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Nigerian Government to Hire External Auditor for N2.7 Trillion Fuel Subsidy Review

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The Nigerian government has unveiled plans to hire an external auditor to review the N2.7 trillion fuel subsidy claims made by the Nigerian National Petroleum Company Limited (NNPCL).

The goal is to assist the Office of the Auditor-General of the Federation (OAuGF) in determining the actual amount owed by the government to NNPCL for fuel subsidies.

According to official records, a forensic audit will focus on NNPCL’s claims from 2015 to 2021.

It aims to verify the N2.7 trillion withheld by NNPCL, with the Director of Home Finance stating that the OAuGF is still working on the matter.

Additionally, the Ministry of Finance’s Procurement Department has already put measures in place to hire an external auditor, who will support the OAuGF in conducting the review.

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In the same meeting, the Chairman of the Commissioners’ Forum and Head of Finance from Ekiti State recommended that the audit period be extended to December 2023, given that the audit process has yet to begin.

This suggestion followed the initial proposal to launch the audit four months earlier during the Federation Allocation Accounts Committee’s April 2024 meeting.

Initially, NNPCL claimed that the government owed a total of N6 trillion for fuel subsidies. However, this amount was reduced to N2.7 trillion after a previous audit conducted by KPMG.

The forthcoming audit will cover six years to ensure accuracy and transparency in reconciling the subsidy claims.

This latest development follows the “subsidy is gone” declaration made by President Bola Ahmed Tinubu on May 30, 2023.

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Shortly after this announcement, NNPCL’s Group Chief Executive Officer, Mele Kyari, informed reporters that the Federal Government still owed the company N2.8 trillion in outstanding subsidy payments.

According to Kyari, NNPCL has been covering the cost of petrol subsidies through its cash flow, as the government has been unable to make payments.

He highlighted that despite budgetary provisions of N6 trillion in 2022 and N3.7 trillion in 2023 for fuel subsidies, the Federal Government has not made any payments to NNPCL.

The company has had to absorb the cost, which is now an unsustainable financial burden.

Kyari emphasized that the government still owes NNPCL around N2.8 trillion and that the company cannot continue to carry the financial strain of the subsidy regime much longer.

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The decision to engage an external auditor is seen as a crucial step towards resolving these financial discrepancies and determining the accurate amount of subsidy claims owed to NNPCL.

The audit is expected to shed light on the actual amount of debt and could potentially influence future subsidy policies and financial arrangements between NNPCL and the government.


 

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WAEC Says English Exam Was Not Cancelled and Warns Against Fake News

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WAEC has debunked rumours that the English Language paper written on May 28 was cancelled. The exam, part of the ongoing WASSCE for school candidates, faced serious delays at several centres across the country. In some places, the paper meant to start by 9 a.m. didn’t begin until late at night, leaving students to write under poor conditions, with many using phone flashlights and torchlights to read their questions.

WAEC explained that it received reports of a possible paper leak and had to act fast to protect the credibility of the exam. But contrary to claims making rounds on social media, the council made it clear the paper was not cancelled. In a statement by Moyosola Adesina, the acting Head of Public Affairs, WAEC said a press release dated May 30 announcing the cancellation was fake and not from the council.

She said WAEC doesn’t know where the false information came from, but suspects it was shared by individuals trying to create panic and damage the council’s image. The Head of WAEC’s National Office, Amos Dangut, also commented on the situation, saying the late-night exams held in some areas were far below the council’s standards.


 

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Tinubu Welcomes Ademola Adeleke and Davido to His Home in Lagos

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President Bola Ahmed Tinubu hosted Osun State Governor, Senator Ademola Adeleke, for a private meeting at his Lagos residence on Monday. The governor was joined by his older brother, prominent businessman Chief Adedeji Adeleke, and his son, the internationally popular Afrobeats star David Adeleke, better known as Davido.

The visit was confirmed by President Tinubu’s Special Assistant on Social Media, Dada Olusegun, who shared the news on X the following day. “President Bola Ahmed Tinubu met with Osun State Governor Ademola Adeleke, accompanied by Chief Adedeji Adeleke and Afrobeats superstar Davido, at his Lagos home,” Olusegun posted.

So far, no details have been shared about the purpose of the meeting, and neither the Presidency nor the Adeleke family has made an official statement. Photos from the gathering have appeared online, offering a rare glimpse into the private talks between the President and the Adeleke family.


 

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Omokri Urges Tinubu to Focus on Nigeria’s Progress not Peter Obi’s Negativity

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Former presidential aide Reno Omokri has shared his advice on how President Bola Tinubu should handle Peter Obi and the Obidient Movement. Omokri suggests that instead of engaging with their negativity, Tinubu’s government should focus on highlighting its achievements and ongoing projects to outshine the critics.

Writing on X, Omokri emphasized the visible progress happening across Nigeria, especially in Abuja and Lagos. He pointed to major infrastructure projects like the Lagos-Calabar Coastal Highway, which is being built simultaneously from both ends, as well as the reconstruction of the Ile-Ife to Sokoto-Badagry Expressway and the Enugu-Onitsha Expressway.

“There’s development happening everywhere,” Omokri said. “The government should use every platform—TV, radio, print, social media—to showcase these efforts.” He also took a swipe at Obi’s supporters, saying, “While they praise leaders like Traoré, who hasn’t even reached the level of a local council chairman in Lagos, they criticize Nigeria harshly. Just the Third Mainland Bridge alone is worth half of Burkina Faso’s GDP.”

Omokri concluded by suggesting that if Obidients have nothing positive to say about Nigeria, perhaps they should consider moving to Burkina Faso.


 

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