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Nigeria Loses $4M World Bank Aid Over Audit Neglect

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The Federal Government is expected to lose $4 million from a World Bank loan after failing to meet auditing standards on key revenue reforms affecting the Federal Inland Revenue Service(FIRS) and the Nigeria Customs Service (NCS).

The fund formed part of the $103 million Fiscal Governance and Institutions Project, a public financial management initiative financed through a credit facility from the International Development Association (IDA).

According to the World Bank’s restructuring paper dated June 2025, the revenue assurance audit covering the FIRS and Customs from the 2018 to 2021 financial years was assessed as not achieved because the reports submitted did not meet international auditing standards.

“Revenue assurance audit of Main Income Generating Agencies, including the Federal Inland Revenue Service and the Nigeria Customs Service for FY 2018 – 2021, with an allocation of $ 4 million.

“These intermediate results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards,” the document stated.

The ICIR reports that the failed audit was one of the 10 performance-based conditions under the project that the government could not deliver before the closing date of June 30, 2025. As a result, the Federal Ministry of Finance(FMF) formally requested the cancellation of $10.4 million in project funds.

“The FMF has requested cancellation of $0.9m of unused funds for Technical Assistance and $9.5 million, which is the amount allocated to 10 Performance-Based Conditions, which will not be achieved by the close of the Project on June 30, 2025,” part of the document reads.

The breakdown further shows that $ 4.5 million was tied to the uncompleted Revenue Assurance and Billing System, while $ 1 million was allocated to the development of a National Budget Portal.

According to the document, the Budget Office of the Federation, responsible for the portal, did not submit any evidence of achievement. In addition, $0.9 million in technical assistance funding was left uncommitted and has also been cancelled.

The document further reads, “The proposed change is to cancel the $10.4 million, constituting $9.5 million for PBCs that will not be achieved and verified by the closing date, and $0.9 million uncommitted funds from the technical assistance component.”

This latest adjustment follows an earlier restructuring in June 2024, when $ 22 million was dropped from the original $ 125 million envelope, bringing the project down to $ 103 million. With the new cancellation, the total funding now stands at $92.6 million.

The Fiscal Governance and Institutions Project, approved in June 2018 and effective from May 2019, was designed to improve the credibility of public finance and national statistics through reforms in revenue administration, budget transparency, and data systems.

Although the government missed key targets, the project recorded progress in other areas, including revenue performance. According to the World Bank, non-oil revenue was 153 per cent of the budgeted target in 2024, up from a baseline of 64.9 per cent in 2018.

The bank attributed the increase to the unification of Nigeria’s exchange rate, improved tax administration via the TaxProMax system, and reforms that automated revenue remittances from ministries and agencies.

Other areas of progress include the launch of the Electronic Register of Beneficial Owners by the Corporate Affairs Commission, which now covers about 40 per cent of registered businesses, and the publication of a National Asset Registry and financial reports by the Ministry of Finance Incorporated.

The final disbursement on the project is projected at $96.04 million, which represents 93 per cent of the pre-cancellation total of $103 million.

The ICIR reported an earlier prediction by the World Bank, which projected that poverty in Nigeria would increase by 3.6 percentage points by 2027.

This projection is from the World Bank’s Africa Pulse report, released during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC.

The report paints a troubling outlook for poverty reduction in Nigeria, highlighting that despite some recent gains in economic activity, particularly in the non-oil sector during the last quarter of 2024, structural issues related to resource dependence and national fragility were likely to hinder progress.

On the heels of these concerns, the $4 million loss, some analysts say, is a huge indictment of the much-touted economic reforms of the President Bola Tinubu-led Federal Government, with growing concerns over rising debts and burdensome taxes on Nigerians.

“This is a time we should be getting all the goodwill we need to fund developmental projects and grow the economy. We cannot afford to be losing concessionary funds at this stage,” a development economist, Celestine Okeke, told The ICIR.

Icirnigeria.org

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After Petrol, Dangote Refinery Slashes Cooking Gas Price Lowest In Nigeria [Price Per State Emerges]

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Africa’s largest refinery, Dangote Refinery, has slashed the price of liquified natural gas (LPG), also known as cooking gas to the lowest in 2025, a few hours after cutting petrol rate, a move that has sent joy to Nigerian households.

This move came barely 24 hours after the refinery reduced its petrol prices to N820 per litre from N854.

Checks showed Dangote Refinery lowered the cooking gas price, easing hardship for Nigerians.

Checks by Legit on petroleumpriceng’s price data show that the refinery slashed the LPG price to N740 per kg, the lowest among depot operators and cheapest in Nigeria.

The latest price is also the cheapest the refinery has sold cooking gas in 2025 after rates jumped above N1,000 per kilogramme.

Experts have hailed the move as exemplary, urging other operators to follow suit. They also attributed the latest price cut to the declining crude oil prices in the international market.

Where it’s cheapest and costliest

Oyo, Plateau, and Yobe currently offer the lowest 5kg refill costs at ₦7,100, ₦7,200, and ₦7,600, respectively. For the 12.5kg size, Yobe leads with ₦19,000, followed by Niger (₦19,242.48) and Jigawa (₦20,025.94).

At the other extreme, the South-South zone records the highest average: ₦8,871.63 for a 5kg cylinder and ₦22,179.08 for a 12.5kg refill. In contrast, the South-West pays the least regionally—₦7,960.42 and ₦20,402.42, respectively.

A reversal of fortune for Nigerians
This development came after Legit.ng reported that cooking gas prices are on the rise again.

For the fifth straight month, cooking gas prices in Nigeria have risen, tightening the squeeze on household budgets.

According to fresh data from the National Bureau of Statistics (NBS), refilling a 5kg cylinder now costs ₦8,323.95—up 1.92% from May’s ₦8,167.43 and a hefty 19.49% more than in June 2024.

The pain is sharper for larger households. A 12.5kg cylinder refill now costs an average of ₦21,010.56, marking a 1.46% rise from May and a staggering 33.52% jump compared to last year’s ₦15,736.27.

Crude oil prices slump
“International crude oil price is a great factor in setting petroleum product prices globally,” energy analyst and Team Lead at Platforms Africa, Adeola Yusuf, said.

According to him, falling crude prices mean falling petroleum product prices, and vice versa. Findings show that Brent Crude slumped 0.66% on Wednesday, August 13, 2025, to sell at $65.46 per barrel.

WTI fell 0.75% to sell for $62.35 per barrel, while Murban Crude sold for $67.52 per barrel, recording a 0.89% decline.

Why the surge won’t stop
Despite being Africa’s largest oil producer, Nigeria imports much of its cooking gas.

This dependence makes local prices vulnerable to swings in the global market. Disruptions in supply chains, increased global demand, and geopolitical tensions have driven up costs worldwide.

The naira’s persistent weakness worsens the situation, as importers pay more to secure foreign exchange, passing the burden to consumers.

 

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Fuel Scarcity: Petrol Price Rises Above N1,500 As Marketers Shut Filling Stations To Support Strike

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A litre of petrol is selling for as high as N1,700 as fuel scarcity has hit residents of Benue state following the petrol tankers’ protest over unfulfilled compensation

Several filling stations are closed, and black market operators have taken advantage of the situation to hike prices

The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.

The state governor has pleaded with the petrol tankers to suspend their strike and return to work.

Petrol Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is currently on a 3-day warning strike in Benue state.

In solidarity, petrol station owners in the state shut their doors.

The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.

Vanguard reports that desperate motorists and commercial motorcycle operators who have been left stranded are resorting to black market operators who are selling petrol for as high as N1,700 perlitre.

Prices vary depending on the location within the town, with some areas seeing prices at N1,600.

The price is a massive N775 difference when compared to N945 it was sold before the showdown.

According to a member of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Benue State, who was quoted in the report said the strike action was taken following unresolved grievances.

“A few years ago, youths attacked a etrol-laden truck on the Makurdi-Aliade road and siphoned its contents. Promises of ompensation by the former administration were never fulfilled.”

He added that efforts by NUPENG and IPMAN to engage the current administration for redress reportedly met with resistance, prompting the decision for a warning strike.

All fuel station managers were instructed to cease operations during this period. “Heavy penalties of up to N500,000 were threatened for non-compliance, leaving no stations perational.”

Meanwhile, the Benue State Government has urged NUPENG to call off the strike, noting that the strike was uncalled for.

Deborah Aber, the Secretary to the State Government (SSG), stated that the government received a letter from NUPENG requesting payment of over N40 million as compensation for the vandalised PMS tank in 2022.

“In the letter, they were asking for payment for their 45,000 litres of PMS they lost through the activities of vandals in 2022 at Aliade.

“We needed to sit down and look at the whole scenario and how it played out. To us, it seemed like a straightforward case of theft and vandalism, with no government involvement.

“We have held several meetings with them. Surprisingly, we woke up today to find that the stations were locked. The government too is surprised because we are still. t the discussion at table.

“When we received the letter, we wrote to the police and DSS to furnish us with what happened that time.

In the letter they were claiming payment of over N40m for the loss of their goods in 2022.”

NNPC increase petrol prices
The new price follows changes announced by petrol importers and the Dangote Refinery amid the global oil price increase

NNPC Limited retail outlets are now selling nigher rate than the rate offered by Dangote refinery partners.

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What God Showed Me About NNPC GMG Ojulari -Primate Ayodele Reveals

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Spiritual leader and founder of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has sounded an alarm over impending challenges for a top executive at the Nigerian National Petroleum Company (NNPC), warning that powerful cabals are working behind the scenes to frustrate and destabilize him.

In a recent video prophetic message from 00:02:07, Ayodele revealed that the General Managing Director (GMG) of NNPC is facing spiritual and political sabotage that could lead to serious complications in the months ahead.

Saboteurs Hinder Transformation, Says NNPCL Management

“NNPC GMG—the problem has just started,” the cleric declared. “They want to frustrate him. Frustrate him. Because there are cabals that have tied his life.”

Ayodele explained that these internal forces are not just opposing the GMG’s reforms or leadership style, but are spiritually plotting to discredit and dismantle his influence. According to the prophet, these groups are determined to undermine the GMG’s success and force him into conflict and confusion within the organization.

“If he’s not careful, they will create commotion for him,” Ayodele warned. “They are not just fighting his position; they are fighting his peace and his purpose.”

The renowned prophet called on the GMG to be prayerful and spiritually alert, urging him not to rely solely on political loyalty or official power to withstand the coming storm. He emphasized that the battle was more spiritual than administrative.

“This is a time to seek divine protection and guidance,” Ayodele advised. “Those around him are not all loyal. Some are pretending while planning his fall.”

Ayodele’s message adds to growing concerns about internal politics and power struggles within Nigeria’s oil and gas sector, especially as the government pushes for reforms, transparency, and accountability at the NNPC.

Though the cleric did not mention a specific name, his warning has sparked speculation about tensions within the corporation and what steps leadership must take to avoid disruption.

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