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NNPCL Withheld N13.7tn Raising Concerns About Transparency

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NNPC

NNPCL Withheld N13.7tn Raising Concerns About Transparency

NNPCL withheld N13.7tn raising concerns about transparency, accountability. The Nigerian National Petroleum Company Limited (NNPCL) has reportedly withheld a staggering N13.763 trillion from the Federal Government, raising concerns about transparency and accountability in the country’s oil sector.

According to a report from the Federation Accounts Allocation Committee (FAAC) following its January 2025 meeting, the withheld revenue spans from 2012 to 2024. This shortfall has significantly impacted the Federation Account, the central pool from which the federal, state, and local governments receive their allocations.

Documents from FAAC reveal that NNPCL recorded transactions worth N27.28 trillion from domestic crude sales over the period. However, only N13.524 trillion was deposited into the Federation Account, leaving a deficit of N13.763 trillion. Additionally, N4.026 trillion was listed as certified subsidy claims, a long-standing issue in Nigeria’s oil sector.

The Auditor-General of the Federation has also accused NNPCL of diverting funds, amounting to N2.68 trillion and $9.77 million over four years. Financial reports indicate unremitted funds of N1.33 trillion in 2017, N681.02 billion in 2019, N151.12 billion in 2020, and N514 billion in 2021.

Further concerns emerged when the Senate launched an investigation into NNPCL over N8.4 trillion allegedly withheld for petroleum subsidy payments. Meanwhile, the House of Representatives’ Public Accounts Committee is investigating $1.6 billion in unpaid royalties owed by NNPCL and other oil companies.

The Nigeria Extractive Industry Transparency Initiative (NEITI) has also flagged NNPCL for failing to remit N3.6 trillion in taxes. A breakdown of FAAC records shows that, over the years, NNPCL has consistently withheld large sums while still making payments to the government. Notably, in 2022, it withheld N4.16 trillion, while only N245.83 billion was remitted.

Despite repeated attempts, NNPCL’s spokesperson, Femi Soneye, did not respond to inquiries regarding these financial discrepancies.

Analysts warn that these financial irregularities could severely impact the government’s ability to meet its budgetary commitments, affecting funding for critical sectors and state and local government finances. The situation highlights the urgent need for reforms to ensure accountability and prevent further financial mismanagement in Nigeria’s oil sector.

NNPCL

NNPCL

 

 

 

 

The Centre for Anti-Corruption and Open Leadership (CACOL) has described NNPCL as a stronghold of institutional corruption. CACOL’s Executive Director, Debo Adeniran, criticized the lack of transparency in NNPCL’s operations, arguing that powerful interests within and outside the government have shielded it from scrutiny.

As Nigeria grapples with economic challenges, the need for urgent action to reform the oil sector and ensure proper revenue remittance has never been more critical.

Economy

Jigawa Government, Azman University Partner To Enhance Education Development

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Jigawa Government, Azman University Partner To Enhance Education Development

Jigawa government, Azman University partner to enhance education development. Ms Muhktar said, “I assure you that the Jigawa State government will continue to be a valued partner.’’

The Jigawa State government said it will partner with the Azman University to enhance educational opportunities and promote human capital development.

Governor Umar Namadi stated this during a courtesy visit by the Vice-Chancellor, Fatima-Batool Mukhtar, on Thursday in Dutse.

She said the state government would explore areas of collaboration to support innovative learning and sponsor students in specialised programmes to enhance skill development.

The governor said the partnership also focused on computing, data science, aviation management and artificial intelligence (AI).

“I assure you that the Jigawa State government will continue to be a valued partner,” she said.
Mr Namadi highlighted the relevance of the specialised programmes being offered by the university and reaffirmed his commitment to explore opportunities for indigent students.

He said that the introduction of innovative online courses was designed to attract students and scholars to the university.

Earlier, Ms Mukhtar said the institution was committed to quality education, innovation and excellence.

She said the university introduced online learning services, a compulsory e-learning week and the Students’ Consultative Forum, to encourage students engagement in decision-making.

“We have online services that allow students to attend lectures from home, while lecturers can also teach from their homes.

For the students and staff to be familiar with this, we have set aside one week every semester for compulsory e-learning week,” she said.

She also called for more collaboration in computer programming with notable industry players such as Cisco, Huawei and Oracle Academy.

Jigawa

Jigawa

“Your Excellency, Azman University is already gaining strength in computing programmes, and already we have registration with Cisco, Huawei and Oracle Academy. We are certified instructors for Huawei.

“So, we would like to appeal to your excellency to partner with us in your community development projects and skills development for youth for certified courses in computing programmes,” Ms Muktar said.

The VC commended the state government over the 32 per cent budgetary allocation to the education sector and the N3 billion grant to the scholarship board in the 2025 fiscal year.

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Economy

House Of Reps Approve Tax Reform Bills 

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House Of Reps Approve Tax Reform Bills

House Of Reps approve tax reform bills. Mr Faleke said, “These bills underwent three full days of public hearings, with input from over 80 key stakeholders.’’

The Chairman of the House of Representatives Committee on Finance, James Faleke (APC-Lagos), has assured Nigerians that the tax reform bills will produce widely acceptable laws.

Mr Faleke gave this assurance on Thursday after the House considered and adopted the report on the four tax reform bills during its session in Abuja.

The bills include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.

He said, “These bills underwent three full days of public hearings, with input from over 80 key stakeholders. Afterward, we held an eight-day retreat to debate each clause. I am glad that House members recognised our thorough work and approved all our recommendations.’’

He expressed appreciation to fellow lawmakers and Nigerians who engaged with the bills, assuring that the resulting laws will be acceptable to all.

Mr Faleke also thanked the House leadership for entrusting his committee with processing the tax bills and presenting them for consideration.

He commended President Bola Tinubu for prioritising tax law reforms, noting that some existing tax laws date as far back as 1959.

“We cannot continue using outdated tax laws that no longer meet our business, survival, and revenue needs,” he stressed.

Deputy Committee Chairman, Saidu Abdullahi (APC-Niger), said no bill in the 10th Assembly had generated as much debate as the tax reform bills.

He praised Speaker Tajudeen Abbas for fostering consensus among stakeholders, ensuring broad-based input into the legislative process.
Mr Abdullahi highlighted that representatives from geopolitical zones and regional thought leaders were involved, easing public concerns.

He stated, “The committee’s recommendations reflect the contributions of various stakeholders. These were never seen as perfect documents. The executive made proposals, and the public hearing allowed Nigerians to refine them. Lawmakers have now endorsed the final version.’’

Also, Ikeagwuonu Ugochinyere (PDP-Imo) described the process as transparent, with consultants and the executive making adjustments to reflect public interest.

Tax

Tax

Mr Ugochinyere said, “In spite of being in the opposition, we are proud of this historic moment. It will expand the tax net and increase government revenue. This reform will enhance tax collection efficiency while protecting small businesses. That is why we worked together to ensure its passage.’’

On his part, Benson Babajimi (APC-Lagos) said stakeholder concerns, including inheritance tax, derivation, and VAT, were carefully considered.

He said, “This is a great day for Nigeria. The necessary reforms have been approved by the House, and we now await Senate concurrence.’’

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Economy

Tinubu Welcomes Brazilian Delegation For Bilateral Talks

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Tinubu

Tinubu Welcomes Brazilian Delegation For Bilateral Talks

Tinubu welcomes Brazilian delegation for Bilateral talks. A Brazilian delegation led by Minister of Foreign Affairs Mauro Viera visited Abuja to strengthen cooperation between Nigeria and Brazil.

The visit included delivering an official invitation from Brazilian President Luiz Inácio Lula da Silva for President Bola Tinubu to visit Brazil soon.

Discussions focused on trade, investment, and cultural collaboration, with both nations signing agreements to enhance bilateral relations.

Viera praised Tinubu’s participation in the G-20 summit in Brazil last November and emphasized the need for deeper ties in culture, economics, and education.

Tinubu

Tinubu

Nigeria’s Minister of Foreign Affairs, Ambassador Tuggar, highlighted Brazil’s historic support, recalling its participation in Nigeria’s independence celebrations, underscoring the long-standing relationship between both countries.

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