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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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PRESIDENCY: NNPC’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: Declan Rice Fires Late Equaliser as Arsenal Hold Bayern Munich at Allianz Arena

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BREAKING: Declan Rice Fires Late Equaliser as Arsenal Hold Bayern Munich at Allianz Arena—-The England midfielder struck in the 82nd minute to earn Arsenal a dramatic 2-2 draw against Bayern Munich after Harry Kane had put the German champions ahead from the penalty spot.

Arsenal produced a spirited late comeback to secure a 2-2 draw against Bayern Munich at the Allianz Arena on Wednesday night, with Declan Rice scoring a crucial equaliser in the 82nd minute of their UEFA Champions League encounter.

The Gunners looked set to suffer their first defeat of the league phase after Harry Kane converted a second-half penalty to give Bayern the lead. However, Rice delivered a timely response to ensure Mikel Arteta’s side left Germany with a valuable point.

Eze Gives Arsenal the Lead

Arsenal suffered an early setback when Bukayo Saka was forced off with an injury after approximately 10 minutes.

Eberechi Eze replaced the England winger and made an immediate impact, opening the scoring in the 25th minute after receiving a superb pass from Martin Ødegaard.

Eze drove forward before firing into the bottom corner. The goal was initially ruled out for offside, but a VAR review confirmed the effort, giving Arsenal a 1-0 advantage.

Bayern responded through Alphonso Davies, who levelled the contest in the 35th minute after a brilliant through ball from Kane.

Kane Puts Bayern Ahead

The contest remained finely balanced after the interval, with both goalkeepers making important saves to keep their teams in the game.

Bayern eventually took the lead in the 61st minute when Kane converted a penalty after Jurriën Timber handled the ball inside the area.

The former Tottenham striker calmly dispatched the spot kick, putting the hosts 2-1 ahead and leaving Arsenal facing the prospect of defeat.

Kane’s goal also extended his remarkable scoring run in the Champions League to 10 consecutive matches.

Rice Rescues a Point for Arsenal

With time running out, Arsenal found their breakthrough through a well-worked attacking move.

Noni Madueke and Viktor Gyökeres combined in the build-up before Rice surged into the penalty area and fired a low finish beyond Manuel Neuer from an acute angle.

The 82nd-minute strike restored parity at 2-2 and silenced the home crowd, giving Arsenal renewed belief as they pushed for a late winner.

Despite further pressure from the visitors, neither side managed to find another goal, and the points were shared.

Arsenal Maintain Unbeaten Champions League Run

The draw extended Arsenal’s unbeaten run in the Champions League league phase and took their tally to seven points from three matches, following victories over Napoli and Lille.

Bayern, meanwhile, were left frustrated after surrendering their lead late in the contest.

For Arsenal, Rice’s equaliser represented a significant moment in a demanding away fixture, while Eze’s contribution after replacing the injured Saka provided another positive from the encounter.

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BREAKING: Como Humble Manchester United 4-1 At Stadio Giuseppe Sinigaglia, as Nico Paz Hits Brace in Champions League Rout

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BREAKING: Como Humble Manchester United 4-1 At Stadio Giuseppe Sinigaglia, as Nico Paz Hits Brace in Champions League Rout—–Nico Paz scored twice and provided an assist as Champions League newcomers Como produced a stunning performance to dismantle Manchester United in Italy.

Como delivered a memorable European night on Wednesday, October 21, 2026, thrashing Manchester United 4–1 in the UEFA Champions League as Nico Paz inspired the Italian side to a commanding victory.

The Argentine midfielder scored twice and assisted another goal, helping Cesc Fàbregas’ team overwhelm Michael Carrick’s visitors at the Stadio Giuseppe Sinigaglia.

Manchester United struggled to contain Como’s attacking movement throughout the encounter, with the hosts establishing control early and extending their advantage after the break.

Nico Paz Strikes Early

Como needed just two minutes to take the lead through Paz, who collected a pass from Lucas da Cunha before curling a left-footed effort into the far corner.

The early goal gave the hosts momentum, while United struggled to establish a foothold in the contest.

Despite having opportunities to respond, the visitors failed to find an equaliser before halftime, allowing Como to carry their advantage into the break.

Paz Turns Provider as Como Extend Their Lead

Como doubled their advantage four minutes into the second half when Paz delivered a perfectly weighted through ball for Anastasios Douvikas.

The Greek forward broke through the United defence and finished past the advancing goalkeeper to make it 2–0 in the 49th minute.

Paz then produced another decisive moment eight minutes later. After capitalising on a misplaced pass from Carlos Baleba, the Argentine surged forward and finished confidently to complete his brace and put Como 3–0 ahead.

His performance left United facing an increasingly difficult task as the hosts continued to threaten.

Jacobo Ramón Adds the Fourth

Como added a fourth goal in the 76th minute through defender Jacobo Ramón.

Substitute Kaiki Bruno drove forward down the left before delivering a cross that Ramón headed beyond United goalkeeper Senne Lammens.

The goal capped an impressive attacking display from the home side and underlined the visitors’ defensive struggles.

Zirkzee Scores Late Consolation

Manchester United eventually found the net in stoppage time when Joshua Zirkzee converted a cross from Amad Diallo in the 90th minute, reducing the deficit to 4–1.

However, the late goal did little to change the outcome, as Como comfortably saw out the remaining minutes to secure an emphatic victory.

A Night to Remember for Como

The result marked a major European achievement for Como, whose Champions League campaign has brought the club onto one of football’s biggest stages.

For Paz, the performance was particularly memorable, with his two goals and assist making him the central figure in the victory.

Manchester United, meanwhile, were left to reflect on a difficult night in Italy after being outplayed by a Como side that combined clinical finishing with effective attacking football.

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