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NNPC Declares ZERO Remittance For The 4th Time As Petrol Subsidy Gulps N271bn In April
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NNPC Declares ZERO Remittance For The 4th Time As Petrol Subsidy Gulps N271bn In April

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The Nigerian National Petroleum Company (NNPC) Limited has deducted another N271.13 billion as a shortfall for the importation of petrol (subsidy) in April 2022.

Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.

So far, NNPC has spent N947.53 billion on petrol subsidy this year, more than half of 2021 subsidy spending.

NNPC said this in its monthly presentation to the Federation Account Allocation Committee (FAAC) meeting on Tuesday, April 24.

The FAAC document showed that this is the fourth time the oil company will not remit any fund to the federation account in 2022, as subsidy payments continue to deplete revenue.

NNPC also said it would deduct N371 billion for the shortfall in May 2022 during next month’s FAAC meeting.

“The Value Shortfall on the importation of PMS recovered from April 2022 proceeds is N 271,125,127, 487,58 while the outstanding balance carried forward is N371 billion,” the document reads.

“The estimated Value Shortfall of N 874 503 649 663 98 bn (consisting of arrears of N 371 billion, plus estimated April 2022 Value Short Fall of N 503 313 767 828 14 is to be recovered from May 2022 proceed due for sharing at June 2022 FAAC Meeting.”

In January, February, and March 2022, petrol subsidies gulped 210.38 billion, N219.78 billion, and N245.77 billion, respectively.

Payments for petrol subsidies have continued to dwindle federation revenue.

This year alone, the federal government has budgeted to spend N4 trillion on costly petrol subsidies, as a result of high global oil prices due to the Russia-Ukraine war.

In the month under review, the report said NNPC lifted overall crude oil of 8.80 million barrels (export domestic crude) in March 2022, representing a 10 percent decrease relative to the 9.77 million barrels lifted in February 2022.

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Insecurity: Tinubu Postpones G20, AU-EU Trips, Awaits Briefing On Kebbi, Kwara Attacks

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President Bola Ahmed Tinubu has postponed his scheduled official trips to Johannesburg, South Africa, and Luanda, Angola, in response to the escalating wave of insecurity across parts of the country. The President is now expected to remain in Nigeria to receive comprehensive national security briefings specifically relating to the recent incidents in Kebbi and Kwara states.

According to a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President directed security agencies to intensify their presence and operations, particularly in Eruku and the wider Ekiti Local Government Area of Kwara State. This directive followed an appeal from the Kwara State Government regarding the deteriorating security situation in the affected communities.

The statement explained that President Tinubu had originally been slated to depart Abuja on a diplomatic schedule that included participation at the 20th G20 Summit of leaders in Johannesburg, followed immediately by his presence at the 7th AU-EU Summit in Luanda. However, Onanuga confirmed that the President resolved to suspend his departure pending detailed security reports from his deputy and relevant agencies.

Providing further context, Onanuga stated: “Disturbed by the security breaches in Kebbi State and Monday’s attack by bandits against worshippers at Christ Apostolic Church, Eruku, President Tinubu decided to suspend his departure. He now awaits reports from Vice President Kashim Shettima … as well as reports from the police and the Department of State Services regarding the attack in Kwara.”

In the statement, the Presidency also reaffirmed that Tinubu’s earlier directive to security agencies remains in force. He instructed them to “do everything possible to rescue the schoolgirls abducted by the bandits in Kebbi State and bring them back home, safe,” underscoring his position that the safety of citizens is non-negotiable and must be treated as a priority by all national security formations.

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Probe Rising Insecurity, Kwankwaso Urges Federal Government

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Former Kano State Governor Rabiu Musa Kwankwaso has urged the Federal Government to launch an immediate investigation into the country’s escalating insecurity, following a surge in mass abductions and violent attacks across several states.

In a statement released on Wednesday through his verified X account, Kwankwaso condemned the kidnapping of 25 schoolgirls from the Government Girls Comprehensive Secondary School in Maga, Kebbi State. The abduction occurred early Monday when gunmen entered the school on motorcycles and engaged security personnel in a gunfight before escaping with the students.

He also reacted to the killing of Brigadier General Musa Uba in Borno State, describing the development as a “dark mark” in Nigeria’s counter-terrorism operations. Kwankwaso demanded a thorough probe into the security and intelligence lapses that led to the attack.

Kwankwaso expressed concern over recurring mass kidnappings in Zamfara State, saying the incidents were “truly heartbreaking,” and called on authorities to expedite the rescue of victims taken in recent raids.

The former governor further highlighted recent bandit attacks in Shanono and Tsanyawa Local Government Areas of Kano State, calling for urgent government action to address the growing threats to rural communities.

While acknowledging the Kano State Government’s recent donation of vehicles to security agencies, he insisted that broader and more strategic interventions were required to strengthen ongoing security efforts.

He stated, “These areas have seen repeated violence; in one recent incident, bandits killed three villagers after crossing from Katsina State. In another raid, two nursing mothers were kidnapped from the Faruruwa community in Shanono, heightening fear among residents.” He added that “These incidents are not isolated. They reveal serious setbacks in the battle against insecurity,” urging the Federal Government to intensify national security operations.

Kwankwaso called for renewed investment in the armed forces and emphasized the need to empower the Nigeria Police Force to effectively safeguard citizens and rebuild public trust.

On Monday, armed bandits attacked the Government Girls Comprehensive Senior Secondary School in Maga, Danko/Wasagu Local Government Area, abducting no fewer than 25 students and killing the Vice Principal during the assault.

The Kebbi State Police Command later confirmed that 25 students were taken during the attack.

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JUST IN: Tinubu Deploys Military After Gunmen Terrorizing Kwara

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President Bola Tinubu has ordered the Nigeria Police Force and the military to move into Kwara State following a surge in attacks carried out by gunmen in the region.

The directive was issued less than a day after about 10 suspected terrorists invaded Christ Apostolic Church (CAC) in Oke Isegun, located in Eruku town within Ekiti Local Government Area of Kwara State. During the attack, three worshippers were killed, and the pastor was abducted alongside several other individuals.

Authorities are expected to release additional information as security operations intensify across the affected communities.

 

More to come…

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