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NNPC can’t continue to pay petrol price differential without going bankrupt – Onanuga

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Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, says the Nigerian National Petroleum Company (NNPC) Limited admitted to having financial constraints because it can no longer subsidise petrol.

In an X post on Tuesday, Onanuga said if NNPC continues to pay the differences in landing cost and petrol price, the national oil company will go bankrupt.

Earlier today, NNPC increased the price of petrol to N855 per litre, however, the premium motor spirit (PMS) landing cost is around N1,200.

On Sunday, reports showed that the lingering petrol scarcity in many parts of the country was worsened by a $6 billion debt NNPC owed suppliers.

Hours later, NNPC admitted to owing suppliers of premium motor spirit (PMS), also known as petrol, adding that it was facing financial strain due to the petrol supply costs, and this is affecting the company’s ability to sustain PMS supply.

Prior to acknowledging the debt, NNPC had denied subsidising petrol.

Speaking on the subsidy and the impact on NNPC’s finances, Onanuga said NNPC’s debt was a result of the company’s efforts to absorb rising petrol costs and protect Nigerian consumers, rather than any government deception.

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“NNPC cried out recently because it can no longer sustain the price differential on its balance sheet without becoming insolvent,” he said.

“The situation has greater implications for the ability of the three tiers of government to function as the  NNPC has failed to pay into the Federation Account, the money that should go to the government.

“There are no easy choices. Something must be done to make NNPC survive, and keep the engines of government running and petrol flowing at the pumps.

“That is the scenario that is unfolding, and the game changer and big relief giver may well be the Dangote refinery and other local refineries, which will become the fuel suppliers to the local market.

“When Dangote Refinery and other refineries, including government-owned Port Harcourt Refinery,  come fully on stream, our country and economy will benefit on all fronts. There will be many good paying jobs that will be created along the value chain.”

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Also, Onanuga said there will also be a drop in the huge demand for foreign exchange to import petroleum products.

‘FG NEVER LIED ABOUT REMOVING SUBSIDY’

Onanuga said the federal government did not lie about the removal of the subsidy.

According to the spokesperson, the federal government has been faithful to its policy of deregulating the petroleum sector.

He added that the government’s decision to remove the petrol subsidy was reflected in the 2023 supplementary budget, 2024 budget, and amended 2024 budget, where provisions for subsidy payments were absent.

“I have read a series of articles attacking the Federal Government for not telling the truth about fuel subsidy payments, following  NNPC Limited’s admittance it was owing suppliers some $6 billion,” Onanuga said.

“Some of the stories have been written with relish, as the authors believed they have uncovered some scoops.

“The truth is that there is no discovery. No lie uncovered.  The government has been faithful to its policy that it was no longer going to pay fuel subsidies since President Tinubu announced the deregulation of the PMS sector on 29 May 2023. Since then, subsidy provisions have disappeared from the budget.

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“It was not in the Supplementary budget of 2023, not in the 2024 budget and the amended 2024 budget.

“So the giddy headlines about the so-called unraveling of the Tinubu government’s subsidy payment; and return of subsidy were not justifiable.

“Rather what has unravelled was the commendable disposition of the oil company owned by all the tiers of government to absorb the rising costs of petrol at the pump and protect the Nigerian consumer.”

Onanuga said the generous disposition of NNPC, backed by the president’s unwillingness to let the people suffer, has been under threat for months, because of the rising cost of crude and the devalued naira.

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Tinubu, governors present as Bello Matawalle’s 10 children wed in Abuja

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President Bola Tinubu,  President Carlos Manuel Vila Nova of the Democratic Republic of São Tomé and Príncipe and several governors were among the dignitaries who attended the wedding of the children of Bello Matawalle, minister of state for defence.

Matawalle celebrated the weddings of his ten children, five daughters and five sons, at the National Mosque, Abuja, on Friday.

The minister gave away his daughters—Maryam, Safiyya, Farida, Nana Firdausi, and Aisha—while his sons—Ibrahim, Abdul Jalal, Surajo, Bello, and Fahad—also tied the knot.

The Islamic ceremony was officiated by Imam Luqman Zakariyah, who prayed for Allah’s blessings on the marriages and for success in the couples’ future lives.

Tinubu received the brides on behalf of the Matawalle family, welcoming them into their new homes.

The high-profile wedding attracted the crème de la crème of Nigerian politics.

Notable dignitaries in attendance included Deputy Senate President Barau Jibrin and Ibrahim Masari, Senior Special Assistant on Political Affairs.

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Several governors were also present, including Ahmad Aliyu of Sokoto, Umar Namadi of Jigawa, and Nasir Idris of Kebbi.

In a post via X, Matawalle expressed his deep gratitude to Tinubu and Vila Nova for attending the ceremony, describing their presence as a rare and honourable privilege.

He further appreciated all dignitaries, family, friends, and well-wishers who joined physically or in prayers, wishing them safe journeys back to their destinations.

“Today, I am deeply honoured and profoundly grateful to His Excellency, President Bola Ahmed Tinubu, GCFR, for graciously serving as Wali at the wedding Fātiḥa of my children, held at the National Mosque, Abuja. I remain sincerely honoured by this rare privilege,” he wrote.”

“In addition, the presence of the President of the Democratic Republic of São Tomé and Príncipe, His Excellency President Carlos Vila Nova, added immense meaning to this joyous occasion, and I deeply appreciated it.

“I also wish to extend my heartfelt appreciation to everyone who joined us physically and in prayers to share in our joy. Your presence, prayers, and goodwill are truly cherished and deeply appreciated.

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“To my esteemed colleagues in the Federal Executive Council, Governors, members of the National Assembly, friends, family members, and well-wishers from across the nation, I am eternally grateful for the overwhelming love and kindness shown to me and my family.

“I also pray that Allah rewards abundantly all those who travelled from far and near to celebrate with us, and I ask Allah to grant you a safe and peaceful journey back to your respective destinations.”

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APC is my natural home, says Iyabo Obasanjo

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Iyabo Obasanjo, daughter of ex-President Olusegun Obasanjo, has confirmed her membership in the All Progressives Congress (APC) in Ogun state.

Iyabo spoke on Saturday during an interactive programme on Eagle7 Sports Radio 103.7 FM, anchored by Segun Odegbami.

Explaining her return to politics, Iyabo said the decision was driven by sustained pressure from supporters.

“Like I told you, a group of people who I did not bring together, I did not form them into a group, have been working, I think, for two years now,” she said.

“And then they started talking to me about a year ago, saying, ‘Look, we think you are the best candidate. We want you back.’”

She said she could not return to the Peoples Democratic Party (PDP), where she previously contested elections, citing internal crises.

“I could not go back to the PDP because of all kinds of turmoil,” she said.

Iyabo disclosed that she also considered the African Democratic Congress (ADC), but said the party was not yet fully organised.

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“The ADC was another option, but they don’t have their ducks in a row yet; they’re still working on it,” she said.

According to her, those who encouraged her return to politics are now members of the APC, a factor that influenced her decision after wide consultations.

“So, I think APC is my natural home. I don’t have any animosity towards any individual or any group within the APC,” she said.

“I feel more comfortable with all the actors I know within the APC… I feel more comfortable, actually, than with some of the actors I know in the PDP, and some of them are now in the ADC.

“So I think it’s my natural home. I feel quite confident and happy to have made that decision.

“I have an absolute 100% feeling it’s my natural home.”

Iyabo represented the Ogun central senatorial district between 2007 and 2011. She lost her re-election bid in 2011 to Gbenga Obadara of the then Action Congress of Nigeria (ACN).

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She later relocated to the United States, where she pursued an academic career and rose to the rank of professor. She is also a former commissioner for health in Ogun.

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Nigerian jailed eight years for $6m scam in US

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MAN JAILED FOR LIFE

A United States court has sentenced one Tochukwu Albert Nnebocha, a Nigerian national, to 97 months’ imprisonment for participating in a transnational inheritance fraud scheme that targeted elderly and vulnerable Americans.

According to a statement published on the US Department of Justice website on Friday, “a Nigerian National was sentenced today to more than eight years in prison for participating in a years-long conspiracy to defraud elderly and vulnerable Americans through an inheritance fraud scheme.”

The DOJ stated that Nnebocha, who is 44 years old, and his co-conspirators “operated a lucrative transnational inheritance fraud scheme that exploited vulnerable people in the United States” over a period exceeding seven years.

The statement read, “According to court documents, Tochukwu Albert Nnebocha, 44, of Nigeria, and his co-conspirators operated a lucrative transnational inheritance fraud scheme that exploited vulnerable people in the United States.

“Over the course of more than seven years, Nnebocha and his co-conspirators sent hundreds of thousands of personalized letters to elderly individuals in the United States, falsely claiming that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left by a deceased family member.”

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According to the US DOJ, victims were subsequently instructed to pay various fees before accessing the fictitious inheritance.


“The conspirators then told the victims that, before they could receive their purported inheritance, they were required to send money for purported delivery fees, taxes, and payments regarding the inheritance. In total, the defendant and his co-conspirators defrauded over 400 U.S. victims of more than $6 million,” the statement read,

The DOJ added that “in total, the defendant and his co-conspirators defrauded over 400 U.S. victims of more than $6 million.”

The statement disclosed that Nnebocha was arrested in Poland in April 2025 and extradited to the United States in September 2025.

He later pleaded guilty in November 2025 to conspiracy to commit mail fraud and wire fraud.

At sentencing, the court ordered 97 months’ imprisonment, three years of supervised release and restitution exceeding $6.8m to victims.

The department noted that “this is the second indicted case related to this international fraud scheme,” adding that eight co-conspirators from the United Kingdom, Spain, Portugal and Nigeria had previously been convicted and sentenced.

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The case was investigated by the US Postal Inspection Service and Homeland Security Investigations, with assistance from the Federal Bureau of Investigation’s Legal Attache in Poland, INTERPOL, Polish authorities, the US Attorney’s Office for the Southern District of Florida, and the DOJ’s Office of International Affairs.

Senior Trial Attorney Phil Toomajian and Trial Attorney Joshua D. Rothman of the Criminal Division’s Fraud Section are prosecuting the case, according to the statement.

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