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.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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