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Another Fuel Scarcity Imminent …As Marketers’ Bill Hits $1.7bn

The country may be plunged into another round of excruciating fuel scarcity in the next couple of weeks as oil marketers disclosed that they are running out of patience over the Federal Government’s refusal to pay its $1.7 billion debt owed them since May 2015.
One of the oil marketers, who spoke to newsmen in Abuja, under condition anonymity, yesterday, disclosed that the seeming sanity in petroleum products distribution and sales across the country can be likened to the “peace of the graveyard,’ as he noted that marketers were only ensuring that they were not seen as individuals seeking to sabotage the efforts of government.
He stated that the marketers had written series of letters over their predicaments to the Presidency and that the Presidency had agreed to grant them audience, while he warned, however, that if nothing is done to address the issue of the debts owed them, they would be forced to take drastic measures that might lead to the return of another fuel crisis.
The source explained that the amount owed the marketers was for foreign exchange differentials owed both major oil marketers, independent oil marketers and other petroleum marketers.
He said the amount was the balance from the payments made by the Goodluck Jonathan administration, before handing over to President Muhammadu Buhari, while the rest was incurred in May 2016, when the Federal Government devalued the naira.
According to the source, major oil marketers are owed about $500million, while independents, depot and petroleum products marketers were owed about $1.2billion.
The source also confirmed that some of the oil marketers are indebted to the government, stating, however, that their indebtedness pales in comparison to the huge debt the Federal Government owes the oil marketers.
He further stated that the oil marketers’ indebtedness to the country was more recent, while the Federal Government’s debts dated back to May, 2015.
“Irrespective of the fact that our own debt is recent, very small and insignificant, compared to the amount the Federal Government owes us, the government is asking us to pay, while nothing is said about their own debt which is huge and dates back to 2015,” he said.
He noted that as a result of the huge debts, majority of the oil marketers had sacked a large number of their staff, as many of them are finding it extremely difficult to pay staff salaries and even sustain their operations, as a result of the unfavourable operating environment.
He added that the oil marketers are currently at loggerheads with a subsidiary of the NNPC, the Pipeline and Products Marketing Company (PPMC), over the introduction of obnoxious rules that are detrimental to existing contractual obligations, without proper consultations with oil marketers and other stakeholders.
He also disclosed that majority of the oil marketers had since stopped the importation of Premium Motor Spirit (PMS), also known as petrol, while he confirmed that the NNPC is currently the major importer and has enough stocks of the commodity on ground to guarantee several months of supply.
However, he said, “While I can tell you that the NNPC has adequate quantity of the product to last the country for months, we the oil marketers have agreed that we cannot continue to allow the NNPC to supply its products to Nigerians through our facilities, both depots and retail outlets, while nothing is done to address the debts owed us.
“We might be forced to stop the NNPC from using our facilities; then let us see how the NNPC can supply its millions of litres of PMS to the public. It is a known fact that the NNPC cannot supply its products to the public without using the facilities of oil marketers”, he added.
Confirming the development, the NNPC, in its latest Monthly Financial and Operational Report for September, 2016, released recently, disclosed that as regards downstream sector, NNPC remains the major importer of petroleum sector.
This, according to the NNPC, was despite the liberalized price regime due to inaccessibility of foreign exchange (FOREX).
However, it stated that the “FOREX intervention by the international oil companies (IOCs) cushions the effect.
Similarly, the ongoing Turn Around Maintenance (TAM) is promising to entirely change the anaemic outlook of the country’s refineries.
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INEC To Unveil New Party Registration Portal As Applications Hit 129

The Independent National Electoral Commission (INEC) has announced that it has now received a total of 129 applications from associations seeking registration as political parties.
The update was provided during the commission’s regular weekly meeting held in Abuja, yesterday.
According to a statement signed by the National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, seven new applications were submitted within the past week, adding to the previous number.
“At its regular weekly meeting held today, Thursday 10th July 2025, the commission received a further update on additional requests from associations seeking registration as political parties.
“Since last week, seven more applications have been received, bringing the total number so far to 129. All the requests are being processed,” the commission stated.
The commission revealed the introduction of a new digital platform for political party registration. The platform is part of the Party Financial Reporting and Auditing System and aims to streamline the registration process.
Olumekun disclosed that final testing of the portal would be completed within the next week.
“INEC also plans to release comprehensive guidelines to help associations file their applications using the new system.
“Unlike the manual method used in previous registration, the Commission is introducing a political party registration portal, which is a module in our Party Financial Reporting and Auditing System.
“This will make the process faster and seamless. In the next week, the commission will conclude the final testing of the portal before deployment.
“Thereafter, the next step for associations that meet the requirements to proceed to the application stage will be announced. The commission will also issue guidelines to facilitate the filing of applications using the PFRAS,” the statement added.
In the meantime, the list of new associations that have submitted applications has been made available to the public on INEC’s website and other official platforms.
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Tinubu Signs Four Tax Reform Bills Into Law …Says Nigeria Open For Business

President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.
The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.
The ceremony took place at the Presidential Villa, yesterday.
The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.
The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.
Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.
Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”
Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”
He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.
“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.
According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”
He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.
The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.
However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.
At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.
They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.
After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.
By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.
In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.
“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.
“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.
He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.
The President added, “We are not just signing tax bills but rewriting the social contract.
“We are not there yet, but we are firmly on the road.”
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Senate Issues 10-Day Ultimatum As NNPCL Dodges ?210trn Audit Hearing

The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.
Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.
However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.
Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.
It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.
The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.
“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.
“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”
But lawmakers rejected the request.
The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.
“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.
Other lawmakers echoed similar frustrations.
Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.
The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.
Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.
Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.
The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.
Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.
The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.
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