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Nigerian Govt Finally Admits Paying Petrol Subsidy, Says Can’t Continue To Bear N120bn Monthly Payment

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The federal government on Thursday admitted paying as much as N120 billion to subsidize the price of petrol monthly.

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, said this at the fifth edition of the special ministerial briefings coordinated by the presidential communications team.

He said the cost was covered by the NNPC.

Mr Kyari said while the actual cost of importation and handling charges amounts to N234 per liter, the government is selling at N162 per liter.

He said sooner or later Nigerians would have to pay the actual cost for the commodity.

Even with the clear situation, Mr Kyari did not refer to the cost as a “subsidy”. He merely said the NNPC pays between N100 and 120 billion a month to keep the pump price at the current levels.

He said that market forces must be allowed to determine the pump price of petrol in the country.

“Our current consumption (evacuation) from our depots is about 60million liters per day. We are selling at N162 a liter. The current market price is 234, the actual market price today.

“The difference between the two, multiplied by 60million, times thirty, will give you per month.

“This is a simple calculation you do. If you want exact figures from our book, I do not have it from this moment, but it’s between N100billion and N120billion per month.

“We are putting the difference in the books of NNPC, and we cannot continue to bear,’’ he said.

The Minister of State for Petroleum Resources, Timipre Sylva, who also spoke at the event, expressed the hope that the Petroleum Industry Bill (PIB) would be passed into law in April.

According to him, frantic efforts are being made by the legislators to complete work on the bill and pass it, in line with the aspirations of critical stakeholders in the petroleum sector.

“The National Assembly has expressed the intent to pass the PIB into law by April 2021. Every effort is being made to support the National Assembly to meet this target,” he said.

BIG STORY

FULL LIST: Tinubu Appoints IBB’s Son, Muhammad Babangida Chairman Bank Of Agriculture, Others As Heads Of Govt Agencies

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President Bola Ahmed Tinubu has appointed Muhammad Babangida, the son of the former military President, as chairman of the revamped Bank of Agriculture.

President Tinubu approved the appointment today, along with seven others. Some of them will serve as chairmen or directors-general of Federal agencies.

Muhammad Babangida, 53, is an alumnus of the European University in Montreux, Switzerland, where he earned a Bachelor’s degree in Business Administration and a Master’s degree in Public Relations and Business Communication. He later attended Harvard Business School’s Executive Program on Corporate Governance in 2002.

Others appointed by the President are:

Lydia Kalat Musa (Kaduna State) Chairman, Oil and Gas Free Zone Authority (OGFZA).

Jamilu Wada Aliyu (Kano State) Chairman, National Educational Research and Development Council (NERDC).

The Hon. Yahuza Ado Inuwa (Kano State) is the Standard Organisation of Nigeria (SON) chairman.

Sanusi Musa (SAN, Kano State) is the Chairman of the Institute of Peace and Conflict Resolution(IPCR).

Prof. Al-Mustapha Alhaji Aliyu (Sokoto State) is the Director-General of the Directorate of Technical Cooperation in Africa (DTCA).

Sanusi Garba Rikiji (Zamfara State) is the Director-General of the Nigerian Office for Trade Negotiations (NOTN).

Mrs Tomi Somefun (Oyo State) is the Managing Director of the National Hydro-Electric Power Areas Development Commission (HYPPADEC).

Dr Abdulmumini Mohammed Aminu-Zaria (Kaduna State) has been appointed Executive Director of the Nigerian Integrated Water Resources Management Commission (NIWRMC).

 

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

July 18, 2025

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BIG STORY

Buhari Never Wanted To Congratulate Saraki, Dogara After Emerging Senate President, Speaker — Femi Adesina

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Femi Adesina, who served as Special Adviser on Media and Publicity to the late President Muhammadu Buhari, revealed that Buhari was initially unwilling to congratulate Bukola Saraki and Yakubu Dogara after they controversially became Senate President and Speaker of the House of Representatives in 2015.

Adesina shared this in a tribute to Buhari, reflecting on his early experience as the president’s media aide and the difficulty of balancing loyalty with professional duty.

He explained that the incident happened just nine days after he took up the role of presidential spokesman.

According to Adesina, Saraki and Dogara emerged as leaders of the National Assembly against the preference of the ruling All Progressives Congress (APC).

Although their emergence was viewed as defiant, it still adhered to constitutional norms.

“I told the President we needed to congratulate them. He balked. But I stood my ground. He said no, I also said no. I said it would portray him as undemocratic,” Adesina wrote.

He noted that Buhari later agreed to issue the statement, making only a small addition to the final version.

“At the end of the day, he reasoned with me and the statement was written, with him just adding one word,” he stated.

“Keeping to his word is part of the famed integrity. Argue with me. If you have a better point, I’ll agree with you.”

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BIG STORY

Road To 2027: Everyone Afraid Of Atiku — Dele Momodu Claims As He Joins ADC

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Dele Momodu, the publisher of Ovation International, has said that “everyone is afraid” of former vice-president Atiku Abubakar.

He made this remark while giving reasons for leaving the Peoples Democratic Party, PDP, to join the African Democratic Congress, ADC.

Momodu also confirmed that he would be backing Atiku in the 2027 presidential election.

During an appearance on Channels TV on Thursday, Momodu stated that his endorsement of Atiku stems from a strategic understanding of Nigeria’s political dynamics.

He said: “Everybody is afraid of Atiku, and that is exactly why I, Dele Momodu, support him.

“The fear the ruling party has for him shows he remains the most formidable opposition figure today.

“When everyone is trying to discredit or silence a man, it means he’s the one they truly fear.”

Momodu previously ran for president in 2011 and took part in the PDP presidential primaries in 2022.

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