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NNPCL Can’t Continue Paying Petrol Price Differential Without Going Bankrupt – Onanuga

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Presidential aide, Bayo Onanuga, says the Nigerian National Petroleum Company Limited (NNPCL) Limited admitted to having financial constraints because it can no longer subsidise petrol.

Onanugu, the Special Adviser on Information and Strategy to President Bola Tinubu, disclosed this in a post on X on Tuesday.

He said if the NNPCL continues to pay the difference between the landing cost and petrol price, the national oil company will go bankrupt.

Onanuga said NNPC’s debt was a result of the company’s efforts to absorb rising petrol costs and protect Nigerian consumers, rather than any government deception.


“NNPC cried out recently because it can no longer sustain the price differential on its balance sheet without becoming insolvent,” he said.

“The situation has greater implications for the ability of the three tiers of government to function as the NNPC has failed to pay into the Federation Account, the money that should go to the government.

“There are no easy choices. Something must be done to make NNPC survive, and keep the engines of government running and petrol flowing at the pumps.

“That is the scenario that is unfolding, and the game changer and big relief giver may well be the Dangote refinery and other local refineries, which will become the fuel suppliers to the local market.

“When Dangote Refinery and other refineries, including government-owned Port Harcourt Refinery, come fully on stream, our country and economy will benefit on all fronts. There will be many good paying jobs that will be created along the value chain.”

According to Onanuga, there will also be a drop in the huge demand for foreign exchange to import petroleum products.

Tinubu government did not lie about fuel subsidies

I have read a series of articles attacking the Federal Government for not telling the truth about fuel subsidy payments, following NNPC Limited’s admittance it was owing suppliers some $6 billion.

Some of the stories have… pic.twitter.com/BrIjElDw2t

— Bayo Onanuga (@aonanuga1956) September 3, 2024

Earlier, the NNPCL increased the price of petrol to N855 per litre, but the landing cost of the Premium Motor Spirit (PMS) was around N1,200.

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Awujale of Ijebuland, Oba Sikiru Adetona, buried in Ijebu-Ode

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The Awujale and paramount ruler of Ijebuland, Oba Sikiru Kayode Adetona, has been laid to rest in a private ceremony at his Igbeba residence in Ijebu-Ode.

The revered monarch was buried at 6:00 p.m. on Monday in a mausoleum he personally constructed within his compound.

Oba Adetona, who died on Sunday at the age of 91, was one of Nigeria’s most respected traditional rulers and the longest-reigning Awujale in history, having ascended the throne on April 2, 1960.

His reign spanned an extraordinary 65 years, marked by visionary leadership, cultural revival, and strong advocacy for good governance and the rule of law.

The late monarch’s burial followed Islamic rites and was witnessed by close family members and palace officials, in line with his personal wishes for a modest and private final journey.

Oba Adetona was not only revered within Ijebuland but also held in high esteem across Nigeria and beyond. His legacy includes the modernization of the Ijebu traditional institution and his philanthropic contributions to education and public service, including the establishment of the Oba Sikiru Adetona School of Governance at Olabisi Onabanjo University.

In a remarkable twist of fate, Oba Adetona died on the same day as his close friend, former President Muhammadu Buhari, who passed away in London after a prolonged illness. The two elder statesmen shared a deep bond, united by their influence and dedication to national service.

As tributes continue to pour in from traditional rulers, political leaders, and citizens across Nigeria, the people of Ijebuland are mourning the loss of a father figure and cultural icon whose legacy will endure for generations.

Funeral activities and plans for a broader celebration of life are expected to be announced by the palace in the coming days.
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ADC Mourns Buhari, Suspends Political Activities, Warns Against Opportunism

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The African Democratic Congress (ADC) has declared a nationwide three-day mourning in honour of the late former President Muhammadu Buhari, who died on Sunday in London.

In a statement issued on Monday, the party announced that all its structures across the country would pause political engagements and refrain from public commentary starting Tuesday, July 15, as a mark of respect for the former leader.

According to the ADC, Buhari’s commitment to Nigeria—both as a military officer and a democratically elected president—was marked by discipline, integrity, and an unwavering sense of public duty.

The party acknowledged that, despite differing political views, the late president remained a symbol of hope for many, especially among the less privileged, who remained devoted to him throughout his political career.

The statement also took aim at the current administration and the ruling party, accusing them of attempting to benefit politically from Buhari’s death.

The ADC expressed disappointment that those who, in recent years, had sought to undermine the former president’s record were now seeking to lead national mourning.

Describing the move as insincere and politically motivated, the ADC advised Buhari’s family and supporters to be cautious of such acts.

The party called on Nigerians to honour Buhari by upholding the principles he represented at his best—honesty, simplicity, and a genuine commitment to national service.
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Tinubu Postpones Special FEC Session In Honour Of Buhari

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..Sets Up Inter-Ministerial Committee For Buhari’s State Burial

…As Shettima Visits Buhari’s Family In London

The Presidency on Monday postponed a special Federal Executive Council session earlier slated for Tuesday in honour of former President Muhammadu Buhari to a yet-to-be-disclosed date.

In a statement signed by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, it said the meeting “will no longer be held as announced earlier, given the state funeral in his hometown, Daura, on the same day.”

“The Office of the Secretary to the Government of the Federation will announce a new date after the funeral proceedings,” it said.

The statement is titled ‘New Date For The Special Federal Executive Council Session In Honour Of President Muhammadu Buhari To Be Announced.’

The old date coincides with the Federal Government’s declaration of Tuesday, July 15, as a public holiday in honour of the departed Nigerian leader.

President Tinubu on Sunday called for the special FEC session to honour his predecessor for his invaluable contributions to our country.

Buhari’s remains will arrive from London at noon Tuesday, after which he will be committed to Mother Earth in his home town, in accordance with Islamic rites.

President Tinubu directed Vice President Kashim Shettima and Chief of Staff Femi Gbajabiamila to join the Buhari family in London to condole with the family and bring the former President’s remains back home.

Meanwhile, Tinubu has approved the formation of an Inter-Ministerial Committee to oversee the planning and coordination of a state funeral for the late former President Muhammadu Buhari.

The committee, to be chaired by the Secretary to the Government of the Federation, Senator George Akume, is tasked with delivering a befitting burial ceremony for the former president, who passed away on Sunday.

According to a statement signed by the Director of Information and Public Relations, Segun Imohiosen, the committee includes several key ministers and top security officials.

Among them are the Ministers of Finance, Budget and Economic Planning, Defence, Information and National Orientation, Works, Interior, FCT, Housing and Urban Development, Health and Social Welfare (State), and Culture and Creative Economy.

“National Security Adviser, Special Adviser to the President on Policy and Coordination

“Senior Special Assistant to the President on Political and Other Matters; Inspector General of Police; Director-General, Department of State Services and Chief of Defence Staff, ” he added.

Meanwhile, Vice President Kashim Shettima has paid a condolence visit to the family of the late former President Muhammadu Buhari in London.

The visit, carried out on behalf of President Bola Ahmed Tinubu, was disclosed in a statement by Stanley Nkwocha, the Spokesman and Senior Special Assistant to the President on Media and Communications (Office of the Vice President).

Upon arrival in the United Kingdom on Monday, Shettima met with the bereaved family, Buhari’s wife, Mrs Aishat Buhari, and also visited the ex-president’s nephew, Mamman Daura, who is currently recuperating in a London hospital.

According to Nkwocha, the condolence visits were conducted while Vice President Shettima awaits the conclusion of documentation and formal procedures required for the repatriation of Buhari’s remains to Nigeria.

Shettima was accompanied by the Chief of Staff to the President, Femi Gbajabiamila; Borno State Governor, Babagana Zulum; Minister of Foreign Affairs, Ambassador Yusuf Tuggar; and Deputy Chief of Staff to the President, Senator Ibrahim Hassan Hadejia.

Former President Muhammadu Buhari, who led Nigeria from May 29, 2015, to May 29, 2023, passed away at about 4:30 p.m. on Sunday, July 13, 2025, in a hospital in London, aged 82, after a prolonged illness.

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