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PDP Cautions Buhari On Fuel Price Hike …NNPC Dispels Rumours

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The Peoples Democratic Party (PDP) has cautioned federal government and the governing All Progressives Congress (APC) against increasing pump price of fuel from the existing N145 per litre.
The party said its position is predicated on its unwavering commitment to the welfare of Nigerians, stressing that any increase in fuel price will result in upsurge in cost of goods and services thereby worsening the biting hardship being faced by Nigerians.
A statement by the spokesman for the PDP, Kola Ologbondiyan, yesterday, said that “at a time like this, rather than musing an increase in the price of such essential commodity, a responsive leadership ought to be engaging stakeholders and seeking ways to achieve a reduction in the interest of the people.”
The statement said: “Our party insists that the price comparison being contemplated by the APC-controlled Nigeria National Petroleum Corporation (NNPC) to warrant an increase, is untenable and further demonstrates that the APC is a party of selfish, unfeeling and insensitive individuals, who relish in inflicting pain and anguish on Nigerians for their selfish desires.
“Moreover, in arguing that petrol price is cheap in Nigeria without also comparing our market and production variables as well as social and economic infrastructure, with those obtainable in other countries, the APC-controlled NNPC is trying to play on the intelligence of Nigerians to pave way for further fleecing of our citizens.
“Such anti-people position can only come from leaders who do not have the mandate of the people and as such think that they are not answerable or accountable to the citizenry
“This is the same APC, which, in 2015, promised to reduce fuel pump price, only for it to jerk it up from N87 per liter, stabilised by the PDP, to an exorbitant N145, from which it now seeks a further increase.
“Moreover, the APC-led Federal Government has no justification whatsoever to contemplate any increase in pump price of fuel, when President Muhammadu Buhari has failed to recover the N9trillion ($25billion) oil money stolen under his watch, through sleazy contracts, as detailed in the leaked NNPC memo.
“President Buhari had also failed to recover the N1.1trillion worth of crude oil allegedly stolen, using 18 unregistered companies, reportedly linked to APC interests.
“It is therefore unacceptable that rather than recovering the over N10trillion stolen oil money and channelling same to our domestic energy needs, the APC-led Federal Government is seeking to shift the burden of the humongous corruption in the NNPC, as confirmed by the new Group Managing Director, Mele Kyari, on our already deprived and impoverished compatriots.
“It is saddening that at a time Nigerians should have been enjoying the benefits of Atiku Abubakar’s economic recovery plan, they are still being faced with apprehensions of more economic hardship under the hypocritical and unfeeling APC”.
Meanwhile, the Nigerian National Petroleum Corporation (NNPC), yesterday, advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike in the pump price of Premium Motor Spirit (PMS), popularly known as petrol.
It explained that the statement of the corporation’s Group Managing Director, Mele Kyari, at the National Assembly, last Wednesday, did not suggest any plan to increase the price of the white product.
The NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, clarified that what the NNPC GMD stated during his engagement with the Senate President, Senator Ahmed Lawan, was that the price of petrol was abysmally low in Nigeria compared to what obtained in neighbouring West African countries.
Ughamadu noted that Kyari had observed at the event that the huge disparity in the pump price of petrol between Nigeria on the one hand and her neighbouring countries, on the other hand, tended to encourage cross-border smuggling.
This, according to Ughamadu, was why the NNPC boss sought the support of the leadership of the National Assembly to curb the malaise of smuggling.
The oil firm advised Nigerians to disregard the insinuation of a planned hike in the price of petrol by NNPC.
It stated that statutorily, NNPC was not even in a position to regulate the price of petroleum products, adding that the corporation’s role as an operator must be differentiated from that of any of the industry regulators.
Ughamadu stated that as directed by relevant agencies of government, the pump price of petrol remains N145 per litre.
The NNPC cautioned petroleum products’ marketers not to sell petrol above N145 per litre following the disclaimed rumour.
It advised Nigerians to remain vigilant and volunteer information to the Department of Petroleum Resources (DPR), the industry regulator, or to any law enforcement agency around them, on any station which sells petrol beyond N145 per litre.
Earlier, the Group Managing Director (GMD) of Nigeria National Petroleum Corporation (NNPC), Mele Kyari, had last Wednesday, lamented at the Senate over the N145 per litre fuel price in Nigeria.
The Management of NNPC told the Senate that its fuel was the cheapest in the entire West African sub region.
Kyari, spoke last Wednesday, during a courtesy call on the President of the Senate, Senator Ahmad Lawan in his office to make submissions on revenue generation by the agency, along with the Nigeria Customs Service (NCS) and Federal Inland Revenue Service (FIRS).
Speaking further, the NNPC GMD who noted that the low fuel price and smuggling, are the two key factors hampering high revenue generation of the agency, said, “The N145 per litre fuel price regime Nigeria runs against the N350 per litre most of the other west African countries operate, encourages smuggling, which invariably affected revenue generation for the agency and by extension the country.”
Kyari, who noted that Nigeria is not benefiting optimally from gas production, however, informed the Senate leadership that as far as projected daily production level was concerned, remarkable achievement has been made with the 2.3million barrel daily production being recorded as against 1.6m barrel recorded on daily basis in 2016.
He, however, assured that before the year runs out, the corporation would meet the revenue projection of the appropriations act since the NNPC was working tirelessly with the customs and security agencies in controlling and containing cross border activities of the oil smugglers.
In his submission, the Director of Department of Petroleum Resources (DPR), Rufai Ahmed Ishaku, however, called on the National Assembly to speed up the passage of the Petroleum Industry Bill, saying that doing so will significantly transform the oil and gas industry and attract revenues.
In his remarks, President of the Senate, Senator Ahmad Lawan told the executives of the revenue agencies that the purpose of the collaboration was to gear them up in making more revenues for the government for effective and efficient budget implementation.
Lawan said: “It is very worrisome that the country within the last few years , have been resorting to borrowing from external lenders for implementation of capital components of the yearly budget.
“This is not good for the country economically when we have agencies that can assist in generating revenues at home for execution of such projects.
“What is happening today is not healthy and must be critically addressed by all stakeholders involved.”

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INEC To Unveil New Party Registration Portal As Applications Hit 129

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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 

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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 

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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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