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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: Cristiano Ronaldo Breaks Silence on Portugal Exit, Accuses Jorge Jesus of Breaking His Word

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BREAKING: Cristiano Ronaldo Breaks Silence on Portugal Exit, Accuses Jorge Jesus of Breaking His Word—-The 41-year-old Portugal captain apologised for leaving the national-team camp but said he remains available for selection after serving any punishment imposed by the Portuguese Football Federation.

Cristiano Ronaldo has broken his silence over his controversial departure from the Portugal national team camp, accusing head coach Jorge Jesus of breaking his word twice and revealing the circumstances that led him to walk away from the squad.

In a lengthy statement released on Tuesday, October 6, Ronaldo gave his own account of the dispute, while also apologising to his teammates and Portuguese supporters for leaving the camp ahead of Portugal’s Nations League fixture against Denmark.

Despite the fallout, Ronaldo made it clear that he has not walked away from international football and remains willing to represent Portugal again.

“If I’m physically fit, playing for my club and scoring goals, after serving whatever suspension is imposed on me, I’ll be available, as I have always been until now, to compete and win for our national team,” Ronaldo said in his statement.

Ronaldo Reveals What Happened

According to Ronaldo, his initial discussions with Jorge Jesus were centred on managing his workload because of his fitness.

The Portugal captain said Jesus had originally agreed that he would miss the matches against Norway and Denmark as part of a plan to manage his physical condition.

However, Ronaldo claimed that shortly before the Norway match, Jesus told him he would play for approximately 30 minutes.

Ronaldo said he subsequently warmed up from halftime but was never introduced.

“Everyone knows the rest. I warmed up from halftime onwards, watched the minutes tick by and wasn’t called on,” Ronaldo said, describing the incident as the first occasion when Jesus had broken his word to him.

The forward said the situation became even more difficult after a subsequent meeting involving Jesus and Al Nassr sporting director Simao Coutinho.

Ronaldo said they agreed that Jesus would publicly clarify the circumstances surrounding his decision not to use him against Norway.

An eight-point document was reportedly prepared, with Ronaldo saying it made clear that he had never demanded playing time, had respected the coach’s decisions and that asking him to warm up without eventually introducing him had been a mistake.

However, Ronaldo claimed that Jesus’ subsequent public comments did not reflect the agreement they had reached privately.

He therefore accused the coach of breaking his word for a second time.

“It was the second time he had broken his word to me,” Ronaldo said. “I decided to leave the training camp without waiting for any further broken promises.”

Ronaldo Apologises to Portugal

Ronaldo also accepted responsibility for his decision to leave the squad.

The veteran forward apologised to his teammates for abandoning the training camp and admitted that his position as Portugal captain made the incident more serious.

“I owe an apology to my national team teammates for having left the camp,” Ronaldo said.

He also apologised to Portuguese supporters for failing to greet them following the Norway match.

However, Ronaldo insisted that he believed leaving was ultimately the right decision after he felt his continued presence could negatively affect the team.

He said he was prepared to accept whatever disciplinary action the Portuguese Football Federation decides to impose.

“The consequences of my actions must be assessed and punished by the Portuguese Football Federation,” he stated.

Ronaldo Rules Out a Permanent Exit

Despite the controversy, Ronaldo insisted that his future with Portugal remains open.

The five-time Ballon d’Or winner rejected the suggestion that he was simply seeking a farewell appearance before permanently ending his international career.

He said Portugal may eventually organise one or more farewell matches, but stressed that his immediate priority remains competing for the national team rather than simply receiving a ceremonial goodbye.

Ronaldo’s statement therefore leaves the door firmly open for a return once any suspension has been served.

“I will be available, as I have always been until today, to compete and win for our national team,” he said.

Jorge Jesus Gives a Different Account

Ronaldo’s version of events has not gone unchallenged.

Jesus previously denied that he had reached the specific agreement described by Ronaldo, while also making clear that the door to a return remained open.

The Portugal coach has maintained that Ronaldo can return to the national team if he wants to, leaving the next step largely in the player’s hands.

The Portuguese Football Federation had not immediately issued a response to Ronaldo’s latest statement.

Ronaldo’s Portugal Future

The dispute comes at a delicate stage of Portugal’s international campaign, with the team progressing under Jesus while Ronaldo’s future remains uncertain.

Ronaldo’s latest statement, however, removes one major question: he has not closed the door on Portugal.

At 41, the veteran captain remains determined to contribute whenever he is fit and selected, even after acknowledging that his decision to leave camp could result in disciplinary punishment.

For now, the focus shifts to the Portuguese Football Federation, which must decide whether Ronaldo will face a suspension and how the latest dispute will affect his relationship with Jesus and the national team.

Ronaldo’s message was ultimately clear: the departure was a consequence of what he described as a breakdown of trust — but it was not a declaration that his Portugal career is over.

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JUST IN: Manchester City Found Guilty of 114 Premier League Financial Charges

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JUST IN: Manchester City Found Guilty of 114 Premier League Financial Charges—-Manchester City have reportedly been found guilty of all but one of the 115 alleged Premier League financial breaches, with sanctions yet to be determined and the club expected to appeal.

Manchester City have reportedly been found guilty of 114 of the 115 alleged breaches of the Premier League’s financial regulations, bringing a major development to one of the longest-running financial cases in English football.

The reported verdict was delivered by an independent commission following a lengthy hearing into allegations dating back to the 2009-10 season. The Premier League originally charged City in February 2023 following a four-year investigation into the club’s financial affairs.

According to reports from The Athletic and The Times, the independent commission ruled against Manchester City on all but one of the 115 charges.

The allegations covered several areas, including claims that City failed to provide accurate financial information, failed to properly disclose payments to players and coaches, breached UEFA financial regulations and the Premier League’s Profitability and Sustainability Rules, and failed to cooperate with the league’s investigation.

Verdict Yet to Be Publicly Released

Despite the reported outcome, the Premier League has not formally published the commission’s verdict.

A Premier League spokesperson told Reuters that the matter remains confidential and the league would not comment on the reported findings. Manchester City also indicated that the process is not yet complete.

City have consistently denied wrongdoing since the charges were brought and are expected to appeal the reported findings.

The club said the Premier League process remains ongoing, with significant elements still to be completed and subject to strict confidentiality.

What Were Manchester City Charged With?

The 115 charges relate primarily to alleged breaches between 2009 and 2018, while separate allegations concerned the club’s alleged failure to cooperate with the Premier League investigation.

Reports indicate that 54 of the charges relate to alleged failures to provide accurate financial information, while another 35 concern alleged failures to cooperate with the investigation.

Further allegations involved the reporting of player and manager compensation as well as alleged breaches of UEFA financial regulations and the Premier League’s profitability and sustainability rules.

The hearing before the three-person independent commission lasted around 12 weeks and concluded in December 2024. The verdict was then delayed for a prolonged period because of the complexity of the case.

Punishment Has Not Been Decided

Manchester City have not yet been handed a punishment.

The sanctions that could potentially be considered under Premier League rules include financial penalties and sporting sanctions, although the eventual punishment will depend on the commission’s findings and the next stages of the process.

The club’s expected appeal could further prolong the case.

For now, the reported verdict represents a dramatic development in a case that has followed Manchester City for more than three years and covers a period in which the club established itself as one of the dominant forces in English football.

Manchester City maintain their position that they have acted properly and have consistently defended themselves against the allegations.

With the verdict reportedly going against the club on 114 of the 115 charges, attention will now turn to the official publication of the commission’s decision, the sanctions, and Manchester City’s expected appeal.

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