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Buhari’s Headship Of Petroleum Ministry, Reason For Revenue Leakages -PDP Govs
Peoples Democratic Party (PDP) Governors’ Forum has alleged that President Muhammadu Buhari’s headship of the Ministry of Petroleum Resources was responsible for revenue leakages in the Nigerian National Petroleum Company Limited (NNPC).
Consequently, the PDP governors have called for the immediate separation of the office of the president from that of the minister of petroleum resources.
The forum, in a communiqué read by its Chairman, Governor Aminu Tambuwal of Sokoto State, after its meeting in Aba, Abia State, last Wednesday, also called for an audit of daily Premium Motor Spirit (PMS) consumption, so as to determine the actual cost incurred on fuel subsidy.
The governors vowed to resist any further attempt by NNPC to ascribe unsubstantiated subsidy claims to other tiers of government.
“NNPC deducts N8.33billion monthly for the rehabilitation of the refineries. Till date, no refinery is working.
“On priority projects of the nation’s oil industry, NNPC deducted N788.78billion for various investments between 2018 and 2021 without recourse to Federation Accounts Allocation Committee (FAAC).
“NNPC in 2021 alone claimed to have paid over N1trillion as petroleum subsidy. Indeed, in March, 2022, N220billion was deducted as oil subsidy with a promise that N328billion will be deducted in April, 2022. This is unacceptable.
“NNPC and Federal Inland Revenue Service as well as other remitting agencies continue to apply an exchange rate of N389/$1 as against the import and export window of N416/$1. The extent of this leakage can be better felt, if this rate is compared to the current N570/$1.
“From available records, about N7.6trillion is withheld between 2012 and 2021, by NNPC from the federation account. All these are said to be payments for oil subsidy.
“Conclusively, we believe all these leakages in NNPC have been made possible because the president is also the minister of petroleum. The urgent separation of these two portfolios has become necessary.”
Similarly, they expressed concerns over reported incidence of theft of crude oil “ranging from 80per cent to 95per cent of production made by industry practitioners”, and called on the Federal Government to take appropriate measures to reverse the trend and bring perpetrators to book.
Furthermore, the PDP governors noted that the All Progressives Congress (APC) does not deserve to be on the ballot for the 2023 general election.
According to them, a comparative analysis of data from the National Bureau of Statistics indicated that Nigerians were better off in 2015 under the PDP administration than in the present APC-led government.
The said, “The PDP Governors’ Forum comprising all elected Governors of the Peoples Democratic Party held its regular meeting on Wednesday, 23rd March, 2022, at Aba, Abia State.
“The meeting reviewed the excruciating hardship and suffering being meted out to Nigerians by a failed APC-led Federal Government; the near collapse of the APC as a viable political party, the readiness of the PDP to take over and offer qualitative leadership options to rescue th
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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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