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Exposed: NNPCL didn’t remit N500bn revenue in 2024 – W’Bank

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The World Bank has revealed that the Nigerian National Petroleum Company Limited has only been remitting 50 per cent of revenue gains from the removal of the Premium Motor Spirit subsidy to the Federation Account.

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.

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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.

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“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.

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“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.

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“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.

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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.”

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Source; PUNCH

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Three Dead as Warri-Itakpe Train Derails in Delta, NRC Confirms

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The Nigerian Railway Corporation (NRC) has confirmed the death of three persons following the derailment of the Warri-Itakpe train in Agbor, Delta State.
The corporation disclosed that four coaches left the rail track during the incident, which occurred on Monday, June 8, 2026.
In a statement, the Managing Director of the NRC, Dr. Kayode Opeifa, said emergency response teams and other relevant authorities were immediately mobilised to the scene to manage the situation and provide assistance to affected passengers.
“The Nigerian Railway Corporation (NRC) has confirmed a serious train accident involving the Warri-Itakpe Train Service (WITS) corridor at Agbor, Delta State,” the statement said.
According to Opeifa, rescue and emergency response operations were activated immediately after the accident, and all passengers on board have since been accounted for.
“Sadly, three fatalities have been confirmed at this time,” he stated.
He added that relevant authorities are continuing to assess the full circumstances surrounding the incident, while support is being provided to injured and affected passengers.
“Our thoughts and prayers are with the victims, their families, and loved ones during this difficult time,” Opeifa said.
The NRC urged members of the public to rely only on verified information and official updates from the corporation as investigations into the cause of the derailment continue.

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Newlywed Woman Disappears After Discovering Husband Had Two Children

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A newly married Nigerian woman who was recently declared missing by her family in Abuja has reportedly left her matrimonial home after discovering that her husband allegedly had two children with different women.

The woman, from Mbabum Community in Ukum Local Government Area of Benue State, had been the subject of a public appeal by her family, who sought assistance in locating her after she allegedly left her husband’s residence in Abuja.

According to a statement attributed to a family representative, Hon. Goshi Peter, the woman married Goshi Bem in March 2026 but left her matrimonial home about two weeks ago and had not returned.

However, in an update shared on Saturday, June 6, 2026, a Facebook user, Tyom Alexander, claimed she had spoken with the woman by phone.

According to Alexander, the woman said she left her husband’s home after discovering that he had two children from different women, information she alleged was not disclosed to her before their marriage.

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“I have been able to speak with this woman through the phone number provided by the whistleblower,” Alexander wrote.

“She said her husband didn’t tell her that he had children before their marriage. She only discovered this after they relocated to Abuja.

“The first child is five years old, while the second child is two years old, both from different mothers.”

Alexander further claimed that the woman stated she was safe and still in Abuja, and reportedly warned her husband not to bother searching for her.

“According to her, the man should not bother looking for her as she is doing fine in Abuja,” Alexander added.

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“If this is true, then the man has disappointed me. I wait to hear the man’s side of the story.”

As of the time of filing this report, the husband’s response to the allegations had not been made public.

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Consultant Laments Fate Of 200,000 kms Of Nigerian Roads

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By Okey Maduforo Awka

The fate of Nigerian roads especially the highways appears to be under threat of this year’s rainy season following fears by professionals that the over 200,000 kilometers of roads may collapse by the end of the year .

Deepening this apprehension is the lack of maintenance of those roads which have yearly carried loafs above it’s capacity occasioned by heavy duty trucks and tankers .

Expressing these fears , Consultant Engineer to the Federal government Patience Aningo noted that if urgent steps are not taken this year’s rainy season would spell doom for motorists and other road users across the country.

“Without consistent enforcement of axle load limits, and steady maintenance of our federal highways there strong indications that the country is at the risk of loosing over 200,000 kilometers of roads ”

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“Roads require precision from proper compaction to correct layer thickness”

“By then, what could have been addressed with minor engineering challenges would become a huge cost of maintenance”

“The frustrations lies a deeper issue and the persistent failure of roads that should last far longer is compromised by laxity on the part of the authorities concerned”

“The outcomes are sometimes undermined by weak supervision, inconsistent material quality, and cost”

She observed that poor drainage system has also been the bane of the Federal roads in the country.

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“Nigeria has one of the largest road networks in Africa estimated at over 200,000 kilometers yet a
One major factor is inadequate drainage”

“Roads are not just paved surfaces; they are engineered drainage
systems, sealing cracks, and timely patching remains underutilized, despite its proven
underlying soil, and accelerates structural deterioration”

“In a country with intense seasonal rainfall, neglecting drainage is one
of the fastest ways to shorten a road’s lifespan.’

“Regulations must be enforced consistently to protect infrastructure investments”

“Similarly, the Abuja–Kaduna Highway remains a critical but vulnerable route, where
pavement distress and operational challenges continue to highlight the strain placed on key compromise
during construction directly reduces durability and increases long-term costs”

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“Drainage must be treated as a core design element, not an afterthought which affects Axle load against
what they were originally designed for”

“Heavy-duty trucks often overloaded introduce stresses that affect the roads ”

“Many Nigerian roads now carry traffic volumes and axle loads far beyond routes in the country
and despite ongoing reconstruction efforts, sections have deteriorated quickly ”

“When water is not properly managed, it penetrates the pavement layers, weakens the
This pattern is evident on major corridors such as the Lagos–Ibadan Expressway, one of the busiest in the country “she stated.

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Enugu Govt Dismisses Viral UNN Attack Alert, Moves to Track Perpetrators

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Enugu Govt Dismisses Viral UNN Attack Alert, Moves to Track Perpetrator
The Enugu State Government has dismissed as false and misleading a viral social media post alleging an imminent terrorist attack on the University of Nigeria, Nsukka (UNN), assuring students, staff, and residents that there is no credible security threat to the institution.
The government described the post as the handiwork of criminal elements seeking to create panic, fear, and confusion within the university community and across the state.
In a statement issued on Monday, the Commissioner for Information and Communication, Malachy Agbo, said the government had taken note of the viral message warning of a possible attack by individuals described as terrorists and jihadists.
According to him, investigations indicate that the alarm is false and part of a deliberate attempt by criminal elements and their collaborators to undermine public confidence in the state’s security efforts.
Agbo recalled that similar false alerts had been circulated in the past concerning locations such as Holy Ghost, Obollo Afor, Opi, Nsukka, Gariki, Awgu, and other parts of the state. He noted that those behind previous misinformation campaigns often operated anonymously and recycled old videos to create the impression of ongoing attacks.
He added that many of the perpetrators of the earlier false alarms were eventually identified and apprehended by security agencies.
The commissioner disclosed that the state government is already working closely with security agencies to track down those responsible for the latest viral post and ensure they face the consequences of their actions.
Reaffirming the administration’s commitment to public safety, Agbo said the government had continued to invest heavily in modern security infrastructure and technology to strengthen security operations across the state.
He stressed that the protection of lives and property remains a top priority of the administration of Peter Mbah, noting that recent investments have significantly improved the capacity and responsiveness of security agencies operating in the state.
The government therefore urged members of the UNN community, residents of Nsukka, and the general public to remain calm and continue their lawful activities without fear, assuring them that adequate measures are in place to guarantee their safety.
It further reiterated its resolve to sustain efforts aimed at maintaining peace and security across Enugu State while taking decisive action against individuals who spread false information capable of causing public panic.

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METHODIST CHURCH HONOURS MONDAY DIAMOND ANI WITH “APOSTLE OF FAITH” AWARD

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The Methodist Church Nigeria has honoured the General Manager of the Enugu State Community and Social Development Agency (CSDA), Hon. Monday Diamond Ani, with the prestigious “Apostle of Faith Award” in recognition of his outstanding humanitarian services and contributions to community development.
The award was presented by the Methodist Diocese of Akegbe, Aninri and Awgu Archdiocese (AAA) under the leadership of Rt. Rev. C. Orji, the Methodist Bishop of AAA Diocese, Enugu.
According to the Church, the honour was bestowed on Hon. Ani in acknowledgment of his selfless commitment to community development, social welfare, and humanitarian service over the years. The Church noted that his contributions have transcended political considerations and have positively impacted countless lives across communities.
His consistent humanitarian interventions have earned him the popular title “Odoziobodo”, meaning “one who builds and restores communities.”
Hon. Ani is widely regarded as a passionate advocate for community service, driven by a desire to improve living standards and promote love, unity, and a sense of belonging among the people. His dedication reflects Christ’s teaching on the greatest commandment—love for God and love for one’s neighbour—placing service to humanity at the centre of purposeful living.
Due to his unavoidable absence, the award was received on his behalf and later presented to him at his office by Dr. Okechukwu Animba, Vice President (South-East) of the Senior Staff Association of Nigerian Universities (SSANU).
Responding to the honour, Hon. Ani expressed profound gratitude to Rt. Rev. C. Orji and the entire Methodist Diocese for recognising his humanitarian efforts. He prayed for God’s continued grace and strength to serve humanity and touch more lives through his work.
He also appreciated his principal, the Executive Governor of Enugu State, Dr. Peter Mbah, for appointing him to lead the CSDA, an agency charged with driving community interventions and sustainable development across the state.

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