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We’ll Deduct N242.53bn Fuel Subsidy From FAAC This Month – NNPC

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The Nigerian National Petroleum Company Limited is to deduct N242.53bn as subsidy on Premium Motor Spirit, popularly called petrol, from the Federation Account this month.

Although it described the proposed subsidy deduction as a value shortfall, the oil firm stated that the fund would be recovered from February 2022 proceeds due for sharing in the March 2022 Federation Account Allocation Committee meeting.

The NNPC disclosed this in its latest presentation to the FAAC meeting, which was obtained by our correspondent in Abuja on Friday.

It said, “The December 2021 value shortfall recovery on the importation of PMS amounted to N210.38bn.

“The recovery consists of December 2021 value shortfall of N176.48bn plus the outstanding value shortfall recovery of N33.9bn accrued over the 2021 year. The November 2021 spot arrears of N98.81bn is also outstanding.

“The estimated value shortfall of N242.53bn (consisting of N143.72bn for January 2022 recovery plus November spot arrears of N98.81bn) is to be recovered from February 2022 proceed due for sharing at the March 2022 FAAC meeting.”

Recall that in February this year, the NNPC remitted no money to FAAC due to its huge fuel subsidy spending and subsequent deduction from the Federation Account.

On March 3, 2022, state governors lambasted the NNPC for not remitting any funds at last month’s FAAC meeting.

The Chairman of the Nigeria Governors’ Forum and Governor of Ekiti State, Kayode Fayemi, had also wondered how the oil firm was bold enough to declare profit when it had not been meeting its FAAC obligations.

Fayemi had disclosed this alongside other governors during the Nigerian Governors’ Forum session on natural resources at the Nigeria International Energy Summit 2022 in Abuja.

He specifically pointed out that in the last Federation Accounts Allocation Committee meeting in February, the NNPC made zero remittance to the federation.

“We’ve just had the Federation Accounts Allocation Committee meeting a couple of days ago and the NNPC contributed zero to the Federation Accounts this month,” the governor had stated.

Various industry operators told our correspondent that unless the fuel subsidy regime was halted, the deductions might continue, as NNPC had been the sole importer of petrol into Nigeria for more than four years running.

The oil firm had also been shouldering the cost of subsidy on petrol all these years. The actual cost of the commodity is far higher than the approved N162-N165/liter pump price.

The President, Petroleum Products Retail Outlets owners Association of Nigeria, Billy Gillis-Harry, explained that the actual cost of petrol without subsidy was usually a little higher than that of diesel.

He stated that if not for a subsidy, PMS would be selling around N550 to N600/liter going by the rise in crude price.

The approved subsidized pump price of PMS in Nigeria is between N162 to N165/liter, but oil marketers stated that the actual cost should be a little higher or about the same price of diesel had it been PMS was deregulated.

The PETROAN president further stated that the N3tn that was projected by the government as subsidy spending in 2022 might double before the end of the year if the crude oil price continues to rise.

Meanwhile, in NNPC’s latest presentation to FAAC seen in Abuja on Friday, the firm stated that its overall crude oil lifting of 8.13 million barrels (export and domestic crude) in December 2021 recorded a 2.21 percent decrease relative to the 8.31 million barrels lifted in November 2021.

It said Nigeria recorded an average production of 1.31 million barrels in December 2021, adding that crude oil export revenue received in January 2022 amounted to $2.23m.

The report stated that the sum of N253.36bn was the gross domestic crude oil and gas revenue for January 2022.

BIG STORY

Obi, Amaechi’s Fight For Ticket Can Lead To ADC’s Collapse — Primate Ayodele

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The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has warned that the struggle for the African Democratic Congress presidential ticket between former Rivers State governor, Rotimi Amaechi, and Labour Party’s 2023 presidential candidate, Peter Obi, could result in the collapse of the coalition.

He made this statement during the unveiling of his annual prophecy book titled “Warnings To The Nations (2025/2026 edition)” on July 5, 2025.

Ayodele, who had earlier predicted that ADC would become the coalition’s platform, stated that although the movement is “divine,” it may collapse due to politicians with “selfish interests.”

He said, “The ADC coalition is divine, has the capacity to pull up something great in 2027 but politicians with selfish interests can collapse it.

“I am seeing Peter Obi and Rotimi Amaechi having a public fallout due to the presidential ticket of the ADC before 2027.”

He also mentioned that both Obi and Amaechi could leave the coalition because of the presidential ticket.

Ayodele stated, “If Peter Obi doesn’t get the presidential ticket, he will pull out of the coalition.

“Like I said, the coalition is divine but humans can jeopardise the movement.

“They need to be careful.”

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Peter Obi’s Claims About Students’ Death Misleading — Auchi Poly

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The Federal Polytechnic, Auchi, has rejected the claims made by former presidential candidate Peter Obi regarding the alleged deaths of two students during the violence that disrupted the student union election last Saturday.

Obi had posted on his X handle (formerly Twitter) alleging that the unrest during the election resulted in the deaths of two students and injuries to several others.

However, in a statement on Tuesday, the polytechnic described Obi’s claims as false, misleading, and baseless.

PUNCH Online had earlier reported that some students sustained injuries after violence broke out during the student union government elections.

In a viral video circulated on Sunday, students were seen scaling the school fence as gunfire echoed in the background.

The video also showed smoke at the scene, suggesting tear gas was used, while some youths wielded knives to scare others away.

Responding to Obi’s claims, the institution’s Director of Public Relations, Angela Egele, said security operatives were adequately present during the election.

“The attention of the management of Auchi Polytechnic has been drawn to a statement credited to Mr. Peter Obi, wherein he alleged that the recently held Student Union Government (SUG) elections at the institution resulted in the death of two students and injuries to several others due to gunfire,” she said.

Quoting Obi’s post, the statement noted, “I watched the heartbreaking video that showed students in Auchi Polytechnic in Edo State running for their lives as they WERE BEING SHOT AT during their student election yesterday, which left 2 students dead and several injured…”

Egele denied the allegations, stating, “The Management categorically states that these claims are false, misleading, and completely unfounded.

“For the avoidance of doubt, no student was shot, injured, or killed during the electoral process, which was subsequently declared inconclusive due to observed irregularities.”

She explained that the election was monitored by multiple security agencies, including the Nigerian Army, Police, Civil Defence Corps, State Security Service, Mobile Police, and local vigilante groups.

The institution urged the public to disregard Obi’s statement.

“Subsequently, we urge the general public, stakeholders, and members of the press to disregard this misinformation.

“Auchi Polytechnic remains committed to maintaining a safe and secure environment for all students and staff.”

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US Cuts Nigerian Non-Immigrant Visas To Three Months, Single Entry

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The United States Department of State has updated its non-immigrant visa policy for Nigerian citizens.

In a press release from the US Embassy in Abuja on Tuesday, it was stated that “most non-immigrant and non-diplomatic visas issued to citizens of Nigeria will be single-entry visas with a three-month validity period.”

The embassy confirmed that this new restriction takes immediate effect.

However, it clarified that “those US non-immigrant visas issued before July 8, 2025, will retain their status and validity.”

The statement noted that this change is part of the Department’s global visa reciprocity process, which the embassy described as “a continuous process and is subject to review and change at any time, such as increasing or decreasing permitted entries and duration of validity.”

The US explained that the policy update aims to “protect the integrity of US immigration systems.”

It also stated that “these standards are based on global technical and security benchmarks.”

According to the embassy, efforts are ongoing with Nigerian authorities to meet these standards.

“The US Mission is working with the Government of Nigeria to ensure that Nigeria can meet the criteria,” the statement said.

The embassy cited examples of these benchmarks, including “Secure Travel Documents: Ensuring countries issue secure travel documents with verified traveler identities.

Visa Overstay Management: Implementing measures to limit overstays by travelers on US visas, and Information Sharing: Sharing relevant security and/or criminal record information to protect public safety.”

Despite the updated policy, the embassy reaffirmed its commitment to its relationship with Nigeria.

“The United States values its longstanding relationship with Nigeria and remains committed to expanding our partnership based on mutual respect, shared security priorities, and economic opportunity, keeping both our countries safer and stronger,” the statement read.

It also expressed support for Nigeria’s ongoing reforms, stating, “We commend the ongoing efforts by the Government of Nigeria’s immigration and security agencies to meet standards of international best practices.”

The embassy urged Nigerian travelers to comply with visa terms.

“Nigerian travelers are encouraged to respect and adhere to the terms of their visas, and ensure travel documents are authentic, accurate, and up to date,” it said.

The statement concluded by reaffirming the US commitment to engagement with Nigeria.

“The United States remains a committed partner in deepening people-to-people ties with Nigeria via business, educational, and cultural exchanges.

We look forward to continued cooperation at all levels with the Nigerian public and government officials to ensure safe and lawful travel between the United States and all countries,” it said.

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