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

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.
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.
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.
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.
News
Pastor Adeboye to Lead National Prayers for Nigeria’s Failing Economy

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, will be leading a national prayer session focused on reviving Nigeria’s struggling economy. The prayer is scheduled to take place during the church’s July 2025 Thanksgiving Service, themed “Divine Intervention”, at the RCCG national headquarters in Oyingbo, Lagos.
Speaking ahead of the event through his Special Assistant on Administration, Pastor Dele Balogun, Pastor Adeboye acknowledged that both Nigeria and other countries are facing tough times. But he believes the current hardship is not beyond repair if people embrace faith and take positive action.
“Our nation is going through serious challenges, just like other parts of the world. But the truth is, we can overcome them with faith, as long as we don’t give room to fear or doubt,” Adeboye said. He encouraged Nigerians to reject negative confessions and instead focus on faith-driven solutions, adding that with God’s intervention, the country’s economic situation can still turn around.
The upcoming prayer session, according to him, is not just about asking for change but about opening doors to new opportunities and paving the way for national transformation.
News
Israel Bombs Southern Lebanon Again with Heavy Airstrikes

Southern Lebanon witnessed one of its most serious attacks in months on Friday, June 27, after Israeli fighter jets bombarded areas around Nabatieh, a city located deep in Lebanon’s south. Eyewitnesses reported hearing several loud explosions as Israeli aircraft targeted hilltops and underground sites in two separate waves of strikes.
The Israeli military later confirmed the operation, saying they aimed at Hezbollah positions they claimed were being rebuilt in violation of last year’s ceasefire deal. According to Lebanese officials, the assault left one woman dead and over a dozen others injured after a residential building in Nabatieh was hit.
Local sources say the woman, reportedly a German national, had been staying in the apartment complex when it collapsed following the blast. Paramedics rushed several other residents, including those in nearby areas, to hospitals with varying injuries. The situation sparked panic across the city, with families evacuating damaged homes and roads filled with rescue teams.
Reason for the bombing
The Israeli army stated that the operation was aimed at dismantling what they described as a “reconstructed underground defense system” controlled by Hezbollah militants. According to them, Hezbollah has been rebuilding tunnels, weapons depots, and launch sites in the region, despite the ceasefire agreement brokered in November 2024, which banned such military infrastructure close to the border.
Israeli officials also claimed that the explosion in the civilian building wasn’t directly caused by their missiles but was triggered by hidden Hezbollah weapons stored in the area, causing a secondary blast.
In response, Lebanon’s government strongly condemned the strikes, calling them a direct attack on Lebanese sovereignty. President Joseph Aoun described Israel’s actions as a dangerous violation of the truce, adding that the attack could drag both sides back into open conflict. Prime Minister Nawaf Salam also criticized the airstrikes, warning that Lebanon cannot tolerate repeated breaches of the ceasefire while civilians continue to suffer the consequences.
Business
GTCO Announces Nationwide Early Closure on June 30 for Half-Year Audit

Customers of Guaranty Trust Holding Company (GTCO) across Nigeria should brace for early branch closures on Monday, June 30, 2025, as the banking group kicks off its routine half-year audit.
In an official announcement shared on their verified X (formerly Twitter) page, GTCO informed customers that all their branches nationwide will stop attending to walk-in customers earlier than usual to allow for internal review processes.
The bank assured the public that this temporary adjustment is strictly for operational reasons tied to their mandatory half-year audit, a common practice among financial institutions to check financial records, processes, and compliance levels.
While in-person services will pause earlier that day, GTCO encouraged customers to make use of their digital banking platforms. Options such as internet banking, mobile apps, ATMs, and USSD codes, which will remain available 24/7 for essential banking transactions.
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