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.
The former Governor of Kogi State, Yahaya Bello, makes headlines as his marriage to his fourth wife, Hiqma, is revealed.
It was reported that the pair had their wedding privately in Abuja on the 12th of July, 2025. The ceremony was attended by family and close friends and remained private until the wedding was over.
The wedding announcement was revealed by Yahaya Bello’s third wife, who stated “Alhamdulillah, our family just got a little bigger and more loving! A warm welcome to our new family member, Mrs. Hiqma Yahaya Bello! May Allah bless our union and fill our home with love, peace, and Barakah. Amin.”
Governor Babajide Sanwo-Olu has made it clear that his government will not tolerate any form of assault on officers of the Lagos State Traffic Management Authority (LASTMA). Speaking through his deputy, Dr Obafemi Hamzat, at the Second Lagos Traffic Conference on Tuesday, the governor said anyone caught attacking traffic officers will be made to face the law.
The event, held in honour of LASTMA’s 25th anniversary, brought together key stakeholders to reflect on traffic challenges and explore new solutions under the theme: “Enhancing Traffic Efficiency and Safety on Lagos Roads: Challenges, Opportunities, and Innovations.”
Sanwo-Olu praised the efforts of LASTMA officers who he said work in tough, often dangerous conditions to keep Lagos roads under control. He acknowledged their sacrifices and dedication, saying their presence is the thin yellow line between traffic order and chaos.
“I truly commend every LASTMA officer for your courage and commitment. You’ve stayed strong even when the job puts you at risk, and that speaks volumes about your dedication,” he said. He also paid respects to officers who died in the line of duty, calling them heroes whose sacrifices would always be remembered.
Looking ahead, Sanwo-Olu shared plans to modernize LASTMA with technology that fits today’s traffic demands. He said the government would increase investment in smart systems such as AI-powered tools, automatic number plate recognition, and drone surveillance. These tools, he explained, will make it easier to monitor traffic in real time, respond quickly to incidents, and improve the overall movement of vehicles across Lagos.
Federal Government releases further details for the burial of the Ex president, Muhammadu Buhari.
It was shared that the burial will occur on Wednesday 16th of July, 2025.
This information was revealed in an official statement released by presidential aide Sunday Dare on X platform.
The statement briefly states that a committee will be set for the burial to be done properly and for the events to be held. The Federal Government then makes a list of the ministers needed to join this committee to hold a successful burial ceremony for Buhari.
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