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Fuel Crisis: NNPC Sinks $5.8bn On Petrol Importation
The Nigerian National Petroleum Corporation (NNPC) said it spent about 5.8 billion dollars to import Premium Motor Spirit (PMS) popularly known as petrol to combat fuel crisis that resurfaced since late last year.
In a statement signed by Mr Ndu Ughamadu, the Group General Manager, Group Public Affairs unit in Abuja, yesterday, it said the PMS was equivalent of 9.8 million metric tons.
According to the statement, the Group Managing Director of the corporation, Dr. Maikant iBaru, disclosed this during a public hearing by the Senate Committee on Public Accounts at the National Assembly in Abuja.
Represented by the Chief Operating Officer, Finance and Accounts, Mr. AbdulrazaqIsiaka, he said that the corporation carried out the massive importation in fulfilment of its statutory role of supplier of last resort.
This, he said was to ensure that Nigerians do not suffer as a result of product unavailability. The GMD in the statement noted the corporation’s provision of 9.8 million metric tons of petrol so far had helped a great deal in ameliorating the suffering of Nigerians.
He said the corporation’s intervention became necessary following the inability of the major and independent marketers to import the product.
He pointed out that cross-border smuggling due to price disparity between Nigeria and neighbouring countries as well as logistic issues in trucking products to different locations across the country remained serious challenges in the quest for fuel queue-free situation in the country.
The Chairman, Senate Committee on Public Accounts, Senator Matthew Uroghide noted that the public hearing was a part of the Committee’s duty to find lasting solutions to the problem of fuel scarcity in order to make life easy for all Nigerians.
Meanwhile, the Senate, yesterday, mandated its Committee on Public Accounts to investigate the rationale behind a security account allegedly operated by the Nigeria National Petroleum Corporation (NNPC) and Nigerian Agip Oil Company (NAOC).
This followed the adoption of a motion moved by Sen. Dino Melaye (Kogi-APC).
Moving the motion, Melaye said there was the need for the Senate to unravel the objective of the account and source of its funding.
He alleged that the account opened with the name NNPC/AGIP Oil Company IPP Security Account with address NNPC Garki, Harbert Macauley way, is domiciled in First Bank Nigeria Plc with account number 2006367288.
Melaye alleged that the account had an opening balance of N31.7billion and a closing balance of N34.5billion as at April 25, 2017, adding that there were lodgements and withdrawals since January, 2017.
“A lot of questions are begging for answers as regards this account.
“While we need to know the objectives of this account, we also need to know the signatories to the account; is the account known to the Federal Government and what are the sources of the account’s funding?
“About N2trillion is kept in various accounts of government, we are operating a Treasury Single Account yet money is kept in various personal accounts.
“If these monies are properly remitted to government purse, we will have no business borrowing.
“This Senate will continue to expose any corrupt practice in the country because it is time to protect the future of Nigerians unborn,” Melaye said.
The committee has four weeks within which to carry out its investigation.
Meanwhile, the ad-hoc committee set up by the House of Representatives, yesterday, commenced investigations into the incessant killings in Nigeria.
Addressing journalists on their approach, Chairman of the committee, Rep Pally Iriase (PDP, Edo) said the committee of seven lawmakers was going to be bi-partisan in their approach.
He said “We formally commenced our investigations today and we will use a three prong approach via interaction with security chiefs, interface with foreign partners and conduct public hearing.”
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.