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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: Portugal Exit 2026 World Cup as Merino’s Stoppage-Time Winner Sends Spain into Quarter-Finals

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BREAKING: Portugal Exit 2026 World Cup as Merino’s Stoppage-Time Winner Sends Spain into Quarter-Finals—-Mikel Merino struck in the first minute of stoppage time to hand Spain a dramatic 1-0 victory over Portugal, ending Cristiano Ronaldo’s final World Cup campaign and booking La Roja’s place in the quarter-finals.

Portugal’s hopes of winning the 2026 FIFA World Cup came to a heartbreaking end after Mikel Merino’s late strike earned Spain a dramatic 1-0 victory in a tense Round of 16 clash at Dallas Stadium.

Just when extra time appeared inevitable, substitute Merino delivered the decisive moment in the 91st minute, calmly slotting home after being picked out by Ferran Torres to send Spain into the quarter-finals and leave Portugal devastated.

The highly anticipated Iberian derby lived up to its billing, with both sides creating opportunities in an evenly contested first half. Spain threatened through Mikel Oyarzabal and the lively Lamine Yamal, while Portugal came close through Cristiano Ronaldo, João Félix and Nuno Mendes. Goalkeepers Unai Simón and Diogo Costa were both called into action as neither side could find a breakthrough before the interval.

After the restart, Spain gradually took control of possession, patiently probing Portugal’s defence with Rodri, Pedri and Dani Olmo dictating the tempo in midfield. Portugal remained disciplined at the back and looked dangerous on the counterattack, but Roberto Martínez’s side struggled to create clear-cut chances as Spain’s pressure continued to build.

The decisive moment finally arrived deep into stoppage time. Ferran Torres threaded a clever pass into the path of Merino, who had only been on the pitch for a few minutes. The Arsenal midfielder kept his composure, steering a low finish beyond Diogo Costa to spark jubilant celebrations among the Spanish players and supporters.

Portugal threw everyone forward in a desperate search for an equaliser. Bernardo Silva came agonisingly close in the dying moments, but his header drifted over the crossbar as Spain held firm to secure a famous victory.

The defeat marked a bitter end to Cristiano Ronaldo’s final World Cup campaign. The 41-year-old captain, who had confirmed before the tournament that this would be his last appearance on football’s biggest stage, was unable to inspire Portugal to another comeback despite leading the line throughout the contest. As the final whistle blew, Ronaldo received a standing ovation from supporters, bringing the curtain down on one of the greatest World Cup careers in football history.

Spain, meanwhile, march confidently into the quarter-finals, where they will face the winner of the United States and Belgium. Luis de la Fuente’s side once again demonstrated their resilience and patience, with Merino’s late heroics keeping alive their dream of lifting a second FIFA World Cup trophy.

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JUST IN: Folarin Balogun Scores but Sees Red as USA Beat Bosnia to Reach World Cup Round of 16

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JUST IN: Folarin Balogun Scores but Sees Red as USA Beat Bosnia to Reach World Cup Round of 16—-The USMNT defeated Bosnia and Herzegovina 2-0 in Santa Clara to book a last-16 clash with Belgium, but the victory was overshadowed by Folarin Balogun’s controversial red card after the striker had opened the scoring.

The United States booked their place in the Round of 16 of the 2026 FIFA World Cup with a determined 2-0 victory over Bosnia and Herzegovina, overcoming the dismissal of star striker Folarin Balogun to continue their impressive run on home soil.

Mauricio Pochettino’s side endured a nervy start at the San Francisco Bay Area Stadium as Bosnia threatened through Ermedin Demirović, forcing goalkeeper Matt Freese into two excellent early saves. Despite Bosnia’s bright opening, the hosts gradually settled into the contest, dominating possession and creating the better opportunities.

The breakthrough came just before halftime in the 45th minute. A high press forced Bosnia into surrendering possession near midfield, and after Malik Tillman’s attempted pass deflected kindly into Balogun’s path, the Monaco striker calmly slotted a left-footed finish beyond the goalkeeper to score his third goal of the tournament. The strike made Balogun only the third American player to score three or more goals in a single FIFA World Cup.

The match took a dramatic turn in the 64th minute when Balogun was shown a straight red card following a VAR review. Referee Raphael Claus upgraded the incident to serious foul play after reviewing Balogun’s challenge on Bosnia defender Tarik Muharemović, leaving the United States to play the remainder of the match with ten men. The dismissal means Balogun will miss the Round of 16 clash against Belgium through suspension.

Despite the setback, the Americans showed tremendous resilience. With Bosnia pushing forward in search of an equalizer, Malik Tillman produced a moment of brilliance in the 82nd minute, curling a superb free-kick into the top corner to double the lead and effectively seal qualification. Matt Freese completed an outstanding evening by preserving his clean sheet with several key saves late in the contest.

The victory sends the United States into the Round of 16, where they will meet Belgium in Seattle in one of the standout ties of the knockout stage. However, Pochettino will be without his leading scorer after Balogun’s dismissal, a significant blow as the co-hosts aim to reach the World Cup quarter-finals for the first time since 2002.

While Balogun’s evening ended in disappointment, his goal proved crucial in setting the United States on course for victory. Combined with Tillman’s spectacular free-kick and a disciplined defensive display, it was enough to keep the Americans’ World Cup dream alive as they prepare for their toughest test yet against Belgium.

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