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NNPC Spends N1bn Daily As Petrol Subsidy Hits N19.37/Litre

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Reports from the Petroleum Products Pricing Regulatory Agency on Tuesday shows that the Nigerian National Petroleum Corporation has been subsidising the cost of Premium Motor Spirit (PMS), popularly known as Petro, consumed across the country by N19.37 per litre.

On several occasions the NNPC had disclosed that Nigeria consumes between 55 million to 60 million litres of PMS daily.

Further findings from the PPPRA showed that the landing cost of petrol as of November 18, 2019 was N144.7/litre, while the distribution margin was put at N19.37/litre.

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For instance , in its July 2019 financial and operations report, NNPC said a total of 55.74 million litres of petrol was consumed across the country on a daily basis.

Going by a daily consumption of 55 million litres and the N19.37 subsidy which the corporation currently incurs on every litre of PMS consumed in Nigeria, the national oil firm is spending about N1.1bn daily on subsidy.

A summation of the landing cost and the distribution margin gives the total and actual cost of the commodity, which was put at N164.07/litre.

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The commodity is, however, sold at a regulated price of N145/litres at filling stations across the country.

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BREAKING: Anthony Joshua Involved In Road Accident

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A renowned global boxer Anthony Joshua has been involved in a road accident on Monday in Makun, Ogun State.

The was said to have occurred along a busy highway of the Lagos-Ibadan expressway.

The vehicle carrying Joshua reportedly collided with another car under circumstances that are still being investigated.

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READ ALSO:Another Accident On Otedola Bridge Causes Fresh Traffic Disruption In Lagos

The said I said to have sustained minor injuries, saying that two people died on the spot.

Meanwhile, fans have flooded social media with messages of concern, while local authorities continue to investigate the cause of the crash.

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Ex-Edo Gov Obaseki Reacts As His Cousin Is Beaten, Stripped

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The immediate past governor of Edo State, Godwin Obaseki, has reacted to the attack on Don Pedro Obaseki, the Chief Executive Officer of Osamudia Farms.

Don Pedro Obaseki, a cousin to the immediate past governor was attacked at Uwa Primary School where he went to play football.

In a viral video, Pedro Obaseki is seen kneeling at the Oba of Benin Palace gate, before he was dragged into the palace where he was asked to crawl before some chief walked up to the scene and rescued him.

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Reacting, the ex-Edo governor described the act as a “grave violation of fundamental human rights and a reckless disregard for the rule of law.”

READ ALSO: Obaseki Beaten, Stripped In Edo

Obaseki, said: “I call on security agencies to immediately investigate this matter thoroughly and transparently, identify those responsible for this barbaric act and ensure they are held accountable in accordance with the law.

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“A situation where thugs and non-state actors appear to freely take the law into their own hands on behalf of high-profile individuals and those in positions of authority can only result in one outcome, a degeneration into a state of anarchy, which will do no one no good.”

He further charged, “I urge human rights organizations, civil society groups, and all well-meaning Nigerians to lend their voices and speak out firmly against this injustice and gross violation of human rights.”

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New Tax Laws: Suspend January 2026 Implementation — Senator Ndume Tells Tinubu

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Former Senate Leader, Ali Ndume has appealed to President Bola Ahmed Tinubu to suspend the January 1, 2026, implementation of the country’s new tax laws amid growing controversy.

The federal lawmaker made the appeal in a statement he issued on Wednesday in Abuja.

This comes as the Nigerian Bar Association demanded the suspension of the implementation.

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Recall that a member of the House of Representatives, Abdussamad Dasuki, had last week called the Parliament’s attention to alleged alteration to the tax laws.

READ ALSO:FIRS Confirms NIN As Tax ID

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, in an interview on Arise Television on Wednesday, called for calm over claims of alterations in tax laws and urged Nigerians to allow lawmakers to complete their investigation before drawing conclusions.

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Speaking on the ongoing controversy about the tax laws, Ndume noted that proceeding with the implementation without getting to the root of the alleged forgery will create a legitimacy challenge for the tax laws.

His statement read, “With the controversy surrounding it, the President should constitute a team to verify the veracity of the claim and act accordingly.

“As the responsive leader that he has always been, he should look at it to find out if the copy that was signed and the claim of alterations are genuine so that he will do the needful to bring the controversy to rest.

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READ ALSO:US Threatens To Sanction Countries That Vote For Shipping Carbon Tax

“If not, the controversy will continue.” That is to say, the tax law will not be implemented, because you can’t build on nothing.

“So, Mr. President should suspend the implementation until the issues are resolved because so many civil society organizations, the Arewa Community, and the Nigerian Bar Association are saying that he should withdraw the tax law and investigate the allegation of forgery.”

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“Therefore, Mr President should get to the root of the allegation of forgery. The small committee that will be set up should look into it while the House of Representatives does its own.”

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