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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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Good morning! Nigerian Newspapers Headlines: PCC inauguration: APC banks on Tinubu’s record for re-election

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1. The All Progressives Congress on Wednesday inaugurated its Presidential Campaign Council for the 2027 election, expressing confidence in President Bola Tinubu’s record and reforms while rallying party leaders and politicians from other political parties to secure his re-election.

The inauguration and federation general assembly, held at the State House Conference Centre, Abuja, drew opposition figures who pledged to back his re-election bid.

2. The re-election campaign will not stop governance because the economy needs all hands on the plough, the President declared yesterday. President Bola Ahmed Tinubu spoke at the Banquet Hall of the Presidential Villa, Abuja, during the inauguration of his Presidential Campaign Council (PCC) for the January 16, 2027 election, an event that turned into a political carnival.


3. The Federal Government has approved plans to build a new eastern-western electricity grid as part of efforts to address Nigeria’s recurring power grid collapses. The Minister of Power, Joseph Tegbe, disclosed this at the recent HBSAN energy conference in Lagos, where he outlined plans to address longstanding weaknesses in the country’s electricity transmission infrastructure.

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4. Popular gospel singer, Olayemi Bayonile Bolaji, popularly known as Toluwanisings, has passed away. His family confirmed the news in a public announcement shared on his verified Instagram page on Wednesday night.
According to the statement, the gospel minister passed away in the early hours of Wednesday, October 14, 2026



5. The Chairman of the Independent National Electoral Commission, INEC, Prof. Joash Amupitan, has said algorithms will not determine the outcome of the 2027 general elections, insisting that the decision on who governs Nigeria rests solely with voters. He warned that although artificial intelligence could influence electoral administration and the information available to voters, the technology must remain subordinate to human judgment and democratic institutions.

6. Inspector-General of Police (IGP)  Olatunji  Disu  has assured Nigerians that the police will demonstrate professionalism before, during and after the 2027 general election.
Disu said the police  reviewed their performances in recent elections and would  apply  the lessons learned in order to make Nigerians proud.



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7. The Federal Government has proposed a new examination timetable that will see candidates sitting the 2027 West African Examinations Council (WAEC), National Examinations Council (NECO) and other major external examinations receive their results by August, ahead of the September admission process into tertiary institutions.

8. The Minister of the Federal Capital Territory, FCT, Nyesom Wike, has urged All Progressives Congress, APC, governors to work hard in their respective states to ensure President Bola Tinubu wins next year’s election. Speaking at the inauguration of the APC Presidential Campaign Council in Abuja on Wednesday, Wike said any governor who failed to deliver his state for the President should not join others in claiming victory if Tinubu is re-elected in 2027.

9. The Kwara State Police Command has arrested four men in connection with two separate incidents involving the alleged removal of human heads from exhumed graves and the possession of suspected human hands allegedly intended for money-making rituals. The Commissioner of Police, Ojo Adekimi, disclosed the arrests on Tuesday while briefing journalists at the command headquarters in Ilorin, where he provided details of the investigations into the two cases.

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10. The Police Special Fraud Unit in Lagos State has arraigned a banker and seven other defendants before the Federal High Court in Lagos over an alleged N710 million proof-of-funds fraud. The defendants — Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome — were arraigned on a 12-count charge.

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‘Delusion of grandeur’ — Shettima calls Peter Obi master of bogus statistics

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Vice President Kashim Shettima has knocked former Anambra State Governor, Peter Obi, describing him as “the master of bogus statistics and incoherent economic prescriptions”.

Shettima made the remark on Wednesday at the inauguration of the All Progressives Congress Presidential Campaign Council at the State House Banquet Hall, Presidential Villa, Abuja.

Calling Obi “my very good friend”, the Vice President mocked his habit of comparing Nigeria with other countries, especially Bangladesh.

Shettima stated. “He seems convinced that a size 36 shirt tailored for Bangladesh will somehow fit Nigeria’s size 52 frame.”

He said Obi’s “fascination with foreign comparisons overlooks the peculiarities that distinguish one nation from another”.

According to Shettima, “Governance is an art that demands mastery of context, whether social, economic, political or institutional.

“What succeeds in Bangladesh cannot simply be transplanted to Nigeria without accounting for the differences in our population, economic structures, institutions and national circumstances.

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“A country of over 250 million people cannot be governed through borrowed statistics and economic prescriptions detached from its peculiarities.”

The VP said he respected Obi but accused him of making a “bogus claim” about winning the 2023 presidential election without evidence to support the assertion.

“This is called delusion of grandeur.
Our contest is with the politics of yesterday dressed as tomorrow’s deliverance,” he said.

Obi has frequently cited Bangladesh in his criticism of the Tinubu administration’s economic management, including its borrowing.

In February, he said Nigeria’s challenge was fund mismanagement, not borrowing.

Obi ran as the Labour Party candidate in 2023 and finished third behind Tinubu and Atiku Abubakar.

He challenged Tinubu’s victory in court, and the Supreme Court dismissed his appeal and affirmed Tinubu’s election in October 2023.

Obi is seeking the presidency again in the election on January 16, 2027, on the platform of the Nigeria Democratic Congress.

See also  Financial experts advise FG against introducing more taxes

The APC will flag off its campaign in Kaduna on October 24.

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El-Rufai’s associates earmarked $600,000 to compromise EFCC probe, DSS witness tells court

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A forensic investigator with the Department of State Services (DSS), Segun Kayode, has told a Kaduna state high court, sitting in Kawoa, that Nasir el-Rufai, former Kaduna state governor, and some of his associates earmarked $600,000 to pay officials of the Economic and Financial Crimes Commission (EFCC) and intermediaries.

Kayode, who is the first prosecution witness in the ongoing trial, made the allegation on Tuesday while testifying before the court presided over by Justice Darius Khobo.

According to the witness, $500,000 and $100,000 were allegedly set aside for the payments, adding that forensic audio recordings captured conversations involving el-Rufai and some of his suspected associates.

According to Kayode, the recorded conversations centred on alleged efforts to frustrate an EFCC investigation into a company identified as Singularity.

He said a senior advocate of Nigeria (SAN), another individual and Bashir el-Rufai, were among those allegedly mentioned in the conversations.

Kayode told the court that the SAN and the other individual were allegedly directed to meet one Ahmadu Sule to obtain a template previously used to liquidate another company, with the intention of applying a similar process to Singularity.

See also  Fuel price: NNPC denies adjusting pump prices of petrol, diesel

The investigator further alleged that the discussions included plans to liquidate the company in Nigeria and Mauritius, where it was reportedly under investigation by the Nigerian Financial Intelligence Unit.

He also alleged that the recordings contained discussions about preventing the EFCC from investigating a company he said was listed on the New York Stock Exchange.

The allegations formed part of the prosecution’s evidence against the former governor and have yet to be established by the court.

Proceedings lasted nearly eight hours, from 12:26pm to 8:18pm, with about two hours devoted to playing the recorded conversations.

After Kayode submitted a hard copy of his findings to the court clerk, the defence objected, saying the document should have been served earlier to allow the legal team to study its contents.

The judge ruled that the defence could obtain a certified true copy of the document admitted as Exhibit One for examination.

The court adjourned the case until November 30 and December 1, 2026, for the continuation of cross-examination, following agreement by the prosecution and defence.

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Recall that El-Rufai is facingtrial over alleged money laundering and conversion of public property.

The DSS is also prosecuting the former governor before the federal high court in Abuja over allegations of wiretapping.

He has been in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) since February 19, after being released by the EFCC.

On April 13, the ICPC arraignedthe former governor at the Kaduna high court on an amended nine-count charge bordering on alleged fraud and abuse of office.

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