Uncategorized
NNPC’s N17.5tn Pipeline Security, Fuel Subsidy Bill
THE astonishing revelation that the Nigerian National Petroleum Company Limited spent N17.5 trillion in a single financial year on fuel subsidies and pipeline security once again raises questions about the government’s declared abolition of fuel subsidies and the opaque financial management within Nigeria’s oil sector.
This massive expenditure not only outpaced Nigeria’s annual fuel subsidy records of past years but also surfaced amid sharply higher petrol prices for ordinary Nigerians. This contradiction demands urgent scrutiny and accountability.
Central to this anomaly is NNPC’s 2024 financial statement, which shows an unprecedented N17.5 trillion spent ostensibly on securing oil pipelines and energy security operations.
This outlay encompasses N7.13 trillion classified as energy-security costs aimed at stabilising petrol prices, plus N8.67 trillion related to “under-recovery” on refined petroleum products, which refers to the price gap between the regulated pump price and the higher actual import cost absorbed by NNPC.
Another N8.84 trillion is recorded as receivables for advances and security costs incurred, reinforcing the sheer scale of the company’s financial exposure.
Despite this massive operational cost, no clear government reimbursement plan has been outlined, placing tremendous strain on NNPC’s cash flow and raising concerns about long-term fiscal sustainability.
Indeed, the figures rubbish the NNPC’s N5.4 trillion profit declared for 2024, a 64 per cent rise over the N3.29 trillion posted in 2023.
This financial opacity that has defined NNPC’s operations for decades echoes concerns raised by analysts about endemic corruption, operational inefficiencies, and systemic leakages.
Industry watchers and experts have slammed this expenditure as outrageous, urging the government to commission a comprehensive forensic audit.
Given that Nigeria’s crude daily production is hovering at roughly 1.4 to 1.5 million barrels, well below its potential of at least 2.2mbpd recorded during the COVID pandemic, the justification for such exorbitant pipeline security and subsidy-related costs strains credulity.
It is bewildering how the NNPC managed to incur such a huge fuel subsidy cost when pump prices averaged N1,189/litre in December 2024, up 77 per cent from N761/litre a year earlier, while petrol landing cost was approximately N970 per litre for the same period, per the Major Energies Marketers Association of Nigeria.
Even the fact that the naira closed at N1,535/dollar on December 31, 2024, after fluctuating widely for most of the year and suffering a 40.9 per cent depreciation overall, cannot explain these figures.
Finance Minister, Wale Edun’s Accelerated Stabilisation and Advancement Plan, presented in June 2024, projected fuel subsidy to gulp about N5.4 trillion in 2024 as against the N3.6 trillion budgeted for the same intervention in 2023. The NNPC’s figures show that the projections were overshot significantly.
The Petroleum Industry Act 2021 partially explains the government’s role in this quagmire.
By designating NNPC as “supplier of last resort” under Section 64(m), the Act mandates the company to absorb subsidy costs temporarily when the regulated pump price is lower than NNPC’s actual landing cost for imported fuel, with the Federation expected to reimburse these under-recoveries later.
This defeats the purpose of the oil sector liberalisation, as price regulation and fuel subsidy remain in place despite record petrol prices.
It raises questions about the impact of the entry of Dangote Petroleum Refinery on the market since January 2024, given its persistent problems with local crude supply and other operational bottlenecks.
Nigeria still imported petrol worth N12.8 trillion in the 15 months between August 2024 and October 2025, per the Nigerian Midstream and Downstream Petroleum Regulatory Authority data.
Compounding the issue is the staggering rise in pipeline protection costs.
Allegations abound that pipeline security contracts are awarded opaquely to politically connected cronies, enabling systemic corruption and even tacit collusion with militant groups controlling “pipeline protection” zones through crude allocations rather than cash.
The Muhammadu Buhari administration awarded a N4 billion per month pipeline security contract starting August 2022 to Tanita Security Services controlled by ex-Niger Delta militant, Government Ekpemupolo, aka Tompolo.
Therefore, open contracting, detailed contract disclosures, independent third-party audits, and parliamentary oversight are indispensable to reclaiming accountability and restoring public confidence.
The NNPC’s notable increase in total revenue and profit after tax in 2024, including gains from crude sales, refined petroleum products, gas, and power, indicates improved operational efficiency at some levels.
However, rising finance costs and liability ratios erode sustainability and point to recklessness in managing public funds.
Addressing these issues demands political will for openness, tighter controls, and reforms that align Nigeria’s oil wealth with national development, rather than allowing it to be cornered by vested interests.
Uncategorized
Peller Raises Concern Over Schooling Impact on His Income
Popular Online Streamer and content creator, Habeeb Hamzat, popularly known as Peller, has hinted that he may no longer return to school, barely days after celebrating his admission to study law at a private university in Lagos State. Peller made the disclosure in a voice note shared on his channel on Tuesday, where he complained that attending school was affecting his ability to make money.
“Guys, I swear to God, I remember I said I am going to school… I am not going again. I am not going again,” he said.
The content creator explained that spending hours in class without earning income made the experience unacceptable to him. “I just remember, I was inside class for four hours. I didn’t make any money. I will write, I will look, I will play, not making anything. God forbid. I am not doing that one again,” he said.
Peller also claimed he felt out of place among other students, describing himself as the youngest person in the class. “When I enter the school, I notice that everyone is old, I am the only young blood there,” he added. He further stated that he would consider returning to school later in life.
“So I need to go old. Maybe when I clock like 30, 40 years, I will now go to school. Please cancel everything. I am tired,” he said. The development marks a sharp reversal from Peller’s recent public celebration of his admission into a law programme.
Recall that the TikTok sensation had, in a video that went viral on Saturday, announced that he had secured admission to study law at a private university in Lagos State, although he declined to disclose the name of the institution.
In the video, Peller expressed excitement over the admission and appeared to respond to critics who had mocked his educational background. “Everyone has been criticising me for not being educated, as if I’m the first person who didn’t attend university. Now, all of you should leave social media, because I’m in school,” he said.
“I’m now studying law. You can see it, right? You can’t mess with me anymore. I know the law,” he added.
PUNCH Online reports that the content creator has faced sustained criticism online over his grammar and educational background, with some users describing him as “uneducated.” Earlier this month, Peller had disclosed plans to further his education, noting that the decision was partly aimed at improving his spoken English.
He has also been in the public eye following a controversy surrounding the visit of American streamer IShowSpeed to Nigeria.
Uncategorized
Any Decision On Greenland Belongs To Denmark, Says UK PM
Prime Minister Keir Starmer has stressed that the future status of Greenland is a matter solely for Denmark and the people of Greenland, amid ongoing international discussions. Speaking at a press conference at 9 Downing Street on Monday, Starmer said: “And so, any decision about the future status of Greenland belongs to the people of Greenland and the Kingdom of Denmark alone.
“That right is fundamental, and we will support it.”
The PM also used the occasion to outline the UK’s approach to international affairs, emphasising pragmatism, principles, and the protection of British interests at home. All these are detailed in a full speech posted on the government’s website on Monday.
Starmer highlighted the close ties between the UK and the United States, noting that sustained engagement has delivered tangible benefits for the British economy: The PM said, “Through sustained engagement, we have seen significant US investment into the UK economy, running into the hundreds of billions of pounds, supporting growth, skills and jobs right across the country.”
He stressed that the relationship extends beyond economics to defence, nuclear capability, and intelligence sharing, describing it as “as close and effective as anywhere in the world—keeping Britain safe in an increasingly dangerous environment.” On international security, Starmer reaffirmed the UK’s commitment to supporting peace and stability abroad.
Regarding Gaza, he said the UK is: “…open to participating constructively in [President Trump’s] efforts to sustain the ceasefire… and moving onto Phase 2.”
On Ukraine, he added: “We strongly support efforts to bring the killing to an end and to secure a ceasefire as soon as possible. We recognise President Trump’s role in pushing that process forward, and we will work closely with the United States, Ukraine, and our other allies to apply pressure where it belongs: on Putin.”
On Cost of Living, Domestic Impact of Global Events
Starmer linked foreign policy to everyday life in the UK, stressing that geopolitical instability affects energy prices, food costs, and job security. “When war drives up fuel prices, it is households who feel it first. When supply chains fracture, it is small businesses and working people who absorb the shock,” the speech further noted.
He reiterated the government’s commitment to supporting families and businesses, citing measures such as reducing energy bills and freezing rail and prescription charges. Equally, he argued that proactive international engagement is essential to prevent global shocks from disproportionately impacting the most vulnerable.
Throughout his speech, Starmer framed the UK’s international approach as one of principled pragmatism, balancing alliances with defence of core values. He asserted, “Being pragmatic does not mean being passive. And partnership does not mean abandoning principle.
“That is why it’s important to be clear about who we stand with, what we stand for, and where our interests lie.”
He also criticised the use of tariffs and economic pressure against allies, describing them as harmful to British workers and businesses. “Such measures hurt British workers, British business and the British economy and that’s why I’ve been so clear on this issue. A trade war is in no one’s interest and my job is to act always in the UK’s national interest,” the PM concluded.
Uncategorized
TENSION: Gunshot As Protesters Block Minister From Accessing Ministry In FCT
There was commotion at the entrance of the federal ministry of finance in Abuja on Monday, when protesting local contractors prevented Doris Uzoka-Anite, the minister of state for finance, from accessing the complex.
The protesters, under the aegis of the All Indigenous Contractors Association of Nigeria (AICAN), blocked the gate of the ministry over debt owed by the federal government.
When Uzoka-Anite arrived at the entrance, security operatives attempted to create a pathway into the building for her — a move that was rejected by the demonstrators.
Amid the scuffle, a gunshot was heard as security personnel attempted to disperse the protesters.
The contractors had accused the federal government of refusing to pay them for projects executed.
They had also accused the federal government of refusing to release the funds earmarked in the 2024/2025 budgets.
Last year, the contractors organised a series of protests at the National Assembly Complex and finance ministry.
In December 2025, President Bola Tinubu set up a multi-ministerial committee to resolve the debt owed to federal contractors, with outstanding payments at about N1.5 trillion.
The committee members are Wale Edun, minister of finance and coordinating minister of the economy; Atiku Bagudu, minister of budget and economic planning; Tanimu Yakubu, director-general of the budget office; Dave Umahi, minister of works; Ahmed Dangiwa, minister of housing and urban development; and Zacch Adedeji, chairman of the Federal Inland Revenue Service (FIRS).
A senate committee had also invited Edun to shed more light on the circumstances behind the payment delay.
Source: Thecable
-
Politics2 days ago2027: Peter Obi Rejects Vice President Role, Declares Next Political Move
-
Politics2 days agoAPC Break Silence On Shettima’s Appointment As Vice President In 2027
-
Politics1 day agoBREAKING: Tinubu Reportedly Issues Strong Orders To wike And Fubara
-
Politics2 hours agoBreaking: Influential Governor Dumps PDP Details Emerge
-
Sports2 days agoTransfer: Cristiano Ronaldo blocks moves for Benzema, Kante
-
Business1 day ago‘Cooking Gas, Petrol Prices Crash Nationwide’ [DETAILS]
-
News11 hours agoSecurity on Edge: US Military Moves Into Nigeria Under Tinubu’s Watch
-
News2 days agoFCT: Court Bars NLC, TUC, Others From Embarking On Planned Protest
