News
Exposed: NNPCL didn’t remit N500bn revenue in 2024 – W’Bank
This disclosure is contained in the latest World Bank Nigeria Development Update, which highlights concerns over fiscal transparency and revenue management following the deregulation of the downstream petroleum sector.
It said out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for.
The biannual report, titled “Building Momentum for Inclusive Growth,” said the national oil company used the remaining amount to settle its debt arrears.
In 2023, President Bola Tinubu received commendation from international financial agencies after he announced the removal of controversial petrol subsidies, a move that tripled petrol prices overnight but was projected to save the government billions of dollars annually.
The decision, part of broader economic reforms, was expected to free up funds for critical infrastructure and social programs.
But the plan was scuttled after backlash from Nigerians, as prices of household commodities more than tripled. The government only allowed full deregulation in October 2024, after the commencement of the Dangote refinery.
Despite the official removal, the World Bank report revealed that the NNPCL delayed the transfer of the associated revenue windfall, only commencing remittances to the Federation Account three months later, in January 2025.
It said the national oil firm has since been remitting just half of the proceeds, with the remainder reportedly used to offset legacy arrears.
The World Bank noted that the Federal Government’s revenues for 2025 are anticipated to be 70 per cent from oil and 30 per cent from non-oil sources, assuming full remittance of the fiscal savings from PMS subsidy removal.
“The fiscal outlook remains cautiously optimistic but hinges on the necessary consolidation of recent advances. First, it is essential to ensure that the full revenue gains from the removal of the PMS subsidy—estimated at 2.6 per cent of GDP in 2024—are transferred to the Federation.
“Despite the subsidy being fully removed in October 2024, NNPCL started transferring the revenue gains to the Federation only in January 2025. Since then, it has been remitting only 50 per cent of these gains, using the rest to offset past arrears,” the World Bank stated.
A further breakdown showed that NNPCL was the only laggard, remitting just N0.6tn to FAAC in 2024, down from N1.1tn in 2023.
The World Bank attributed this drop to the implicit subsidy regime that persisted until the third quarter of 2024.
It explained, “Gross FAAC revenues surged in 2024, but a large share was deducted and remitted back as revenues to states and local governments.
“Gross revenues collected by Nigeria’s main revenue agencies surged in 2024, despite minimal remittances from NNPCL. FAAC data show that gross revenues collected by the main revenue agencies (FIRS, NCS, NNPCL, and NUPRC) rose significantly from N16.5tn (7 per cent of GDP) in 2023 to N29.5tn (10.6 per cent of GDP) in 2024.
“The largest revenue increases came from FX-denominated sources that benefited from the removal of the FX subsidy, including oil revenues (royalties, taxes, signature bonuses), customs revenues, and the foreign trade-related component of VAT.”
While other FX-denominated revenue sources, such as oil royalties, taxes, and customs duties, recorded significant increases, the report noted that NNPCL remained the major laggard in remitting revenues to the Federation Account Allocation Committee.
“However, NNPCL was the only laggard, remitting just N0.6tn to FAAC in 2024, down from N1.1tn in 2023, largely due to the implicit PMS subsidy, which remained in place until the end of September 2024. Although the subsidy was fully removed on October 1, 2024, NNPCL did not start transferring the resulting revenue gains to the Federation until January 2025. From that point, it began remitting 50 per cent, with the other half being used to settle past arrears.
“As of February 2025, the bank noted that NNPCL’s claimed arrears stood at N7.8tn, while the Federation’s claims totalled N6.1tn, leaving net arrears of N1.7tn still owed to the national oil company.
“In spite of a sharp rise in gross revenues by the country’s main revenue-generating agencies from N16.5tn in 2023 to N29.5tn in 2024, NNPCL’s remittance fell to N600bn in 2024, down from N1.1tn in the previous year.”
To enhance fiscal discipline, the World Bank recommended a forensic audit of NNPCL’s finances and the adoption of standardised reporting templates to FAAC.
It also called for improved transparency in oil revenue accounting and stronger public financial management systems.
The Bretton Woods institution warned that unless full subsidy gains are channelled into the Federation Account, Nigeria’s fiscal consolidation efforts may be undermined, limiting the government’s ability to invest in infrastructure and social development.
The report stressed that resolving net arrears and ensuring full remittance of subsidy savings are critical for maintaining fiscal stability.
It stated, “The fiscal outlook remains cautiously optimistic but hinges on the necessary consolidation of recent advances.”
“It is essential to ensure that the full revenue gains from the removal of the PMS subsidy—estimated at 2.6 per cent of GDP in 2024—are transferred to the Federation.”
“Resolving any remaining net arrears and channelling the full benefits of subsidy reform to the Federation is critical for sound fiscal management.
“Improve public finance management. Revenues are still low, constraining development spending. Ensure that revenue gains from the removal of the PMS subsidy flow to the Federation.
“The bank also advised to improve transparency in accounting for oil revenues by conducting a forensic audit of NNPCL, and adopting standardised reporting to FAAC.”
Source; PUNCH
By Chinedu Sabastine
The Nigeria Premier Football League (NPFL) and Afrinvest have urged Nigerian clubs to embrace digital transformation, saying strong online presence, quality data and commercial partnerships are key to financial sustainability.
Speaking at a seminar for media and marketing officers of NPFL clubs in Enugu, NPFL Chief Operating Officer, Davidson Owunmi, challenged clubs to improve their digital platforms or risk missing sponsorship opportunities.
To underscore the importance of data, Owunmi offered a ₦100,000 reward to any club with a functional website containing comprehensive statistics from the just-concluded season, including player profiles, goals, match records and attendance figures.
He lamented that many clubs either lack functional websites or operate platforms with little useful content, stressing that data and digital engagement have become major revenue drivers in modern football.
“Our Gen Z audience lives online. If clubs are absent from the digital space, they cannot reach young fans, attract sponsors or benefit from e-commerce opportunities,” he said.
According to Owunmi, potential sponsors now demand audience and performance data before committing funds, but many clubs are unable to provide credible figures due to poor data generation.
He urged clubs to reduce dependence on government funding by strengthening their media and marketing departments, citing Rangers International’s ₦200 million sleeve sponsorship deal and other commercial partnerships as examples of what effective branding can achieve.
Owunmi also disclosed that from next season, the NPFL will introduce measurable digital benchmarks for clubs, including website functionality, quality content and social media engagement.
Afrinvest Manager, Emmanuel Eleojo, said the company’s partnership with Rangers International and the NPFL is anchored on its “Finance Meets Football” initiative, which promotes corporate investment in football.
He said Afrinvest’s support for Rangers since 2023 has boosted youth development, led to the establishment of the club’s academy and contributed to two league titles in three seasons, while producing players for the national team.
“When finance meets football, we see growth. We see progress. We see trophies won,” Eleojo said.
One of the lead paper presenters at the seminar, Mr George Isitua-Onukwu, who spoke on ‘Monetising NPFL Clubs Through Marketing, Sponsorship and Brand Investment’, harped on the need for the clubs to adopt a clear and timed approach to branding and marketing.
According to him, NPFL sponsors report hesitation because clubs cannot yet guarantee the consistent visibility and production quality brands ask for.
“Clubs without a structured calendar for renewals, activation briefs, and reporting are, by definition, always reacting,” he further stated.
The seminar brought together media and marketing officers from the 20 NPFL clubs to strengthen capacity in digital marketing, branding, content creation and data management aimed at improving the league’s commercial appeal.
A socio-political organization, Forum of Abia Democrats (FABD), has lauded the sterling leadership qualities of Dr Prince Michael Chiemezuo Agrippa.
Dr Prince Michael Chiemezuo Agrippa is the Nigeria Democratic Congress State House of Assembly candidate for Isiala Ngwa South Constituency of Abia State
Forum of Abia Democrats (FABD), whose membership is drawn from the seventeen (17) local government areas of Abia State in a statement on Thursday, hailed
Dr Prince Michael Chiemezuo Agrippa’s resilience and commitment to nation-building and development.
The statement by the forum was signed by the Chairman, Surveyor Samuel Azubuike and Secretary General, Victor Mbanaso.
While noting that Dr Michael Chiemezuo ‘s invaluable contributions towards deepening democracy in Abia state and Nigeria cannot be overemphasized, Forum of Abia Democrats(FABD) also noted that Dr. Prince Michael Chiemezuo Agrippa has remained unwavering in her pursuit of gender equality in the country.
The pro-democracy forum further noted that Dr Prince Michael Chiemezuo’s continued support for human empowerment, community development, and as well passion for good governance.
“Dr Prince Michael Chiemezuo Agrippa has remained committed to public service and also dedicated to the advancement of democratic values in Abia state and larger Nigeria. And this illustrious son of Abia state has continuously demonstrated his desire to contribute to societal building and development, having chaired and coordinated professional bodies effectively and efficiently.
Forum of Abia Democrats (FABD) therefore threw their weights behind Dr Prince Michael Chiemezuo Agrippa’s House of assembly bid, describing his recent emergence as the NDC State House of Assembly standard-bearer for Isiala Ngwa South state Constituency as a beginning of a new chapter of progress and purposeful leadership in Isiala Ngwa South.
The forum expressed confidence in the ability and capacity of Dr Prince Michael Chiemezuo Agrippa in driving even development and uplifting local communities across Isiala Ngwa South Constituency through attractions of government’s provision of critical infrastructural amenities and projects when elected into the Abia State House of Assembly come 2027.
According to the ethnic-nationality body, aside from attracting meaningful socio-economic and infrastructural projects across IIsiala Ngwa South Constituency, we believe Dr Prince Michael Chiemezuo Agrippa equally possessed the wherewithal to pursue and make impactful laws that strengthen all statutory and relevant institutions of democratic governance in Abia State.
“Dr Prince Michael Chiemezuo has remained a defender of justice and advocate for the rights and welfare of average Nigerians.
“The confidence and widespread acceptance he enjoy among the electorates in isiala Ngwa South state constituency will turn into electoral victory for NDC in the coming general election next year,”the forum noted.
Forum of Abia Democrats (FABD) pledged to rally bulk votes for NDC State House of Assembly Candidate, Dr. Prince Michael Chiemezuo Agrippa to ensure his total victory in the upcoming election in 2027 in isiala Ngwa South Constituency by the independent national electoral commission (INEC).
The southeast forum also used the medium to call on all eligible Nigerian citizens to participate in the ongoing nationwide voters registration exercise by INEC, so as to enable them exercise their franchise in next year’s general election in the country.
“Every eligible imo citizens should ensure it register and collect their permanent voters cards (PVC), because, it is the only weapon and power vested on citizens by the constitution of the Federal Republic of Nigeria, to effect a change in government, and vote in credible people to mount leadership saddle in all levels in the country,”They stated.
The Service stated this in a statement posted on its official X handle on Wednesday.
According to the NIS, the only authorised platform for passport payments by Nigerians, both within the country and in the diaspora, is its official passport portal.
It added that foreigners seeking Nigerian visas should use only its official visa portal for embassy applications or the designated e-visa portal for electronic visa applications.
It said, “The Nigeria Immigration Service wishes to reiterate that the only authorised platforms for passport payments for Nigerians (at home and in diaspora) is https://passport.immigration.gov.ng.
“For foreigners wishing to apply for visa, https://visa.immigration.gov.ng (for visa at the Embassy) and https://evisa.immigration.gov.ng (for e-visa) are the official links.
The NIS urged applicants who require clarification or assistance with passport or visa applications to contact its verified communication channels.
It listed its official X accounts as @nigimmigration and @InquireAtNaija, while its verified Facebook and Instagram handles are @nigimmigration.
The Service also provided WhatsApp numbers 09160878000 and 09117717772 for enquiries and support.
The statement reiterated the Service’s commitment to ensuring secure and transparent passport and visa application processes, urging the public to avoid fraudulent intermediaries.
The US Department of State said the move is aimed at centralising routine visa services in regional hubs to enhance national security, reduce government spending, and ensure greater consistency in visa screening, vetting and adjudication.
In a statement on the US Department of State website on Wednesday, the department said the reorganisation aligns with the President Donald Trump’s administration’s priority of placing America’s interests and security first.
“The Department of State is constantly evaluating its overseas operations in order to advance America’s priorities as efficiently and effectively as possible. This includes a visa process that maintains rigorous standards of security screening and vetting and aligns resources and operational capacity with America’s national interests.
“The Trump administration has no higher priority than the safety and security of Americans, and the State Department will continue to provide Americans with appropriate consular services and assistance at diplomatic posts around the world,” the statement read.
Besides Abuja, the affected diplomatic posts are located in Asmara, Bamako, Banjul, Brazzaville, Bujumbura, Conakry, Cotonou, Durban, Freetown, Gaborone, Harare, Juba, Libreville, Lilongwe, Lusaka, Maputo, Maseru, Mbabane, N’Djamena, Niamey, Nouakchott, Ouagadougou and Windhoek.
It also emphasised that all diplomatic missions will continue to provide consular services and carry out their regular functions on behalf of the United States.
The department further assured travellers that the policy does not invalidate visas that have already been issued.
The United States periodically reviews its global diplomatic operations to reallocate resources and streamline consular services.
Under the new arrangement, applicants in countries affected by the policy are expected to access routine visa services through designated regional processing hubs, while embassies and consulates continue to provide other diplomatic and consular assistance.
The Women’s Aid Collective (WACOL) has condemned the alleged rape, severe domestic violence, mob torture and attempted murder of a 34-year-old mother of six in Aninri Local Government Area of Enugu State.
WACOL, in a statement signed by its Senior Communication Officer, Ezugwu Bethel, said it received the reports with “profound shock, outrage and deep sorrow,” describing the incident as a gross violation of human dignity, fundamental human rights and the Violence Against Persons Prohibition (VAPP) Law 2019 of Enugu State.
According to the organisation, the survivor had allegedly endured years of domestic violence at the hands of her husband, who reportedly physically assaulted her and her mother.
WACOL said the woman, in an attempt to escape the abuse, rented a separate apartment, but her husband allegedly tracked her down and attacked her on the night of July 17, forcing her to flee to her mother’s residence.
The organisation alleged that the husband followed her there and threatened to kill her if she remained, forcing her to seek refuge with a male palm kernel trader.
According to WACOL, because the trader was married, he took the woman to a friend’s house for temporary shelter. However, the organisation alleged that the friend and another resident connived to restrain the trader and raped the woman.
WACOL further alleged that the attackers subsequently locked the woman and the trader inside the house before informing her husband of their whereabouts.
The organisation claimed that the husband arrived with a mob, broke down the door and allegedly subjected the woman and the trader to severe physical abuse.
It alleged that the husband publicly raped the woman while members of the mob restrained the trader, who had reportedly attempted to help her.
WACOL further alleged that the husband took the woman’s money, used it to buy drinks for youths and other members of the community, and allegedly incited them to attack the woman and the trader.
The organisation said the mob stripped the two victims naked, spat on them and beat them severely. It further alleged that some female members of the mob used broken bottles to shave the woman’s hair, while the victims were also allegedly inflicted with multiple cutlass wounds.
According to WACOL, the severely injured woman was subsequently dragged into an “evil forest” and abandoned.
The organisation said the woman spent three days in the forest before, despite her injuries, crawling to the main road, where she was discovered by Good Samaritans who contacted her sister and facilitated her rescue.
WACOL said the survivor is currently receiving medical treatment at a police clinic while remaining in hiding for fear of further attacks.
The organisation also raised concerns over the whereabouts of the male palm kernel trader, who was allegedly tortured alongside the survivor, saying his current location remains unknown.
WACOL said the police had arrested the woman’s husband and some female accomplices, but alleged that several other suspects remained at large.
The organisation also expressed concern over alleged interference by community leaders, claiming that the traditional ruler and President General of the community had banished the survivor and her family after they reported the incident to the police.
WACOL described the alleged banishment as victim-blaming and an abuse of power, adding that the community leaders must be held accountable if found to have obstructed justice or aided criminal suspects.
The organisation commended the Enugu State Police Command for its intervention but called on the Commissioner of Police to ensure that all fleeing suspects are arrested and prosecuted.
WACOL also demanded an immediate search and rescue or recovery operation for the missing palm kernel trader.
It further called on the Enugu State Government and the Ministry of Chieftaincy Matters to investigate the alleged roles of the traditional ruler and President General, while demanding adequate security for the survivor, her sister and other family members.
WACOL said its legal and psychosocial teams had been activated to support the survivor in her recovery and pursuit of justice.
The organisation called on Nigerians, human rights groups and the media to join the campaign for justice for the mother of six.
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