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No Fuel Subsidy In 2023 Budget – Kyari Tells APC
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has said contrary to speculations, the immediate past government of President Muhammadu Buhari did not make provisions for petroleum subsidy in the 2023 budget.
He said this on Thursday in Abuja when he met with the Abdullahi Adamu-led APC National Working Committee (NWC) at the party’s national secretariat.
“There was subsidy in 2022 but in 2023, not a single naira was provided for the purpose of financing the subsidy.
“And ultimately while we held back our fiscal obligations, we still have a net balance of over N2.8 trillion that the federation should have given back to the NNPC.
“For any company, when you have negative N2.8 trillion, there is no company in the whole of Africa that will lend to you, you cannot have receivables.
“The provision of subsidy is there, but absolutely there is no funding for it,” Mr Kyari said, adding that it was only on paper and does not exist.
This, he said, was the true situation of things, adding that the federal government could no longer bear the burden of fuel subsidy.
“If we continue, we will run into defaults and the defaults of NNPC is the default of Nigeria.
“Once NNPC goes into defaults and liquidity, it affects every borrowing done by the country, even the sub-nationals. Your lenders will come back to you and say your country can no longer pay,” he said.
The NNPCL chief executive officer added that subsidy constituted a huge amount of money that the country might not be able to survive, paying.
Mr Kyari, while admitting that Nigerians would have problems with the removal of fuel subsidy and that it would impact on inflation, assured that government was working on putting in place palliatives to cushion the effect.
According to him, President Bola Tinubu has directed some engagements and some palliatives will be put in place soon.
Mr Kyari added that the market would stabilise with time following the removal of fuel subsidy and the current pump price when other players came in.
“There is a transition going on now and NNPC cannot continue to be a sole importer. So, we know that this is going to vanish, the market will stabilise,” he said.
On when the country would have all its four refineries working, Mr Kyari said there was an ongoing process of rehabilitation of the refineries.
He added that one of the refineries would come on stream before the end of 2023 while the second one would come on stream in 2024 and the third one would follow thereafter.
He maintained that the fuel subsidy regime was gone for good because the government could no longer sustain it.
“Of course, it is very obvious that we can no longer afford it. Subsidy bills have piled up; the country is not able to settle NNPC for the money we are spending on subsidy.
“And, therefore, pricing petroleum at the market is the right thing to do at this point in time and I believe that this would benefit the country in the long term,” he said.
(NAN)
News
Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim
A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.
One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.
Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.
In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”
He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.
“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.
He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.
The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.
News
How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
News
Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
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