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
News
Stakeholders urge Nigerian youths to unite for leadership shift
…as SSDO calls for improved youth policy implementation
By Chinedu Adonu
Stakeholders have urged Nigerian youths to unite and take active roles in political leadership in line with the youth policy framework aimed at shaping the future of the nation.
They also cautioned youths against engaging in praise-singing for politicians or allowing themselves to be used as political thugs against fellow youths for token benefits.
The call was made during a stakeholders’ engagement on the Enugu State Youth Policy Implementation Framework organised by the Enugu State Ministry of Youth and Sports in collaboration with the South Sahara Social Development Organisation (SSDO), with support from ActionAid Nigeria and the Danish International Development Agency (DANIDA).
Speaking during the engagement, the Head of Programme at SSDO, Udochukwu Egwim, said the programme was designed to deepen understanding and improve implementation of the Enugu State Youth Policy, which was domesticated into state law in 2025.
He clarified that the exercise was not intended to review the policy, which remains valid until 2029, but to help ministries, departments, agencies, and young people understand their responsibilities and the provisions of the policy.
According to him, the programme, supported by ActionAid Nigeria and DANIDA, was timely as preparations for the 2027 budget cycle would soon commence.
“We want MDAs to align their projects and budgets with the youth policy and ensure young people are considered in decision-making,” he said.
Egwim lamented the absence of effective reporting structures to monitor implementation of the policy since it came into effect, noting that local governments and ministries were expected to submit reports on youth-related programmes to the Ministry of Youth and Sports.
“The issue is not the absence of the document, but the implementation structure. We cannot accurately assess progress because reporting mechanisms have not been fully operationalised,” he stated.
He added that the engagement would also focus on strengthening coordination, accountability, and funding mechanisms needed to drive effective implementation of the policy.
Also speaking, the President of the Enugu State Youth Parliament, Chibuike Okechi, described the programme as an important platform for uniting youths across the state and enabling them to make submissions on challenges affecting them in their various communities.
“I believe that at the end of this programme, youths will gain valuable insights that will help unite us towards achieving a common goal,” he said.
A Director in the Ministry of Youth and Sports, Mrs Ezezuo Chidimma, expressed satisfaction that Enugu State now has its own youth policy similar to the National Youth Policy.
“Before now, we relied on the national policy to implement youth programmes, but today we are using the Enugu State policy, which will make implementation easier and more effective,” she stated.
News
Peter Obi Praises Air Peace London Experience, Commends Complimentary SIMPLAA Ride Service
Peter Obi Praises Air Peace London Experience, Commends Complimentary SIMPLAA Ride Service
Former Anambra State Governor and presidential candidate, Mr. Peter Obi, has applauded Air Peace for delivering what he described as a seamless and impressive travel experience on its London route.
Speaking upon arriving in London aboard Air Peace, Obi commended the airline’s service delivery and encouraged Nigerians to support the indigenous carrier. “Since the inception of Air Peace’s London flights, each one of these experiences with Air Peace have been very smooth and very exciting, and I believe that we should all patronize Air Peace,” he said.
Obi also highlighted the airline’s complimentary drop-off ride service in partnership with SIMPLAA, noting that the added convenience further enhanced the travel experience.
“The whole experience of having even the complimentary drop-off ride makes it even more fascinating,” he added.
The complimentary ride service, introduced as part of Air Peace’s customer experience offering for its London route, is designed to provide seamless transportation for Business Class and First Class passengers upon arrival, reinforcing the airline’s commitment to comfort, convenience, and world-class service.
Since commencing its Lagos-London operations, Air Peace has continued to position itself as a strong player in international aviation, offering competitive fares and enhanced passenger-focused services while promoting national pride in Nigeria’s aviation industry.
News
FG Announces 150 As University, Nursing Cut-Off Mark
The Federal Government has announced 150 as the minimum cut-off mark for admission into universities and nursing schools across the country.
The decision was reached during the policy meeting on admissions organized by the Joint Admissions and Matriculation Board (JAMB) with stakeholders in the education sector.
According to the government, candidates seeking admission into universities and nursing institutions are expected to score at least 150 in the Unified Tertiary Matriculation Examination (UTME) to qualify for consideration.
The meeting also reviewed admission guidelines for polytechnics, colleges of education, and other tertiary institutions as part of efforts to maintain standards in the nation’s education system.
Stakeholders at the meeting urged institutions to ensure transparency and fairness in their admission processes while advising candidates to strictly adhere to admission requirements.
News
“Go and Verify”: How Sunday Umeha Is Redefining Representation in Ezeagu/Udi
Rt. Hon. Barr. Sunday Cyriacus Umeha has continued to distinguish himself not only as a grassroots politician but as a sound parliamentarian who clearly understands the true essence of legislative representation and public service.
Since emerging as the Member representing Ezeagu/Udi Federal Constituency in the House of Representatives, Umeha has consistently demonstrated capacity, vision, and commitment both on the floor of the National Assembly and within his constituency.
Unlike many politicians whose promises disappear after elections, Rt. Hon. Umeha has steadily transformed his campaign mantra, “Go and Verify,” into practical realities visible across communities in Ezeagu and Udi Federal Constituency.
From road construction to solar-powered streetlights, classroom projects, healthcare interventions, agricultural empowerment, scholarships, boreholes, and youth development programmes, his stewardship has remained rooted in service delivery and measurable impact.
Observers say one of the strongest qualities that separates Umeha from many lawmakers is his deep understanding of parliamentary responsibilities. Through strategic bills and motions, he has continued to show that representation goes beyond rhetoric and political appearances.
Among several notable legislative efforts, he sponsored bills seeking the establishment of a Federal College of Entrepreneurship and Skill Acquisition in Ezeagu/Udi Federal Constituency, reforms in the education sector through the abolition of levies in public basic schools, mandatory insurance protection for NYSC members, and the establishment of a National Football Academy.
He also sponsored motions addressing critical national concerns, including the investigation into the gruesome killing of Nigerians by soldiers in Enugu State and the urgent completion of the Karshi/Apo Road project in Abuja to ease traffic congestion.
Political analysts note that these interventions reflect a lawmaker who understands that effective representation must combine constituency development with strong legislative advocacy.
Many constituents equally commend him for remaining faithful to the promises he made during his campaigns. Across the constituency, residents point to completed and ongoing projects as evidence that the lawmaker has not reneged on his commitments to the people.
Beyond governance and legislative duties, Rt. Hon. Umeha also played significant roles in efforts aimed at restoring sanity, stability, and internal cohesion within the Labour Party before his eventual defection to the APC.
Sources within the political space in Enugu State revealed that Umeha consistently pushed for peace, unity, and institutional order within the party during periods of internal crisis and leadership disagreements. His interventions were said to be driven by the desire to protect the interests of party members and preserve the integrity of the platform.
However, following prolonged internal challenges and unresolved structural issues within the Labour Party, the federal lawmaker eventually moved to the All Progressives Congress (APC), a decision many political observers described as strategic and inevitable.
Despite the political transition, supporters insist that his focus has remained unchanged — delivering quality representation, empowering constituents, and sustaining developmental projects across Ezeagu/Udi Federal Constituency.
For many residents, Rt. Hon. Barr. Sunday Cyriacus Umeha represents a rare blend of grassroots leadership, legislative competence, humility, and political responsibility.
And across the constituency, the verdict from many communities remains simple:
“He promised, and he delivered.”
News
Chief Sir Paul Chukwuma Lays His Beloved Sister to Rest

Today, Friday 8 May 2026, Chief Sir Paul Chukwuma (Onwa Umueri) laid his beloved sister, Late Mrs Christiana Amaka Okeke to rest in a solemn but dignified ceremony.
A large number of family and friends gathered in Ogboji in Orumba South Local Government Area for her burial.

It was a solemn yet beautiful celebration of a life well lived, one marked by grace, resilience, and strong family values. The Funeral Mass was officiated by His Emience, Cardinal Peter Ebere Okpalaeke, The Catholic Bishop of Ekwulobia Diocese.

In a heartfelt family tribute, Chief Sir Paul Chukwuma shared that her sister “it is indeed well with your soul and has gone to rest with the Lord,” expressing profound grief over the irreplaceable loss of a beloved sibling who played a significant role in their family. He prayed for God to grant her His mercy and reward her with Beatic Vision. He opined that they as a family will continue from where she stopped. Our Hope in God and Believe in the resurrection of the dead and communion of the saints will spur them on as they continue to place all their hopes in God who made Heaven and Earth.
The Funeral and Burial Ceremony was graced by notable dignitaries including Her Excellency Senator Dr Iyom Uche Ekwunife, APC State Chairman, Most Distinguished Senator Emma Anosike, Chief Uzoma Igbonwa (Okeife Alor), YPP Deputy Governorship Candidate 2025 Governorship Election, His Excellency, Chief Uzu Okagbue, Former Nigeria Ambassador to Burundi, His Excellency, Ambassador Elijah Onyeagba (Ozonkpu Ike Enuguwu-Ukwu N’Umunri, Dr Oby Orah, Executive Director FAAN, Prof Charles Esimone, Former Vice Chancellor Unizik, Chief Hon Raph Okeke, Barr CJ Chinwuba, Hon Chizo Obidigwe, Hon JC Okeke (Deputy Chairman ,APC Anambra State, chief Anthony Obiazie (Ichie Ide), Onwa Lento Aluminium.
Others are The Vice Chancellor of Benue State University and Members of the Governing Council, the Rector Anambra State Polytechnic,Dr Njideka Rita Chiekezie, Hon Obi Henry APC State secretary, Hon Ify Nwachukwu (Ada Onowu), Prof Jaja Nwanegbo, and several other respected leaders from the political, traditional, and religious communities.
Late Mrs Christiana Amaka Okeke died after Major Brain Tumour Surgery in Germany, aged 44 years. May the soul of Late Mrs Christiana Amaka Okeke rest in perfect peace, and may God grant the entire Chukwuma of Umueri and Okeke family of Ogboji, the strength and comfort to bear this irreparable loss.
*Videos and Photos Speak:*
*(C) Paschal Candle.*
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