Business
NNPCL Denies Paying Fuel Subsidies in Last Nine Years
In response to recent controversies, the Nigerian National Petroleum Company Limited (NNPCL) has issued a statement clarifying that it has not dispensed any fuel subsidies over the past nine years.
This declaration was made by Alhaji Umar Ajiya, the company’s Chief Financial Officer, during a briefing in Abuja on Monday.
The clarification addresses ongoing speculation that the Nigerian government continues to provide fuel subsidies, despite President Bola Ahmed Tinubu’s administration announcing their removal in May 2023.
Ajiya emphasized that NNPCL has not issued any payments under the guise of subsidies during this period. Instead, he explained that the company has been managing the financial discrepancies arising from the importation of Premium Motor Spirit (PMS).
According to Ajiya, the NNPCL’s role involves importing PMS at a specific cost, while the government dictates a selling price that is lower than the cost price.
The difference between these prices, referred to as the “shortfall,” is reconciled directly with the Federation. Ajiya stated that this arrangement does not involve any direct subsidy payments to marketers.
He elaborated that, rather than paying subsidies, the NNPCL has been handling importation costs and reconciling the financial shortfalls with the government. The company does not transfer any funds to marketers in the form of subsidies.
This statement follows recent comments by the Minister of Budget and National Planning, Abubakar Bagudu, who indicated that savings from the removal of fuel subsidies are being used to maintain the current pump prices of fuel.
Additionally, it was reported that NNPCL is seeking a N2.6 trillion claim from the Nigerian government for foreign exchange differentials related to fuel importation between August 2023 and June 2024.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
Nigerians now have a new choice when it comes to making calls and browsing the internet. A new telecom company called LEBARA has launched in the country with a new idea. Instead of the usual airtime system that most networks use, this company is offering something different, subscribers will now buy call minutes and data directly.
What makes this different is that customers will only pay for what they actually use. If you buy 100 minutes, those minutes are yours until you use them up. If you make a call that lasts only 30 seconds, the rest of your time remains, leaving you with 99 minutes and 30 seconds. Nothing is taken away without your knowledge, and every second is accounted for.
The company is rolling out its services with the new 0724 number series, and it already has connections with all the major networks in Nigeria. This means subscribers will be able to call friends, family, and business contacts across MTN, Airtel, Glo, 9mobile and others without any problems. They have also been licensed as a Tier 5 Mobile Virtual Network Operator, which is the highest category approved by the Nigerian Communications Commission (NCC).
Company officials explained that the goal is to give Nigerians more freedom, fairness, and transparency. For years, people have raised concerns about airtime being deducted too quickly or without clear explanation. By introducing a minutes-based model, the new operator wants to end that problem once and for all. Subscribers can clearly see what they paid for, how much they have used, and what is left.
Victim of child abuse pleads and urges American billionaire and businessman, Elon Musk, to halt the spread of a link that showcases her abuse on the social media platform, X.
The victim shared as she pleaded with Musk: “Hearing that my abuse — and the abuse of so many others — is still being circulated and commodified here is infuriating.”
The victim then expressed anger and disappointment that she is still reminded of her hurtful past and pleaded that Elon stop the link as he is the owner of the platform.
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