News
Fuel Subsidy: Tinubu Gives Fresh Directive To NNPC
President Bola Tinubu has approved a request by the Nigerian National Petroleum Company (NNPC) Ltd to utilize the 2023 final dividends due to the federation to pay for petrol subsidy.
The president also approved the suspension of the payment of 2024 interim dividends to the federation in order to augment NNPC’s cash flow and address the growing fuel subsidy burden.
It should be noted that following the removal of subsidy by Tinubu in June 2023, the NNPC used a “derived FX rate” to keep petrol prices within the N600-N700 per litre range. The gap between this rate and the official rate is the subsidy/FX differential. This effectively means the country continues payment of fuel subsidy but the present government has consistently shied away from using the term.
In a recent development, the NNPC informed the president that it would be unable to remit taxes and royalties to the federation account due to the subsidy payments, which it termed “subsidy shortfall/FX differential”.
An NNPC forecast showed that the cumulative petrol subsidy bill from August 2023 will hit N6.884 trillion by December 2024, leaving the national oil company unable to remit N3.987 trillion in taxes and royalties to the federation account.
The NNPC is expected to pause the payment of interim dividends for eight months this year, from May to December.
JOMOGNEWS NIGERIA understands that interim dividends are usually remitted monthly into the federation account and shared by the three tiers of government, while the final dividends are paid at the end of the year after reconciliation.
Under the Petroleum Industry Act (PIA), the NNPC is obligated to pay taxes and royalties as well as dividends to the federation, its sole shareholder. However, the company has been struggling to meet its obligations due to the growing fuel subsidy burden.
In June 2024, the NNPC had cried out to Tinubu that the subsidy payments were negatively impacting its cash flow and it was struggling to remain a “going concern”. The company said it might not be able to sustain petrol imports because of the ballooning subsidy bill, which it blamed on “forex pressure”.
The president has approved the request of the National oil company.
Previously, NNPC’s group CEO, Mele Kyari, informed the president that when subsidy was removed in 2023, it led to monthly savings of N400 billion to the federation. However, the development was short-lived due to the devaluation of the naira, which led to a month-on-month escalation in the NAFEX exchange rate.
The NNPC has implemented several strategies to address the subsidy challenge, including improving oil production, debt rescheduling, and payment deferrals to suppliers and contractors. However, the situation remains dire, with projections showing a consistent increase in cash flow deficit mainly due to the exchange rate.
The petrol subsidy bill is expected to gulp over N5 trillion this year alone.
News
Gumi Defends Dialogue As Sole Solution To Nigeria’s Insecurity
Islamic cleric Sheikh Ahmad Gumi recently defended his past interactions with armed groups, stating he “took the bull by the horns” in 2021 as a necessary step to address Nigeria’s insecurity.
In a post shared on Facebook on Thursday, Gumi said decades of neglect of disadvantaged populations had created deep socio-economic inequalities, leaving many youths vulnerable to manipulation by external forces seeking to destabilise the country.
According to him, the widening gap between the rich and the poor has turned many young people into “ready-made foot soldiers” in cycles of violence that enable the exploitation of Nigeria’s resources.
He also criticised the political class for being largely unresponsive, while noting that the intellectual community is preoccupied with survival struggles.
Reflecting on his past efforts, Gumi said he “took the bull by the horns” in 2021 by attempting to reintegrate violent elements into society rather than allowing them to be further radicalised.
He wrote: “Nigeria for decades has ignored the underprivileged section of its society. There is a significant socio-economic discrepancy, and the society is stratified. This makes our teaming youth ready-made foot soldiers for any foreign interest trying to divide us and rule. To plunder our resources while we are involved in a vicious circle of violence.
”Unfortunately, the political class is unattentive while the intelligentsia is held hostage in the struggle for existence.
“In 2021, I took the bull by the horns in an attempt to bring some of these uncouth elements back to our fold rather than letting them be exploited by the devil.
“I still believe this is the only way out of our predicament. However, it needs the political will and determination to achieve.
“May Allah bring peace back to our nation.”
News
Court Clears Senator Ireti Kingibe To Remain Active In ADC
The Federal High Court in Abuja rejected an ex-parte application seeking to bar Senator Ireti Kingibe from participating in the activities of the African Democratic Congress (ADC).
Justice Peter Lifu declined the request from Wuse Ward leaders, ruling that such an order could not be granted without first hearing from the senator.
Instead, the judge ordered the ward leaders said to be loyal to the Minister of the FCT, Nyesom Wike, to put the senator on notice to appear in court to join issues with them on their grievances.
Justice Lifu in a ruling on Thursday held that discretion in such a request for prohibition from party activities and in political matters must be exercised judicially and judiciously.
The judge said justice would be met in the case of the plaintiffs only when the side of the defendant is heard on its merit, along with that of the plaintiffs.
Consequently, the judge ordered that Senator Ireti Kingibe should be served with all court processes by the plaintiffs to enable her become aware of the suit and to prepare her defense.
The judge fixed April 20, 2026, for the plaintiffs and the serving senator to appear before him for hearing of all applications in the matter.
Those who sued the senator in the suit marked FHC/ABJ/ CV/539/2026 are Okezuo Godfrey Anayo and Isaiah Ojonugwa Samuel, on behalf of themselves and ward members as plaintiffs. The senator is the sole defendant.
In their ex-parte application, Kingibe representing the FCT in the Senate was said to have been suspended on March 10, 2026 by her Wuse Ward executives following allegations of anti-party activities and disregard of your cnstitution of the ADC.
In the ex- parte application filed on their behalf by a Senior Advocate of Nigeria, SAN, Kolawole Olowookere, the aggrieved ADC members in Wuse Ward applied for an order of interim injunction restraining Kingibe from parading herself as a member of party, pending the hearing and determination of their motion on notice for interlocutory injunction.
They also asked the judge to restrain the senator from performing any function, attending meetings or performing activities reserved for ADC members or representing the party in any activities.
Besides, the Ward Executive Committee had asked that she be restrained from further interfering with the administration of the ward, ward register and other activities.
The suit was predicated on five grounds among which are that Mrs Kingibe was placed on suspension due to anti-party activities, gross misconduct and confiscation of the ward statutory records.
They argued that the suspension followed due process as enshrined in the ADC constitution and ratified by the two thirds majority of the EXCO members.
They averred that despite the communication of the suspension to Kingibe, she has continued to hold parallel meetings, issue press statements as an ADC member, and using her security details to intimidate the executive committee.
“Her actions constitute flagrant disregard to the internal mechanism of the party,” the plaintiffs stated.
Meanwhile, a lawyer, Abubakar Marshall who claimed to be representing the senator, announced that he had filed a preliminary objection against the suit. He added that it was served on M. S. Garba, who stood for the plaintiffs at Thursday’s proceedings.
News
COAS Shaibu Hits Jos To Restore Peace, Public Confidence
The Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, visited Jos, Plateau State, on Thursday, April 2, 2026, to lead a high-powered security assessment following recent security breaches.
The visit was aimed at strengthening public confidence and reinforcing ongoing efforts to stabilize affected communities.
Colonel Appolonia Anele, acting Director, Army Public Relations, said in a statement that the visit forms part of ongoing efforts to restore calm and entrench lasting peace across the state.
According to the statement, upon arrival, the COAS was received by the Executive Governor of Plateau State, Caleb Mutfwang, in a clear demonstration of strong civil-military cooperation and a shared commitment to addressing emerging security challenges.
The statement said the COAS received a comprehensive operational briefing from the General Officer Commanding 3 Division and Commander, Joint Task Force Operation ENDURING PEACE, Major General Folusho Oyinlola, who highlighted ongoing operations and proactive measures being implemented in synergy with other security agencies to contain threats, protect lives and property, and stabilise affected communities.
“As part of his engagements, Lieutenant General Shaibu also interacted with community leaders and residents, reassuring them of the unwavering commitment of the Nigerian Army to safeguarding all law-abiding citizens.
He urged residents to remain calm, vigilant and supportive of security agencies by complying with the curfew and cooperating fully with ongoing operations and investigations, while going about their lawful activities.
The chairman of Jos North Local Government Area, Hon. Dachung Bagos, commended the COAS for the timely visit, noting that the presence of the nation’s top military leadership would boost public confidence and reinforce trust in ongoing security efforts.
-
News2 days agoWhen 8 million Customers Trust You, Safety Cannot Be an Afterthought
-
News2 days agoUnited Nigeria Airlines Staff Suspended After Viral Amputee Abuse Video
-
News2 days agoJUST IN: FG Approves Friday 3, Monday 6, as Easter Public Holidays
-
News2 days agoPay Your Fare: AIG Cracks Down On Officers Boarding For Free
-
News2 days agoINEC Removes David Mark, Aregbesola From ADC Leadership Portal
-
News1 day agoCOAS Shaibu Hits Jos To Restore Peace, Public Confidence
-
News1 day agoPresident Tinubu Appoints New PTDF Executive, Reappoints TCN Head
-
Entertainment1 day agoSimi Welcomes Second Child With Adekunle Gold
