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NNPC Clarifies Alleged N3.8trn Under-Remittance From Crude Oil Sales
The Nigerian National Petroleum Corporation (NNPC) has explained issues involving the alleged under-remittance of N3.8 trillion from crude oil sales to the Federation Account between January and December, 2015.
The Senate had last Wednesday, faulted the NNPC over alleged under-remittance of N3.8trillion revenue from domestic crude oil sales to the Federation Account during the period and urged it to desist from further deduction at source, as the practice contravened Section 162(1) of the 1999 Constitution (as amended).
It also mandated the Federation Account’s Allocation Committee (FAAC) or any other approving authority to urgently approve an agreed percentage which should be allocated to NNPC monthly, as the operational cost to prevent its operations from being affected adversely.
But in a document sent to the Federal Ministry of Finance, Budget and National Planning, the NNPC explained that the allegation was resolved by a forensic audit carried out by the Ministry of Finance in 2015 which showed a net indebtedness in favour of NNPC.
It also stated that the amount allegedly under-remitted is the applicable subsidy and unrealised revenue from petroleum products sales and other operational costs for the period.
The corporation, which gave a breakdown of the N3.8trillion to include, the PPPRA Certified Subsidy (2012-November 2015) N2,439,439,859,459,982.00, Validated and Approved NNPC Claims (2004 – 2009) N797,710,684,354.00, Crude Oil and Products Losses (2012-November 2015) N245,184,597,565.65, and Pipeline Maintenance Cost (2012-November 2015) N409,985,574,539.86, attributed the misunderstanding to the non-incorporation of the claims into the Accountant-General of the Federation’s report even though they had been validated by Forensic Auditors and the Auditor-General of the Federation.
It further stated, “Subsidies are operational costs as set out in the NNPC Act Section 7(d) which does not contradict the 1999 Constitution Section 80 (1) and Section 162 (1)”.
Sources at the NNPC disclosed that the management is well disposed to the proposal by the Senate to approve a certain percentage of revenues for it as cost of collection as is the case with the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources (DPR) in readiness for full deregulation.
Nevertheless, in April 2021, NNPC, had in a statement by its Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, disclosed that despite challenges, it would continue to remit funds to the Federation Account.
NNPC had in a letter to the Accountant General of the Federation warned that it would not make any remittance to the Federation Account Allocation Committee in the month of May after spending N111.966billion to subsidize petrol consumption in March.
However, Obateru had clarified that, “the revenue projection contained in the letter to the Accountant-General of the Federation being cited in the media pertains only to the Federation revenue stream being managed by the corporation and not a reflection of the overall financial performance of the corporation.
“NNPC maintained that “it is conscious of its role and was doing everything possible to shore up revenues and support the federation at all times.
“The shortfall will be remedied by the corporation as it relates only to the Federation revenue stream being managed by the NNPC and does not reflect the overall financial performance of the corporation.
“The NNPC remains in positive financial trajectory for the period in question,” Obateru stated.
He said NNPC would continue to pursue and observe “its cost optimisation process with a view to maximizing remittances to the Federation Account.”
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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
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
The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.
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?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.
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?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.
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?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.
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?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
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.
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