Economy
No more FAAC remittances and subsidy payment by new NNPC—- Kyari
Eyewitness reporter
When probed further to tell if there would be no more FAAC remittances from the company going forward, he said, “We will pay our taxes, royalties and deliver dividends to our shareholders.”
Asked about the arrears to FAAC that were not delivered by the firm over the years, the CEO said, “Which arrears? That’s Nigerian National Petroleum Corporation.”’
On how the oil firm would handle subsidy on petrol being a commercial entity, Kyari replied that fuel subsidy was not a burden of NNPC.
The CEO had said, “Subsidy is not NNPC’s burden. The subsidy is the decision of the state and in every jurisdiction anywhere in the world, countries see them differently. In some countries, they put petroleum tax on top of the market price of these products.
“So, when decisions are to be made in some jurisdictions, they will reduce the level of taxation. That also is another form of subsidy. In some countries, you have zero taxation but you will pay the market price for the commodity. That also in a way, in the fiscal system, looks at it from a subsidy point of view.
“In very many countries, a leader can decide that I don’t even want my countrymen to buy it at the market price. I’m ready to reduce that price for them so that they can buy.”
Kyari added, “In either case, whichever way the decision and the policy of the state decides, you know NNPC is there in the space to provide the product to the state at commercial value and, of course, it is also our duty to deliver to the customer at the price that the state wants.
“So it is no longer an NNPC issue. NNPC will have no issue with this. NNPC will be happy to supply because we will now see the state as our customer.”
Figures obtained from the NNPCL’s presentation to the Federation Accounts Allocation Committee meeting for July 2022 showed that subsidies on petrol were implemented in June. The company transited from a public oil firm to a commercial entity last month.
It also made it clear in July that subsidy on petrol was now a burden of the Federal Government and not its own responsibility.
An analysis of the July presentation to FAAC showed that fuel subsidy or under-recovery/value shortfall, as described by NNPCL, rose to N1.593tn in the first half of 2022.
Figures from the report indicated that the amounts spent as subsidies on the commodity in January, February and March were N210.38bn, N219.78bn and N245.77bn, respectively.
A total of N271.59bn, N327.1bn and N319.18bn were spent as subsidies in April, May and June respectively.
On refinery rehabilitation, the oil company spent N9.11bn in January and made no expense in February and March. It invested another N9.11bn in the facility.
It spent N9.11bn in each of the months of April and May 2022 on refinery rehabilitation, while investing N18.22bn on the plant in June.
In April this year, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said the April 2023 completion date for the rehabilitation of the Port Harcourt refinery was feasible and that the plant would refine 60,000 barrels of crude by early next year.
“This project kicked off second quarter last year and where they are now is quite impressive. It is on schedule. The commitment is to deliver 60,000 barrels per day from this refinery by the first quarter of next year, and, of course, we are quite happy,” Sylva had stated while inspecting the facility.
The NNPC officially signed the contract with Tecnimont SPA for the $1.5bn rehabilitation programme of the Port Harcourt Refining Company in April 2021 and had promised that the facility would be completed in 18 months.
Meanwhile, the company’s July presentation to FAAC stated that the sum of N391.529bn was the gross domestic crude oil and gas revenue for the month of June 2022.
“The estimated value shortfall of N1,490,413,402,007.66 (consisting of arrears of N479,688,823,026.00 plus estimated June 2022 value shortfall of N1,010,724,578,981.66) is to be recovered from July 2022 proceed due for sharing at the August 2022 FAAC meeting,” the company stated.
Economy
Oyebamiji, ex- NIWA boss, promises economic boom for Osun residents as he targets Dagbolu Dry Port, Free Trade Zone to boost investment, jobs,SMEs
Funso Olojo Editor
The All Progressives Congress (APC) governorship candidate for Osun State, Asiwaju Munirudeen Bola Oyebamiji, has pledged to revive key economic assets, including the Dagbolu Dry Port, Osun Free Trade Zone, Ido-Osun Airport, Osun-Osogbo Grove and Oba Hills National Park, as part of a comprehensive strategy to reposition the state as a leading investment, industrial and tourism destination.
Oyebamiji, a former Managing Director of the National Inland Waterways Authority (NIWA), made the pledge on Saturday, August 1st, 2026 while receiving members of the Coalition of Maritime Journalists of Nigeria during a courtesy visit to his campaign office in Osogbo.
The visit was facilitated by the Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN) in recognition of Oyebamiji’s contributions to the development of Nigeria’s inland waterways sector during his tenure at NIWA.
Addressing the journalists, the APC standard-bearer in the August 15th governorship election in Osun state,unveiled his Osun Prosperity Agenda, themed “A Pact for Growth, Inclusion and Lasting Development,” describing it as a practical blueprint for accelerating economic transformation, promoting inclusive governance and delivering sustainable development across the state.
He said unlocking the economic potential of strategic assets such as the Dagbolu Dry Port, Osun Free Trade Zone, Osun-Osogbo Grove, Oba Hills National Park and the Ido-Osun Airport would stimulate commerce, expand tourism, attract domestic and foreign investments, strengthen entrepreneurship and create sustainable employment opportunities for the people of Osun.
According to him, reviving the Dagbolu Dry Port and the Osun Free Trade Zone would improve trade facilitation, enhance logistics services and position Osun as a competitive industrial and export hub within Nigeria.
“We will resuscitate strategic economic assets that have the capacity to transform Osun’s economy, stimulate private sector investment and create wealth for our people,” Oyebamiji said.
On poverty reduction and workers’ welfare, the APC candidate promised targeted social intervention programmes for vulnerable citizens while ensuring prompt payment of salaries, improved working conditions and the restoration of dignity within the public service.
He also pledged to tackle unemployment through public works programmes, enterprise support initiatives and strategic investments capable of generating sustainable jobs, particularly for young people.
To attract more investments, Oyebamiji said his administration would strengthen the Osun State Investment Promotion Agency, develop industrial parks with modern infrastructure, improve the ease of doing business and position Osun among Nigeria’s most attractive investment destinations.
He further assured micro, small and medium enterprises (MSMEs) of improved access to microcredit, grants and business development services, while expanding entrepreneurship and empowerment programmes for youths and women.
On education and healthcare, Oyebamiji promised to modernise educational infrastructure, recruit and train teachers, strengthen technical and vocational education, expand apprenticeship programmes and upgrade healthcare facilities across the state.
He added that strategic partnerships would be leveraged to advance universal health coverage and improve access to quality healthcare for all residents.
Reaffirming his commitment, Oyebamiji said the Prosperity Agenda represents a covenant with the people of Osun to deliver economic growth, social inclusion and lasting development through prudent leadership, strategic investments and private sector-driven development.
Speaking earlier, President of WABOTAN, Comrade Tope Fajemirokun, described Oyebamiji as a tested and result-oriented administrator whose achievements at NIWA demonstrated his capacity for effective governance.
Fajemirokun expressed confidence that, under Oyebamiji’s leadership, Osun State could emerge as a major player in Nigeria’s marine and blue economy by harnessing its tourism assets, including the Osun-Osogbo Grove and Erin-Ijesha Waterfalls, to drive maritime tourism, investment and economic growth.
Economy
News Alert! Tinubu sacks Wale Edun as Finance Minister in cabinet reshuffle, appoints Taiwo Oyedele as replacement
Secretary to the Government of the Federation, George Akume.According to the memo, Taiwo Oyedele has been appointed as the new Minister of Finance and Coordinating Minister of the Economy.
The memo directed the outgoing ministers to complete handover processes to their respective successors or supervising officials.It stated that all handing over and taking over activities must be concluded on or before the close of business on Thursday, 23rd April, 2026.
Explaining the decision, Akume said the changes were aimed at improving coordination and strengthening delivery across key sectors of the economy under the Renewed Hope Agenda.
“These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda,” Akume stated.
He added that President Tinubu acted in line with his constitutional powers as provided under Sections 147 and 148 of the 1999 Constitution (as amended).
The SGF also conveyed the President’s appreciation to the outgoing ministers for their service to the nation and wished them well in their future endeavours, noting that the process of cabinet reinvigoration would remain continuous.
The statement further noted that Taiwo Oyedele was appointed as Minister of State for Finance in March 2026, while Edun was among the ministers appointed on August 16, 2023.
Economy
Tinubu assents to 2026 Appropriation bill , extends 2025 budget implementation
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