Featured
NNPC Posts 34% Increase In Trading Surplus …Records N337.63bn Products Sales

The Nigerian National Petroleum Corporation (NNPC), has announced an increased trading surplus of ¦ 5.28billion in its December, 2019, operations compared to the ¦ 3.95billion surplus posted in November, last year.
A release yesterday in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that details of the surplus were captured in the December, 2019, edition of NNPC’s Monthly Financial and Operations Report (MFOR), which, among others, showed that the 34 per cent increase for the period resulted from improved performances by some of its entities both in the Upstream and Downstream sectors.
The release listed NNPC’s subsidiaries with notable improved positions to include: Integrated Data Services Limited (IDSL), Nigeria Gas Marketing Company (NGMC), Nigerian Pipeline and Storage Company (NPSC) and Duke Oil Incorporated.
It explained that in general terms, the performance was impacted positively by the reduced deficit posted by NNPC Corporate Headquarters during the period under review; adjustments to previously understated revenues by IDSL and Duke Oil; and reduction in the costs of pipeline repairs/Right of Way maintenance and gas purchases by NPSC and NGMC, respectively.
In the gas sector, out of the 239.29billion Cubic Feet (BCF) of gas supplied in December, 2019, a total of 148.32BCF of gas was commercialized, consisting of 34.78BCF and 113.54BCF for the domestic and export market, respectively.
According to the report, this translated to a supply of 1,121.77million Standard Cubic Feet per day (mmscfd) of gas to the domestic market and 3,662.70mmscfd of gas supplied to the export market for the month.
The corporation noted that 62.22 per cent of the average daily gas produced was commercialized, while the balance of 37.78 per cent was re-injected, used as Upstream fuel gas or flared, adding that gas flare rate was 7.78 per cent for the month under review i.e. 598.03mmscfd, compared with the average gas flare rate of 8.56 per cent i.e. 678.02mmscfd for the period December, 2018 to December, 2019.
The report stated that gas supply for the period December, 2018 to December, 2019 stood at 3,105.48BCF out of which 466.00BCF and 1,369.90BCF were commercialized for the domestic and export market, respectively, explaining that gas re–injected, fuel gas and gas flared, stood at 1,269.59BCF.
In the Downstream Sector, Petroleum Products Marketing Company (PPMC), NNPC’s Downstream entity in charge of bulk supply and distribution of petroleum products, distributed and sold 2.775billion litres of white products in December, 2019 compared with 0.841billion litres in November, same year.
This comprised 2.762billion litres of Premium Motor Spirit (PMS) otherwise called petrol, 0.013billion litres of Automotive Gas Oil (AGO) or diesel, and 0.000billion litres of Dual Purpose Kerosene (DPK) as well as sale of special product of 0.003billion litres of Low Pure Fuel Oil (LPFO) in the month under review.
The MFOR indicated that sale of white products for the period December, 2018 to December, 2019 stood at 21.861billion litres, with PMS accounting for 21.514billion litres or 98.41 per cent.
In terms of value, ¦ 337.63billion was made on the sale of white products by PPMC in December, 2019, compared to ¦ 105.62billion sales in November, 2019.
The report said revenues generated from the sales of white products for the period December, 2018 to December, 2019 stood at ¦ 2,705.76billion, with PMS contributing about 97.56 per cent of the sales with a value of ¦ 2,639.68billion.
The 53rd edition of the MFOR reported 40 vandalized pipeline points, representing about 41 per cent decrease from the 68 points vandalized in November, 2019.
The report said that out of the vandalized points, 10 failed to be welded, while none was ruptured.
Atlas Cove-Mosimi and Mosimi-Ibadan axis accounted for 35 per cent and 30 per cent of the breaks respectively, while other routes accounted for the remaining 35 per cent.
NNPC explained in the release that it had stepped up collaboration with the local communities and other stakeholders to stem pipeline vandalism menace.
Featured
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.
Featured
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.”
Featured
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.
-
Sports3 days ago
Oyibu predicts success for Team Nigeria at Athletics Championships
-
News3 days ago
Presidency Faults US Visa Restrictions On Nigerians, Demands Fair Treatment
-
Politics3 days ago
PDP Still Formidable Ahead 2027 – Nat’l Youth Leader
-
Niger Delta3 days ago
Commissioner Explains Oborevwori’s Retirement Age Extentoon For Associate Profs
-
Politics3 days ago
Civic Duty, Not Politics Necessitated My Engagement With Abacha – Obi
-
Women3 days ago
What To Know About Fufu, Loi Loi
-
Sports3 days ago
Former Champion Seeks Title Defence At Para Table Tennis Tourney
-
Rivers3 days ago
Don Sues For Leadership Assessment Centre In IAUE