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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

Security: Army Foils Kidnap Attempt, Rescue Six Victims In Taraba

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Troops from the 6 Brigade Nigerian Army/Sector 3 Operation Whirl Stroke successfully thwarted a “kidnap attempt” and “rescued six victims” along the Wukari-Kente road in the Wukari Local Government Area of Taraba State.

The operation, conducted on April 27, 2025, was initiated following “a distress call from the Executive Chairman of Wukari LGA alerting security forces to an attack on travellers in the area.”

“Troops stationed at the Forward Operating Base Wukari were swiftly mobilised to the scene.”

This information was conveyed in a statement issued on Tuesday by the Acting Assistant Director, Army Public Relations, 6 Brigade, Captain Olubodunde Oni.

“Responding swiftly, the troops launched a prompt rescue operation to the area and rescued the victims unhurt,” the statement read.

Upon arriving at the location, “troops found a white Toyota Hilux vehicle with a flat tyre abandoned by the roadside.”

“Shortly after, six individuals emerged from the nearby bush, unharmed, and identified themselves as the occupants of the vehicle,” the army said.

The victims recounted that they “were travelling from Yola to Lafia when gunmen, suspected to be kidnappers or armed robbers, ambushed them from the rear.” They “abandoned their vehicle and fled into the bush for safety.”

After confirming the area was secure, “the soldiers assisted in replacing the damaged tyre and escorted the travellers until they were safely back on their journey.”

Commander of the 6 Brigade, Brigadier General Kingsley Uwa, “lauded the troops for their swift response and professionalism.” He “reiterated the brigade’s commitment to protecting lives and property across Taraba State.”

Brig. Gen. Uwa also “urged residents to support security efforts by providing timely and credible intelligence.”

“We remain resolute in our mission to ensure peace and security across Taraba State and its environs,” he assured.

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BIG STORY

JUST IN: My Defection From PDP Imminent, Governor Eno Declares

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Governor Umo Eno of Akwa Ibom State has “given hint of his possible defection to the ruling All Progressives Congress (APC),” noting that the main opposition Peoples Democratic Party (PDP) “was like a spoilt plane and may no longer has the capacity to take him to the next destination from 2027.”

Speaking against the backdrop of recent gale of defections from the PDP with the latest being the Delta State governor Sheriff Oborewori, who moved with several supporters to the APC, Pastor Eno hinted that “the heavily fragmented PDP may soon grind to a halt.”

Addressing a mammoth crowd that thronged the Town Square meeting of the Ukanafun/Oruk Anam federal constituency on Tuesday at the QIC Central School, Ikot Akpankuk, headquarters of Ukanafun local government area, the governor disclosed that “he might join the fray soon as the crucial 2027 election year inches closer.”

“If you wanted to travel with Ibom Airline, and on the verge of taking off, it developed a fault that won’t enable it to fly, won’t you board the next available plane to take you to your destination?” Eno queried.

However, the governor, who enjoined the people to remain steadfast in support of his administration in its quest to deliver on its campaign promises, doled out empowerment succour to over 400 people, including business grants, cars and other freebies.

154 constituents benefited from the Traders Grant, 116 received Farmers Grant, four got N5 million each for the MSME Grant, and 131 were beneficiaries of the Equipment Support Initiative.

He, therefore, urged the beneficiaries to make judicious use of the resources at their disposal, warning beneficiaries to desist from deploying it to ponzi schemes or any other unintended purposes.

He said: “We need to meet with the people from time to time to see them. It’s not only during elections that we should come to see our people. We also have to come and see you in the course of governance, to check your wellbeing, to listen to you, tell you what we have done, and what we are planning to do.

This is the fourth federal constituency we have visited, we have six more to go and we will finish all in time for the budget department to capture the needs in the 2026 budget.

“We will go through your requests and tell you the ones we have decided to do, based on available funds. We might not be able to do all, but whatever is left we will add to subsequent budgets.

“We will always work with the people because this government is of the people, for the people, and by the people,” he stated.

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BIG STORY

Court Orders EFCC To Release Aisha Achimugu Within 24 Hours

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Justice Inyang Ekwo of the Federal High Court in Abuja has instructed the Economic and Financial Crimes Commission (EFCC) to release socialite and businesswoman, Aisha Achimugu, within a 24-hour timeframe.

Justice Ekwo further directed that the involved parties must report back to the court on May 2nd to provide an update on the compliance with his order.

Previously, on Monday, Justice Ekwo had mandated Achimugu to present herself to the anti-graft agency concerning an ongoing investigation related to money laundering and other alleged offenses.

Justice Ekwo also stipulated that following her appearance at the EFCC office, the anti-graft agency was required to return with her to the court on Wednesday, April 30th, for a progress report.

It is worth noting that the EFCC apprehended Achimugu at 5 am on Tuesday at the Nnamdi Azikiwe International Airport.

The EFCC is currently investigating Achimugu regarding allegations of conspiracy, obtaining money under false pretenses, money laundering, corruption, and possessing properties reasonably suspected of being unlawfully acquired.

While she had been arrested and interrogated by the EFCC previously, she was granted administrative bail by the commission.

However, the EFCC claimed that she violated her bail conditions and subsequently declared Achimugu wanted.

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