Business
Fuel Subsidy; Tinubu’s Administration Lack Transparency, Atiku
The former vice president said in a statement, “The latest revelations circulating through credible media outlets regarding the federal government’s covert continuation of the subsidy on Premium Motor Spirit (PMS) represent another chapter in the opaque governance under President Bola Tinubu’s administration.
FG
“This development starkly contrasts with the president’s firm assertions in a national broadcast, which followed closely on the heels of public protests decrying poor governance, where he declared the subsidy regime concluded.
“However, disclosures prior to his announcement have consistently indicated a resurgence of subsidy payments, albeit through less transparent means.”
According to Atiku, “This dissonance between the president’s words and his actions not only undermines the moral fabric of his leadership but also significantly erodes the credibility of his administration.
“At a time when the nation grapples with severe fuel scarcity and escalating energy costs, the continued delays in the re-operation of the Port Harcourt refinery stand as a national disgrace — a failure that rests firmly on the shoulders of President Tinubu, who also holds the office of the Minister of Petroleum Resources.”
Atiku also said, “The persistent denials by NNPC Limited only exacerbate the plight of Nigerians, who endure severe difficulties due to fuel shortages and resultant price inflations.”
He explained that amid a contentious dispute between local investors favouringrefinery operations and those advocating imported PMS, the president’s silence was profoundly disconcerting.
“The veil of secrecy shrouding the downstream petroleum sector, coupled with alarming reports of NNPC Limited diverting funds intended for other purposes to cover subsidy payments, adds layers of confusion that are unbearably unsettling.
“If these reports hold true, they portend grave implications for the integrity of our fiscal federalism. It is imperative, therefore, that the Tinubu administration urgently clarify the entanglements surrounding the subsidy policy and the refining of PMS.”
Tinubu gives NNPC go-ahead to spend federation’s dividend to offset subsidy backlog
Despite persistent denial, President Bola Tinubu approved a request by Nigerian National Petroleum Company Limited (NNPCL) to spend the 2023 final dividends due to the federation to pay for petrol subsidy, TheCable reported yesterday.
Tinubu also gave the go-ahead for the suspension of the payment of 2024 interim dividends to the federation in order to augment NNPC’s cash flow, the report added.
But NNPCL insisted yesterday that it was not paying subsidy, but only interfacing with the federal government to manage petrol importation and sorting out differentials when necessary.
Chief Financial Officer of the national oil company, Umar Ajiya, said yesterday in Abuja, “In the last eight or nine years, this company or corporation, as it was, has not paid anybody a dime or N1 as subsidy. No one has been paid a kobo by the NNPC in the name of subsidy and no marketer has received money from us by way of subsidy.
“What has been happening is that we have been importing Premium Motor Spirit (PMS) or petrol, which is landing at a certain cost price, and government is telling us to sell at half price. The difference between that landing price and pump price is what we call shortfall or you call it subsidy.
“And the deal is between the federation and ourselves to reconcile and sometimes they give us money, sometimes we make up.”
But the report pointed out that in addition, the national oil company told the president it will not be able to remit taxes and royalties to the federation account for now because of the subsidy payments, which it termed “subsidy shortfall/FX differential”.
The report said the cumulative petrol subsidy bill from August 2023 will hit N6.884 trillion by December 2024 — leaving NNPCL unable to remit N3.987 trillion in taxes and royalties to the federation account.
It said NNPCL was expected to pause the payment of interim dividends for eight months this year — from May to December.
Interim dividends — based on inflow projections — 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), NNPCL is obligated to pay taxes and royalties as well as dividends to the federation, its sole shareholder.
In June 2024, NNPCL, the report said, 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”.
Group Chief Executive Officer of NNPCL, Mele Kyari, was said to have informed the president that when subsidy was removed in June 2023, it led to monthly savings of N400 billion to the federation.
Kyari said that enabled the company to remit its taxes and royalties totalling N2.032 trillion into a sequestered account at the Central Bank of Nigeria (CBN) as at January 2024.
He said the development was short-lived with the devaluation of the naira, which led to month-on-month escalation in the NAFEX exchange rate.
In August 2023, NNPCL moved from surplus to negative in fuel importation costs, incurring a subsidy bill of N52.73 billion, the report revealed.
That increased to N57.59 billion in September and N212.28 billion in October, before ballooning to N665.60 billion in November, when exchange rate had more than doubled from the time subsidy was removed, TheCable report added.
The bill fell slightly to N537.66 billion in December before hitting a new high of N693.67 billion in January 2024.
According to the report, “The bill dropped to N592.09 billion the following month and N497.39 billion in March before rising again to N833.68 billion in April, forcing Kyarito send an SOS to the president.
“He said the situation had continued to exert ‘undue pressure’ on the NNPC, leading to its inability to remit royalties and taxes into the federation account.
“Kyari further said national energy security was being threatened as the NNPC might not be able to sustain petrol imports beyond July 2024.”
In making his case to the president, Kyari was reported to have said NNPC had implemented a number of strategies between August 2023 and April 2024 but the situation was getting out of hand.
The strategies included improving oil production by fighting theft and vandalism, debt rescheduling/forward sales, payment deferrals to suppliers and contractors, deferrals of non-critical projects, and debt recovery.
However, the situation was still not looking good, as projections showed a consistent increase in cash flow deficit, mainly because of the exchange rate.
Whereas an estimated N3.987 trillion in taxes and royalties will be due the federation account by December 2024, NNPCL said it will still be owed N2.897 trillion after reconciliation of its obligations and subsidy shortfall.
Kyari was said to have requested that Tinubu should approve the utilisation of the final dividends due the federation for 2023 and deferment of the remaining interim dividends for 2024 to defray the subsidy costs.
“The president approved Kyari’s request on June 6, 2024,” the report said.
The situation was made worse because when petrol subsidy was removed in June 2023, the exchange rate was N463/$, but now about N1,500/$, while crude oil prices had also been high, making it a “double whammy” for NNPCL.
Global Appliances Nigeria Limited, manufacturers of Binatone products has, announced an exciting Black Friday deals.
The company’s Managing Director, Mr Prasun Banerjee, said the offer cut across Its Full Range of Smart Home Appliances.
“Binatone, one of Africa’s most trusted appliance brands for over 52 years, is delighted to announce its Black Friday Mega Sales offering amazing discounts across all key supermarkets and leading electronic stores nationwide” Mr Banerjee said in a statement.
The promotion will be from November 6th to december 6th, 2026.
During this period, Mr Banerjee said customers will have a full month to enjoy unbeatable prices on a wide range of Binatone products.
“From energy solutions to kitchen essentials, Binatone will bring exceptional value and innovation to every Nigerian home this festive season,” he added.
According to him, this year’s Black Friday promotions will feature exciting offers across multiple categories stressing that Shoppers can enjoy great discounts on stand fans equipped with mosquito-repellent and air-freshness features, including the newly introduced AD 1601 AC/DC Fan, which can be linked to a solar panel for clean, free air.
“The rechargeable fan range, available in three models with replaceable lithium-ion batteries, recharges in just four hours and provides up to ten hours of cooling—enough to last the whole night,” Mr Banerjee added.
For kitchen lovers, he said the KC6000 Yam Pounder/Fufu Maker promises quick, hygienic, and effortless meal preparation while the air-fryer series, available in three models, requires just a teaspoon of oil to make crispy, tasty, and healthy fries.
“Binatone’s cool-touch kettles, models CEJ 1799 and CEJ 1700T, come with elegant digital displays and are designed for safety and convenience, he added.
To protect valuable home appliances, he disclosed that Binatone’s power range offers stabilizers in 2 KVA and 5 KVA capacities and surge-voltage protectors in 13 A30 A ratings—ideal for air conditioners.
“The company’s newly launched Power Stations, available in 1.8 KVA and 2.4 KVA variants, provide portable, plug-and-play power with solar-charging capability, ensuring reliable backup power for homes, small offices, and outdoor use”
He disclosed that customers will also find irresistible discounts on Binatone’s dry and steam irons, garment steamers, and microwave ovens thar are perfect for everyday household needs.
“The breakfast-essentials range features pop-up toasters, sandwich makers, and juicers designed to make mornings easier,” he stated. He announced that the high-powered blender collection includes durable, unbreakable jugs capable of smoothly blending hard nuts and beans.
“Additionally, Binatone has introduced the Tefal Cookware Range, offering premium non-stick pots and pans for healthy cooking, along with Freeplay solar-powered lanterns and torches, ensuring every home remains bright and energy-efficient
“Binatone’s Black Friday celebration is our way of thanking loyal customers for their trust over the years,” Mr Banerjee added.
“We are bringing quality, affordability, and innovation together, thus making this season the perfect time to upgrade your home.
”All Binatone products comes with a two-year warranty, giving customers additional peace of mind and assurance of lasting quality.
“Don’t miss these amazing Black Friday offers, available for a limited time at all major supermarkets, electronic stores, and online platforms across,” he stated.
Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, has unveiled the Top 21 finalists for Hackaholics 7.0, who will compete at the grand finale scheduled for Friday, November 6, 2026, in Lagos. Themed Festival of the Future, the grand finale will bring together innovators, technology leaders, startup founders, investors and key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.
The Top 21 finalists are: Dynalimb, Harthiq, Acceede, Vhorde, URI, Trarrk, SocialSign, RaverPay, All-Arbitrates, CitizensGage, Craft-Planet, FOID, PayByPalm, Niteonn, Nexa-AI, Neural-Forge, MamaAlert, JolliFlow, Becca, CropiQ and Middleman.
Hackaholics is Wema Bank’s youth and start-up-focused initiative, designed to provide young innovators with a platform to transform creative, technology-driven ideas into practical solutions to real-world challenges and gain a competitive edge in the global technology and digital space. Since its launch in 2019, the initiative has recorded over 21,000 applicants, engaged more than 50,000 participants, supported over 10,000 startups across three countries and developed more than 100 solutions from scratch.
The 7th edition, which commenced on July 1, 2026, attracted 5,329 participants and generated 1,632 innovative ideas and solutions across seven pitch-centre locations: Uyo, Kano, YabaTech, Benin, Ibadan, Enugu and Lagos. Following the nationwide tour, 59 participants emerged from the various centres, with the Top 21 selected through a rigorous, multi-stage evaluation process.
The Hackaholics 7.0 grand finale week will feature a three-day programme of strategic engagement and innovation-focused activities. On Wednesday, November 4, the finalists will participate in the Pre-Pitch, where they will present refined versions of their solutions. This will be followed by the Ecosystem Tour on Thursday, November 5, powered by Wema Bank, offering participants the opportunity to visit leading institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the final competition. The programme will culminate in the grand finale on Friday, November 6, where outstanding innovators will be recognised and celebrated.
Through Hackaholics, Wema Bank continues to demonstrate its commitment to advancing Nigeria’s innovation ecosystem by identifying emerging talent, creating opportunities for young innovators and supporting the development of solutions to real-world challenges. The initiative reinforces the Bank’s role in empowering the next generation of innovators and building an ecosystem where ideas can thrive and possibilities become reality.
Emir of Kano, Alhaji Muhammadu Sanusi II, has implied that the Federal government may not be able to achieve it’s economic reform dream if it maintains it’s present expenditure rate, declaring that Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.
Speaking virtually to the audience at the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tank, on Tuesday, the monarch said reform must go beyond removing fuel subsidies and liberalising the exchange rate, describing it as a comprehensive package that needed to address many other areas.
He said government needed to make clear spending priorities, choosing between roads, electricity, agriculture, and technology based on available resources.
The Emir also raised concerns about the size of government expenditure, saying Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.
He said the World Bank had pointed out that in the first half of this year Nigeria’s debt service consumed 124 per cent of federal government revenue.
Sanusi warned that the country needed to urgently address the sustainability of its debt and pursue structural reforms that had not yet been made.
The former CBN boss said every $10 billion spent on roads was $10 billion taken away from electricity and agriculture, stressing the need for deliberate choices.
Sanusi acknowledged that Tinubu’s economic reforms had produced measurable progress, citing improvements in GDP growth, inflation, and foreign reserves.
He said GDP growth has risen from an average of 0.9 per cent under the previous administration to 4.5 per cent, describing the change as progress that deserved recognition.
“I think moving from an average growth rate of 0.9 per cent to 4.5 per cent is progress. Moving from inflation of over 30 per cent to 14.5 per cent is progress.”
“Moving from the point where in 2023 the central bank’s reserves were maybe negative to where we are now having reserves of $55 billion is progress.”
He, however, stressed that issues such as poverty, hunger, maternal mortality, malnutrition, education and healthcare remained serious concerns that the reforms has not yet addressed.
Sanusi said the government should have designed social safety net policies to soften the impact of reforms on vulnerable Nigerians from the beginning.
The former CBN boss also advised the government to tolerate constructive criticism,warning the Federal Government against treating every comment about it’s workings as an attack on President Bola Tinubu.
“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
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