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NNPC Can’t Keep Paying Petrol Price Differential Without Going Bankrupt — Onanuga

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Bayo Onanuga, special adviser on information and strategy to President Bola Ahmed Tinubu, says the Nigerian National Petroleum Company (NNPC) Limited admitted to having financial constraints because it can no longer subsidise petrol.

In an X post (formerly known as Twitter) on Tuesday, Onanuga said if NNPC continues to pay the differences in landing cost and petrol price, the national oil company will go bankrupt.

NNPC had earlier increased the price of petrol to N855 per litre. However, the premium motor spirit (PMS) landing cost is around N1,200.

Earlier reports on Sunday showed that the lingering petrol scarcity in many parts of the country was worsened by a $6 billion debt NNPC owed suppliers.

Hours later, NNPC admitted to owing suppliers of premium motor spirit (PMS), also known as petrol, adding that it was facing financial strain due to the petrol supply costs, and this is affecting the company’s ability to sustain PMS supply.

Prior to acknowledging the debt, NNPC had denied subsidising petrol after TheCable reported that the president approved a request by the company to utilise the 2023 final dividends due the federation to pay for the subsidy.

Speaking on the subsidy and the impact on NNPC’s finances, Onanuga said NNPC’s debt was a result of the company’s efforts to absorb rising petrol costs and protect Nigerian consumers, rather than any government deception.

“NNPC cried out recently because it can no longer sustain the price differential on its balance sheet without becoming insolvent,” he said.

“The situation has greater implications for the ability of the three tiers of government to function as the NNPC has failed to pay into the Federation Account, the money that should go to the government.

“There are no easy choices. Something must be done to make NNPC survive, and keep the engines of government running and petrol flowing at the pumps.

“That is the scenario that is unfolding, and the game changer and big relief giver may well be the Dangote refinery and other local refineries, which will become the fuel suppliers to the local market.

“When Dangote Refinery and other refineries, including government-owned Port Harcourt Refinery, come fully on stream, our country and economy will benefit on all fronts. There will be many good paying jobs that will be created along the value chain.”

Also, Onanuga said there will also be a drop in the huge demand for foreign exchange to import petroleum products.

  • ‘FG Never Lied About Removing Subsidy’

Onanuga said the federal government did not lie about the removal of the subsidy.

According to the spokesperson, the federal government has been faithful to its policy of deregulating the petroleum sector.

He added that the government’s decision to remove the petrol subsidy was reflected in the 2023 supplementary budget, 2024 budget, and amended 2024 budget, where provisions for subsidy payments were absent.

“I have read a series of articles attacking the Federal Government for not telling the truth about fuel subsidy payments, following NNPC Limited’s admittance it was owing suppliers some $6 billion,” Onanuga said.

“Some of the stories have been written with relish, as the authors believed they have uncovered some scoops.

“The truth is that there is no discovery. No lie uncovered. The government has been faithful to its policy that it was no longer going to pay fuel subsidies since President Tinubu announced the deregulation of the PMS sector on 29 May 2023. Since then, subsidy provisions have disappeared from the budget.

“It was not in the Supplementary budget of 2023, not in the 2024 budget and the amended 2024 budget.

“So the giddy headlines about the so-called unraveling of the Tinubu government’s subsidy payment; and return of subsidy were not justifiable.

“Rather what has unravelled was the commendable disposition of the oil company owned by all the tiers of government to absorb the rising costs of petrol at the pump and protect the Nigerian consumer.”

Onanuga said the generous disposition of NNPC, backed by the president’s unwillingness to let the people suffer, has been under threat for months, because of the rising cost of crude and the devalued naira.

BIG STORY

Equitorial Guinea Sacks Senior Government Official, Baltasar Engonga Over “Sexcapade”

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The Director General of the National Financial Investigation Agency in Equatorial Guinea, Baltasar Engonga, has been dismissed following the discovery of over 400 explicit videos involving him with high-profile women across the country.

The dismissal, ordered by President Teodoro Obiang Nguema Mbasogo, was confirmed by Real Equatorial Guinea, which referenced Decree No. 118/2024, issued on November 4.

According to the decree, Engonga’s removal was due to alleged professional misconduct and personal behavior deemed incompatible with his public position.

The scandal surfaced during a fraud investigation involving the 54-year-old economist, leading to a surprise search of his house and office by ANIF officials.

During the search, they uncovered several CDs containing explicit videos that revealed his sexual encounters with different married women.

One of the women involved has since committed suicide. It has not been confirmed whether Engonga will face prosecution for his actions.

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BIG STORY

Kaduna Government Gifts N100,000, Smartphones To 39 Released #EndBadGovernance Protesters

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The Kaduna State government has provided N100,000 in cash, new smartphones, and additional support to 39 #EndBadGovernance protesters who were recently released from detention.

The government facilitated their reunion with their families on Wednesday, following their release from detention.

The reunion ceremony took place at the Children Homes along Kauru Road in Kaduna, where Governor Uba Sani offered support to the protesters, promising to assist them in reintegrating into society.

He assured them of opportunities for empowerment, contingent upon their commitment to lawful and responsible conduct.

Speaking to journalists after the release of the protesters, the Secretary to the Kaduna State Government, Abdulkadir Meyere, who represented the governor, revealed that Sani had instructed him to gather the credentials of those who have completed their tertiary education.

‘’The governor promised that some of them will be given start-up capital to begin trading, others will be taught skills, and some will be offered employment,’’ he said.

However, the SSG emphasized that the activities and conduct of the released protesters would be monitored to ensure they maintain good behavior, “before these benefits will be extended to them.”

Meyere also noted that the state government had taken the details of the released detainees, including their contact information, telephone numbers, and the names of their Next of Kins, to facilitate tracking and monitoring.

He further explained that the protesters underwent medical evaluations and received psycho-social counseling to encourage them to make positive changes and become productive members of society.

“Both Islamic and Christian religious leaders preached to them to embrace the teachings of their faiths and avoid bad company, so as to benefit from God’s blessings here and in the hereafter,” he said.

Meyere added that the detainees were each given a phone because they had lost theirs during detention, and ‘’the Governor has graciously given each of them N100,000 as a measure of goodwill.”

The state Commissioner for Human Services and Social Development, Hajiya Rabi Salisu, also addressed the protesters during the reunion, emphasizing the government’s commitment to their welfare.

She stated that the 39 protesters, including two minors aged 16 and 17, had received various forms of support from the government.

“We want you to be ambassadors of peace and preach peace within your peer groups, so you won’t be involved in any unlawful protests.

“We want you to return to a more peaceful environment with your families, and then we can invite you back for further training,” she said to the released protesters.

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BIG STORY

Two Robbers Gunned Down, 23 Suspects Arrested In FCT

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The Federal Capital Territory Police Command has killed two armed robbers during a gun duel and arrested four others in the Jahi area of the nation’s capital.

Additionally, no fewer than five car snatchers were arrested, and 13 stolen vehicles were recovered during operations carried out by the FCT command’s Scorpion Squad.

Speaking on Wednesday while parading the suspects in Abuja, FCT Commissioner of Police, Tunji Disu, said the armed robbers opened fire on October 21 after seeing police officers who had responded to a distress call about a robbery in the Jahi area.

According to Disu, during the ensuing gun battle, the police neutralized two of the armed robbers, recovered two of their vehicles, and arrested two suspects, Haruna Abdullahi, 32, from Ikara LGA, Kaduna State, and Yerima Usman, 28, from Itoro LGA, Bauchi State.

He said, “Upon sighting the police patrol vehicle, the suspects opened fire, and in the ensuing confrontation, two suspects were neutralized.”

Disu added that after a follow-up operation on October 23, the suspects led police operatives to arrest two additional gang members—Abba Ismail, aka Dan-Abba, and Ashiru Suleiman—who had escaped from the scene.

“During interrogation, the suspects confessed to being part of a gang of armed robbers led by one Dan Auwalu, who is still at large. So far, they have carried out armed robberies in Mabushi, Jahi, and Gishiri. Efforts are ongoing to apprehend the remaining gang members,” he stated.

Disu also identified the arrested car-snatching suspects as 32-year-old Arji Thomas from Gwoza LGA, Borno State; Amobi Ndukwe, 40, from Awgu LGA, Enugu State; and Amaechi Sampson, 26, from Imo State.

He said the trio—Thomas, Ndukwe, and Sampson—are members of a notorious car-snatching gang led by one Chidiebere, who is currently on the run.

According to him, the suspects were apprehended just as they were about to sell a stolen blue Toyota Corolla with registration number KTW 2155D.

“It is important to note that both Arji Thomas and Amobi Ndukwe are ex-convicts. During interrogation, they admitted to operating in Garki for the past year and a half, claiming responsibility for numerous car thefts within the metropolis,” Disu added.

Disu also explained how Joseph Abang was arrested. He said one Philemon Olaoluwa reported at the Central Police Station that his mechanic, Abdulhamid Saidu, had absconded with his car—a 2006 ash-colored Honda Accord with registration number RBC 40—after repairing it and taking it to Jos.

He added that Saidu, who is still at large, handed over the vehicle to Abang, who confessed to being part of a gang of car thieves operating in Abuja, Plateau, and Nasarawa states.

Disu said, “Extensive investigations led police operatives of the Central Police Station to Jos, Plateau State, where Joseph Abang was arrested. During interrogation, he informed the police that he belonged to a gang of car thieves who operated in Jos, Abuja, and Nasarawa State.

“He specializes in receiving, remodelling, and selling off vehicles stolen by his gang members. During a search operation at his residence and place of business, two additional vehicles—a Hyundai Accent and a Peugeot 208—suspected to be stolen were also recovered from him. He is in custody and will be charged in court upon the conclusion of the investigation.”

Disu also revealed that a Toyota Hilux with registration number 03A309 FG, stolen by a newly employed security guard, Usman Abubakar, was recovered. Efforts are ongoing to apprehend the suspect.

Disu explained that the vehicle, owned by Mr. Frank Udah, was stolen on October 7 by Abubakar, who had only been employed for three days. Preliminary investigations revealed that Abubakar took the vehicle to Nasarawa State, where he handed it over to two other gang members, who have since been arrested and are facing trial for another offence in Nasarawa State.

“Preliminary investigations revealed that the security guard, who had been employed for barely three days, stole the said vehicle on October 7, 2024, and took the same to Nasarawa State where he gave the vehicle to two other gang members who were arrested and currently facing trial for another offence in Nasarawa State. While the vehicle has been recovered, efforts are in place to arrest the suspect, Usman Abubakar, who is still on the run,” Disu stated.

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