Business

NNPCL Denies Paying Fuel Subsidies in Last Nine Years

Published

2 years ago

August 20, 2024

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.

Business

OPay Introduces New Security Features for Customers

Published

1 day ago

June 29, 2026

Ese Ohwofa

Nigerian fintech company OPay has introduced new security features to improve the safety of its application.

The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.

The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.

The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.

Business

Nigeria’s Agricultural Sector Cannot Thrive Without Investment – FG

Published

6 days ago

June 24, 2026

Ese Ohwofa

The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.

They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.

“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”