Featured
FG Repays Five Oil Firms’ $3.7bn Debt, Owes $972m
Latest updates on Nigeria’s cash call arrears repayment showed that the country had so far repaid a total of $3.72billion to five international oil companies, leaving an outstanding balance of $971.8million.
Data obtained from the country’s oil firm in Abuja, last Friday, indicated that the five IOCs include Shell Petroleum Development Company (SPDC), Mobil Producing Nigeria (MPN), Chevron Nigeria Limited (CNL), Total Exploration and Production Nigeria (TEPN), and Nigeria Agip Oil Company (NAOC).
It was also learnt that Nigeria’s total cash call arrears to the firms was initially $4.689billion before it was cut down to the current amount of $971.8million after various repayments by the Federal Government through its oil firm – Nigerian National Petroleum Company Limited (NNPC).
Cash calls are sent by joint venture operators to non-operating partners for payment in the light of anticipated future capital, operating expenditures or the need for additional capital contributions.
The Federal Government through NNPC had over the years piled up unpaid bills, referred to as cash calls, which it was obliged to pay the IOCs with which it had joint ventures for oil exploration and production.
Figures from NNPC showed that the national oil company had cleared its total negotiated debts with both MPN and CNL, which were put at $833.75million and $1.097billion, respectively.
The oil firm’s total negotiated debts with SPDC, TEPNG and NOAC were outlined as $1.37billion, $610.97million and $774.66million, respectively, out of which the total payments to date by NNPC to the three IOCs were $777.4million, $458.91million and $550.01million, respectively.
This leaves an outstanding balance of $595.1million to SPDC, $152.06million to TEPNG and $224.65million to NAOC.
Reacting to the development, industry analysts stated that the delay in the repayments of cash call arrears by Nigeria to IOCs had hindered oil and gas investment across the country.
They, however, commended the Federal Government and NNPC for the repayment of the debts, stressing that this would boost investor confidence in Nigeria.
The Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, explained that the delay in cash call repayments had been a drag on the growth of Nigeria’s oil sector.
He said, “I think we should commend the government and NNPC on this because I know that the cash call arrears are normally far more than what it is now. So, for them to have cleared them to the level that we are now talking about it being under $1billion is something to be commended.
“However, it is important to point out that this issue of cash call arrears has been a major bottleneck to the growth of our oil and gas sector, because each time that the private IOCs and other oil producers put their money down, most times the government is not able to put its own cash call in terms of the counterpart funding.
“And these things have a way of slowing down the growth of investments in the sector. So, the fact that this has been cleared significantly is something for which we must commend the government and NNPC. But the bigger reform is actually to get the government to exit completely and allow this sector to run as a purely private enterprise.”
In 2016, the national oil company signed the cash call repayment agreements with the five IOCs to defray the cash-call arrears within a period of five years after many years of its indebtedness to JV partners.
Also, the government through the Federal Ministry of Petroleum Resources negotiated a discount with the five IOCs in December, 2016.
The negotiations led to the reduction of the debt from about $5.1billionn to $4.68billion.
The Federal Government through the NNPC had since continued to reduce the debt payments in installments.
Featured
Rivers Assembly Approves Fubara’s 2026–2028 MTEF
The Rivers State House of Assembly has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) submitted by Governor Siminalayi Fubara.
This reaffirms the lawmakers’ commitment to enacting laws and taking legislative actions geared towards the overall development of the State.
The Assembly gave the approval during its Second Legislative Sitting of the Fourth Session held last Friday.
Speaking on the MTEF document during plenary, the House Speaker, Rt. Hon. Martin Amaewhule, noted that by the provision of Section 10(1)(b) of the Rivers State Fiscal Responsibility Law No. 8 of 2010, the MTEF ought to have been laid before the House in September 2025.
Amaewhule explained that traditionally, the document is expected to be presented four months before the commencement of the next financial year and immediately after the expiration of every three-year fiscal cycle.
He, however, stated that in the interest of the State and its people, the House considered it necessary to deliberate on the document, describing it as a precursor to the 2026 Budget Estimates.
The Speaker expressed concern that the year had already progressed significantly before the presentation of the framework.
During deliberations on the document, members examined the assumptions and projections contained in the MTEF and observed that strict adherence to the outlined fiscal parameters would ultimately serve the interest of Rivers people.
The lawmakers maintained that effective implementation of the framework would promote prudent financial management and enhance developmental planning across the State.
Following the debate and positive consideration by members, the Speaker put the question to the House and members voted overwhelmingly in support of the approval of the MTEF.
Meanwhile, during the same sitting last Friday, the House also received a petition from the Chairman of Obio/Akpor Local Government Council, Dr. Gift Worlu.
The petition was presented by the member representing Obio/Akpor Constituency II, Hon. Emilia Amadi.
According to the petition, concerns were raised over an imminent security breach, threats to lives, destruction of property and alleged forceful takeover of property by some lawless persons within parts of the Local Government Area.
Presenting the petition before the House, Hon. Amadi appealed to the lawmakers to revisit the matter and take necessary steps aimed at safeguarding lives and property in the affected communities.
The House is expected to further deliberate on the petition and consider measures to address the concerns raised in order to sustain peace and security in the area.
King Onunwor
Featured
JUNE 12: Democracy Remains Nigeria’s Strongest Path To Unity, Progress, Says Fubara ….Extols Abiola, Wife
Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed that democracy remains the most effective system of government for Nigeria, given the country’s rich diversity of ethnic, religious, and cultural identities.
In a goodwill message to Nigerians on the occasion of the 2026 Democracy Day celebration, Governor Fubara said June 12 represents far more than a historic date; as it embodies the enduring struggle, sacrifice, and collective aspiration of Nigerians for freedom, justice, and representative governance.
The Governor extended warm felicitations to Nigerians at home and in the Diaspora, paying tribute to the heroes and heroines of the democratic struggle, particularly Chief MKO Abiola, his wife, Kudirat Abiola, and countless others whose courage and sacrifices helped secure the democratic freedoms Nigerians enjoy today.
According to him, “June 12 is a reminder of the price paid for the democracy we enjoy today. The sacrifices made by Chief MKO Abiola, Kudirat Abiola, and many other patriots who laid the foundation for the democratic journey we continue to enjoy today. Their commitment to the principle that power must ultimately reside with the people remains a source of inspiration for every generation of Nigerians.”
Governor Fubara noted that thirty-three years after the historic June 12, 1993 election, Nigeria’s democratic experiment has continued to evolve despite challenges and setbacks.
“Our democratic journey has not been without difficulties, but the resilience of our institutions and the determination of our people have kept the nation moving forward. The ability to express differing opinions, engage in constructive debate, and peacefully choose leaders through the ballot remains one of the greatest achievements of our nation,” he said.
Governor Fubara stressed that democracy provides the best framework for managing Nigeria’s diversity and transforming it into a source of national strength.
“Nigeria’s diversity should never be seen as a weakness. Properly harnessed, it is our greatest asset. Democracy offers us the opportunity to build consensus, promote inclusion, strengthen national unity, and create the conditions for sustainable development and shared prosperity,” he said.
Governor Fubara commended President Bola Ahmed Tinubu, for his commitment to the Renewed Hope Agenda and ongoing efforts aimed at economic revitalization, strengthening security, and deepening democratic institutions across the country.
He reiterated the readiness of Rivers State to continue partnering with the Federal Government in advancing policies and programmes that improve the lives of citizens through infrastructure development, job creation, enhanced security, quality education, healthcare delivery, and good governance.
The Governor further called on Nigerians, regardless of political affiliation, ethnic background, or religious belief, to use the occasion of Democracy Day to renew their commitment to the Nigerian project and the ideals that underpin democratic governance.
“Democracy must not be viewed merely as a periodic electoral exercise. It must be reflected in our daily commitment to accountability, transparency, tolerance, justice, respect for the rule of law, and responsible leadership. As citizens and leaders, we all share a collective responsibility to strengthen our democracy and build a nation that future generations will be proud to inherit,” he said.
Governor Fubara expressed optimism about Nigeria’s future, urging citizens to remain united, hopeful, and committed to the values of peace, dialogue, and national development.
“Together, we can build a stronger, more inclusive, and more prosperous Nigeria where every citizen has the opportunity to thrive and contribute meaningfully to national progress,” he said.
Featured
Fubara Reaffirms Commitment To Peace, Development
Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed the unwavering commitment of his administration to peace, unity, security, and inclusive development as Rivers State marked its 59th anniversary, last Wednesday.
In a goodwill message issued on Wednesday to commemorate the anniversary, Governor Fubara stated that despite the challenges faced over the years, the people of Rivers State have continued to demonstrate resilience, strength, and an enduring spirit of unity that has sustained the state since its creation.
The Governor noted that the strong bond of brotherhood among the various ethnic nationalities of the state, including the Ijaw, Ikwerre, Ogoni, Etche, Ekpeye, Andoni, Kalabari, and others, remains one of Rivers State’s greatest strengths and a critical foundation for peace, stability, and progress.
He further observed that Rivers State has remained a major driver of Nigeria’s economy for decades, not only because of its abundant oil and gas resources, but also because of the exceptional contributions of its people across diverse sectors including academia, jurisprudence, business, entertainment, public service, and sports.
Governor Fubara assured the people that his administration will continue to prioritize policies and programmes that promote peace, protect lives and property, and expand development across all parts of the state. He emphasized that governance must be people centered and impactful, with equal attention given to every Local Government Area of the state.
The Governor also paid tribute to the elders and founding leaders of the state for preserving the spirit of unity and coexistence over the years, while urging the youths to remain hopeful, responsible, and actively committed to building a greater Rivers State through innovation, hard work, and patriotism.
He equally acknowledged the invaluable role of women in strengthening families, communities, and society, describing them as indispensable partners in the continued growth and stability of the state.
Governor Fubara called on all Rivers people to use the occasion of the anniversary as a moment of reflection and renewed commitment to peaceful coexistence, mutual respect, dialogue, and collective progress, stressing that the unity and future of Rivers State must always rise above personal interests and political differences.
Rivers State was created on May 27, 1967, by General Yakubu Gowon.
-
Rivers3 days ago
Rivers Police Uncovers Firearm Concealed In Loaf Of Bread
-
Niger Delta3 days agoPro-Chancellor Hands Over Okey Onuchuku Peace, Conflict Institute Building
-
Sports3 days ago
Six Nigerians To Play For NBA Teams
-
Business3 days agoIPMAN Raises Concern Over Delay In Chinese Refinery Deal …Predicts Lower Fuel Prices Through Competition
-
News3 days agoFubara Reaffirms Commitment To Blue Economy, Private Sector Growth …Calls For Protection Of Marine Resources
-
Business3 days ago
Gas Economy: Decade of Gas, Pi-CNG/ EV Deepen Media Engagement
-
Politics3 days agoSenate Defends Passage Of State Police Bill
-
Sports3 days ago
NPFL Warns Newly Promoted Clubs
