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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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JUST IN: Callous As Libya Govt Begin Mass Arrest Of Nigerians And Deport Workers Over CAF Verdict

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CAF Verdict

JUST IN: Callous As Libya Govt Begin Mass Arrest Of Nigerians And Deport Workers Over CAF Verdict—-Following a recent ruling by the Confederation of African Football (CAF) Disciplinary Board against the Libya Football Federation (LFF), tensions have heightened within Libyan media, with several platforms calling for punitive measures against Nigerian workers in the country.

The CAF Disciplinary Board penalized the LFF with a $50,000 fine and awarded a 3-0 forfeit victory to Nigeria.

This decision stemmed from an incident in which the Nigerian team, the Super Eagles, faced prolonged detainment at Al Abraq Airport, delaying their AFCON 2025 qualifying match.

This decision stemmed from an incident in which the Nigerian team, the Super Eagles, faced prolonged detainment at Al Abraq Airport, delaying their AFCON 2025 qualifying match.

Citing the LFF’s failure to meet security and logistical obligations, CAF granted Nigeria three points in their qualification campaign.

In response, Libyan media outlets have voiced frustration, urging the government to act against undocumented Nigerian workers.

On Sunday, the Libyan blog Libya News Today 1 published a post advocating for the arrest of Nigerian workers without proper documentation, proposing a $500 fine and additional taxes from those without residence permits.

Another Libyan media outlet, Libya INF.TV, echoed these sentiments, also urging the arrest of undocumented Nigerians and suggesting that fines should be deducted from their earnings.

Amid the growing tension, Nigerian worker who goes by the name Omo Oba Legba described an escalation of the situation.

In a Facebook video on Wednesday, he stated,

“My Arab master, who is a policeman, just called me now and told me not to go out to buy anything because they have started arresting Nigerians in Libya. I asked him, ‘What about those with Libyan passports?’ But he said they aren’t considering passports and that anyone who is Nigerian will be arrested. That’s why I decided to alert our people so they know how far this issue has gone.”

The crackdown continued to draw reactions, with Libya INF.TV sharing a video on Thursday in which a Nigerian man pleaded with Libyan authorities, “Football has nothing to do with us. If you want to catch them, catch them when they come here. Leave us out of this. And to the Nigerian team, I don’t know what you’re thinking, coming here to play football with the Libyan people. You don’t have sense. Please,

Libyan police, please.”

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JUST IN: Children Arraigned In Court For Protesting To Be Released Immediately

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Children Arraigned

JUST IN: Children Arraigned In Court For Protesting To Be Released Immediately—-Thecloudngr reports that the children that were arraigned in court earlier today are set to be released unconditionally with immediate effect.

This is coming after the public condemned the judiciary system of the country for detaining minors and arraigning them in court for an offence they are not capable to commit.

The children, on arrival at the court today looked malnourished while some of them fainted. Apparently, they had been detained for three months without proper care.

This led to uproar on the social media with the President being blasted for allowing such happening take place.

 

Details later

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