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Senate Passes MTEF/ FSP, To Probe N8.4tn Withheld Subsidy Funds By NNPCL

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Nigerian Senate
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The Senate has passed the 2024 – 2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government.

The passage followed the presentation of a report by the chairman of the Joint Committees on Finance and National Planning & Economic Affairs presented by Sen. Musa, Mohammed Sani (Niger East).

The senate also tasked its Committees on Finance and Petroleum as well as Gas to investigate allegations of withheld funds by the NNPC, including NGN 8.48 trillion in petrol subsidies, and $2 billion (NGN 3.6 trillion) in unpaid taxes.

The allegation was highlighted by reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission.

The development comes following the Office of the Auditor-General of the Federation, saying it had received the necessary and complete documents required to verify the N2.7 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited against the government.

The Senate approved the exchange rate projection of 1,400 USD for 2025-2027 with a provision for review in early 2025, based on prevailing monetary and fiscal policies.

They also resolved that any excess on the official figure would be used for debt servicing.

During the debate on the report submitted by the Chairman Senate Committee on Appropriations, Senator Sani Musa (APC, Nigeria East ), the Lawmakers also demanded a reduction in the petrol prices against the backdrop of the commencement of the Port Harcourt Refinery.

Chairman of the Senate Committee on Appropriations, Senator Adeola Olamilekan referenced the Federal Government’s Compressed Natural Gas initiative as the underlying imperative for the adoption of the N1400 to one dollar.

According to him: “With the functioning of our refineries the demand for Forex will drop. With the CNG initiative, Nigerians will have an option for your information if you leave Benin to Lagos the amount of fuel is about 130 thousand but with CNG you can’t use more than 48 thousand Naira. Another issue to be addressed is the recurrent to-capital ratio which is very high.

The need to support the manufacturing industries was also raised by Senator Yahaya Abdullahi, of the Peoples Democratic Party, Kebbi North if the projections of the MTEF are to be achieved.

In their resolutions, the Senate also adopted inflation rate projections of 15.75, 14.21 and 10.04 per cent for 2025, 2026 and 2017 respectively.

According to the recommendations, “The 2025 Federal Government of Nigeria budget proposed spending of N47.9trilion of which N34.82 trillion is retained. New borrowings stood at N9.22tn, made up of both domestic and foreign borrowings.

Capital expenditure is projected at 16.48 trillion naira with statutory transfers standing at 4.26 trillion naira and sinking funds projected at N430.27billion.

 

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Business & Economy

Senate Gives NNPC 3 Weeks To Answer The Audit Queries Concerning N210 Trillion

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Senate Chamber
Senate Chamber
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The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company (NNPC) Limited three weeks to respond to queries raised against it.

These queries concern audit reports from 2017 to 2023, alleging unaccountability of N210 trillion naira. The committee, chaired by Senator Ahmed Wadada, emphasized that the amount in question is neither stolen nor missing but has yet to be accounted for.

The three-week deadline for explanations was given to Bayo Ojulari, the Group Chief Executive Officer of NNPC Limited, after he apologized for his previous failure to appear before the committee. Ojulari explained that he needed additional time to thoroughly investigate the issues raised in the 19 queries presented to him, citing the technicalities and perspectives involved.

“I’m just over 100 days into my role as GCEO of NNPCL,” Ojulari stated. “I need more time to understand the issues so that I can respond appropriately. I will assemble a team to reconcile the details properly so we can provide answers to the queries. I also plan to engage with external auditors and other relevant groups.”

Although Ojulari initially requested four weeks, the committee granted him three weeks, which they deemed sufficient for NNPC Limited to prepare its responses.

Senator Wadada outlined the details of the queries to the NNPCL CEO, explaining that the N210 trillion unaccounted for broadly includes two components: N103 trillion in liabilities and N107 trillion in assets, both of which must be accounted for.

Wadada stated, “None of the 18 or 19 questions we have regarding NNPCL originate from the committee, the executive, or the judiciary. They are derived from the audited financial statements of the NNPCL, as reviewed by the auditor-general covering the period from 2017 to 2023.

“Furthermore, the committee has never claimed that the N210 trillion in question was stolen or missing. Our investigation is a necessary inquiry into the queries raised in the report, in line with our constitutional mandate.”

The committee has instructed NNPC Limited to provide written responses to all 19 queries within the three-week timeframe. Afterward, the GCEO and other management staff will be invited to appear in person for further discussion and defense of the issues.

Before the chairman’s ruling, nearly all committee members expressed the seriousness of the issues at stake but remained optimistic that the GCEO would clarify these matters.

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Business & Economy

NNPC: Port Harcourt Refinery Not For Sale

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GCEO of NNPC Limited, Bayo Ojulari
GCEO of NNPC Limited, Bayo Ojulari
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The Nigerian National Petroleum Company (NNPC) Limited has confirmed that the Port Harcourt Refining Company is not for sale. The company remains committed to completing the high-quality rehabilitation of the plant.

Bayo Ojulari, the Group Chief Executive Officer (GCEO) of NNPC Limited, announced this decision during a company-wide town hall meeting at the NNPC Towers in Abuja on Tuesday, July 29, 2025.

Ojulari emphasised that this position is not a change but is based on ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries. He explained, “The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery before fully completing its rehabilitation was ill-informed and sub-commercial.”

He noted that while progress is being made on all three refineries, the current outlook suggests the need for more advanced technical partnerships to successfully complete and enhance the rehabilitation of the Port Harcourt refinery. Therefore, selling the refinery is highly unlikely, as it could lead to further value erosion.

This announcement comes amid widespread speculation following Ojulari’s comments at the 2025 OPEC Seminar in Vienna, Austria, earlier this month. During an interview with Bloomberg, he stated that “all options are on the table,” which sparked concern and discussion regarding the future of the nation’s refining assets.

In a statement released by NNPC Limited on Wednesday, July 30, Ojulari reiterated that the national oil company aims to reposition itself as “a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its primary stakeholder group, Nigerians.”

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PremiumTrust Bank MD: Uba Sani’s Investment Attraction in Kaduna

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Kaduna State Governor Sani Uba
Kaduna State Governor Sani Uba
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Emmanuel Emefienim, the Managing Director of PremiumTrust Bank, praised Kaduna State Governor Uba Sani for successfully attracting investments to the region. Emefienim highlighted Sani’s visionary leadership and steadfast commitment to peace, unity, and progress, noting that these qualities have revitalised the hopes of the people in Kaduna State.

He made these remarks during the opening of the PremiumTrust Bank branch in Kaduna on Wednesday, July 30, 2025.

Emefienim stated, “Through improved security, urban renewal, economic diversification, infrastructural development, and youth empowerment, Governor Sani has created an environment where businesses can thrive and investments can flourish, positioning Kaduna as a preferred destination for partnerships like ours.”

He also remarked, “Kaduna’s political influence, entrepreneurial spirit, and urban renewal initiative make it a natural home for a forward-looking institution like PremiumTrust Bank.”

Emefienim addressed the residents of Kaduna, saying, “PremiumTrust Bank has arrived to work alongside you, invest in you, and grow with you. Together, we will write a new story of economic transformation and shared success.”

At the event, Governor Sani emphasised that the opening of the bank’s branch in Kaduna State represents a strong vote of confidence in the region’s growing economic strength and the reforms his administration has consistently pursued since 2023.

He described the bank’s commissioning as “an affirmation of our government’s tireless efforts to build an investment-friendly, growth-oriented business environment.”

Sani added, “From the beginning of our administration, we have recognised financial inclusion as the foundation of sustainable development. That is why my first Executive Order focused on expanding financial access for the underserved and unbanked.”

“Since then, we have enrolled over 2.5 million residents—particularly women, youth, and those underserved—into the formal financial ecosystem. We have increased support for Micro, Small, and Medium Enterprises (MSMEs), empowered agri-preneurs across all 23 local governments, and launched targeted social interventions.”

He concluded by stating, “The arrival of PremiumTrust Bank brings fresh momentum to these efforts, with new products, digital solutions, and literacy initiatives that will make banking accessible to everyone.”

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