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Subsidy Claims Gulp N11trn In Six Years -Senate …Approves N129bn Payment To Oil Marketers Holds Valedictory Session, June 6

Published

7 years ago

May 31, 2019

As Nigeria’s expenditure on fuel subsidy hits N11 trillion over the past 6years, the Senate yesterday expressed worry over the increasingly huge financial burden just as it cautioned that the huge subsidy payment if left unchecked, could kill the economy.
The senators, also berated the Federal Government for paying subsidy to oil marketers over the years without approval from the Senate and by extension, the National Assembly .
The caution came up a matter of urgent importance even at the as the National Assembly adjourned plenary till June 6 for its valedictory session, when it will officially end the four year life of the 8th session of the National Assembly.
This issue on the subsidy regime came up while the senate was considering the reports of its Committee on Petroleum Downstream during which the lawmakers took turn to lament the excessive subsidy payments which they questioned the validity.
The Chairman of the committee, Senator Kabiru Marafa (APC Zamfara Central), who presented the report to his colleagues reported that the nation over the last six years has spent over N11 trn to pay outstanding subsidy claims .
In another development, the red chamber also approved the payment of additional N129 billion subsidy claims to 67 petroleum marketers.
The Senate had earlier on Tuesday approved the payment of N68.9bn as subsidy claims to 20 petroleum marketers.
Marafa’s report reads, “That due to scarcity of Forex within the period, Oil Marketing Companies were allowed to source Forex outside CBN rate to enable them meet the country’s petroleum products demand.
“That NNPC Retail get their petroleum product allocation directly from PPPMC at already subsidized rate and so does not require forex to transact its business.”
Some of the oil marketers and the amount approved for them include: Total Nigeria PLC N13.7 billion, Northwest Petroleum N11.4 billion, Masters Energy N10 billion, MRS Oil PLC N8.8 billion and Sahara Energy N8.4 billion.
Others are: MRS Oil & Gas Limited N6.3 billion, Nipco PLC N4.2 billion, Forte Oil N3.9 billion, DEEJONES Petroleum & Gas N4.1 billion, Emadeb N4 billion among others.
Senator Barnabas Gemade in his contribution, asked why the Federal Government and the anti graft agencies had failed to convict any of the oil marketers who were indicted in the illegal subsidy claims.
He regretted that the government had not done enough in bringing the owners of the affected 50 oil firms to justice many years after their prosecution.
His words “What has happened to those who defrauded the nation? I believe that the 9th Senate will do justice to know what has happened to this money.”
Gemade also reminded the President Muhammadu Buhari-led government of its pledge subsidy payment when it came into in 2015.
“The government should stand by its words. If the government fails to end the subsidy regime, it will kill the Nigerian economy and all of will be accused to it.”He said
Senator Victor Umeh (APGA, Anambra) said, “If we continue to hope that one day this subsidy will end, we are deceiving ourselves. What would Nigerians face after this payment of arrears?”
“People in government have refused to face the problem. Everyone is depending on oil revenue and yet no functional refineries have been set in place
“The government should be able to plan to build five refineries, why can’t we use the money we get from sale of our crude to build refineries?
“The government should give us a programme to enable us have four functional refineries in five years.
“Exchange rates are not the problem, but our inability to do what others are doing is the main issue”.
In his ruling after the debate, the Deputy Senate President, Ike Ekweremadu, said “I hope that the next Assembly will be able to sit with the Executive to address this issue and resolve it without creating unnecessary tension.
“The NNPC needs to also caution itself so that they do not encroach on the appropriation responsibility of the National Assembly.
“We need to do something about provisions of refineries in our country – it is not rocket science. Even if it does not resolve the issue of subsidy, we would have gone a long way in addressing it”.
Meanwhile, the 8th Senate yesterday concluded its business session and adjourned till June 6 for valedictory, to mark the end of the session.
The Deputy President of the Senate, Ike Ekweremadu, who presided over plenary, made the announcement at the end of the day’s session.
In his remarks, Ekweremadu thanked the lawmakers for contributing immensely to the success of the 8th Senate.
He urged them to turn out massively on June 6 to officially bring the session to a close.
“I want to thank all of us who are here present for today’s plenary. Today marks the end of our business session.
“We will be meeting on June 6 for our valedictory session. I want to appeal to all our colleagues to be present,” he said.
The 8th senate, which was inaugurated on June 9, 2015 would be coming to an end after its valedictory session, to pave way for inauguration of the 9th National Assembly.
Nigeria operates a bicameral government, with the senate as the upper chamber.
It is made up 109 lawmakers, with equal representation of three lawmakers from each of the 36 states.
Since the return of democracy in 1999, each session of the national assembly, which the senate is part of, has a tenure of four years, after which elections are conducted and a new session commences.
Meanwhile, the President of the Senate is the Presiding Officer of the Senate, the Chairman of the National Assembly and third in the Nigerian presidential line of succession.
His key mandate is to guide and regulate proceedings in the senate.
He is assisted by the Deputy President of the Senate in collaboration with principal officers, which include the Majority Leader.

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

Published

8 hours ago

January 9, 2026

The Tide

President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow …Restates Commitment Towards Veterans’ Welfare

Published

9 hours ago

January 9, 2026

The Tide

The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph, Port Harcourt”, he said.

?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

Published

1 week ago

December 30, 2025

The Tide

The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.