield at the Principality Stadium in Cardiff.

The defeat means Maresca has suffered another setback against Arsenal, having previously faced the Gunners during his time at Chelsea. But this loss will carry particular significance, coming in his first competitive game since taking over from Pep Guardiola at City.

Calafiori Strikes Inside 24 Seconds

Arsenal needed less than a minute to take control.

Riccardo Calafiori opened the scoring after just 24 seconds, finishing from Myles Lewis-Skelly’s delivery to give Mikel Arteta’s side a dream start. It was reported as the fastest Community Shield goal in 58 years.

The early goal immediately put City under pressure and gave Arsenal confidence as they looked to exploit the uncertainty surrounding Maresca’s new-look side.

Havertz Doubles Arsenal’s Lead

Arsenal continued to dominate and eventually doubled their advantage in the 28th minute.

Kai Havertz found the net after goalkeeper Gianluigi Donnarumma failed to deal convincingly with the situation, leaving Arsenal with a commanding 2–0 lead before half-time.

City struggled to generate a sustained attacking response, with Arsenal’s defensive organisation limiting the opportunities available to Erling Haaland and Phil Foden.

Ødegaard Completes the Rout

The Gunners completed the victory early in the second half when captain Martin Ødegaard added a third goal.

Christos Tzolis was involved in another Arsenal attacking move, while Ødegaard produced a composed finish to effectively put the contest beyond City’s reach.

Arsenal’s defence then held firm to preserve a clean sheet and secure a convincing victory.

A Nightmare Start for Maresca

The result could hardly have been more difficult for Maresca.

The Italian was appointed as Guardiola’s successor after City entered a new era following the Spaniard’s departure. The Community Shield represented Maresca’s first competitive opportunity to demonstrate that he could lead the club back to the top of English football.

Instead, Arsenal exposed several weaknesses in his team, particularly in defensive organisation and their ability to control the match after falling behind.

Maresca had previously said one of his ambitions at City was to close the gap on Arsenal, who finished as Premier League champions last season. His first competitive meeting with the Gunners therefore provided an immediate test of that ambition.

Arsenal Send Early Warning

For Arteta and Arsenal, the victory provides an early statement ahead of the new Premier League campaign.

The Gunners looked sharp, aggressive and confident, while their new additions and returning players fitted smoothly into Arteta’s system.

The Community Shield does not determine the Premier League title race, but Arsenal’s performance will undoubtedly strengthen belief among their supporters that the champions are ready to defend their crown and compete for further silverware.

For Maresca, however, there is now plenty of work to do.

Manchester City’s new era has begun with a heavy defeat, while Arsenal have already sent a clear message to their rivals: they are ready for another fight at the top.

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