Trending News: El-Rufai: Tinubu Planning Life Presidency, Not Genuine DemocratUnreconciled Federation Funds: FAAC Awaits NNPC on $42.37bn, OAGF on N2tn Pending PaymentsUK, Canada, Australia, Others Announce Recognition of State of Palestine, More Israeli Allies to FollowFCT Minister Wike Authorises New Demolitions at River Park EstateKekere-Ekun to Swear in 57 New SANs September 29 as Supreme Court Commences New Legal YearShettima, Senate, Northern Govs, Ododo Celebrate First Lady, Oluremi Tinubu at 65Nigerian Climate Advocates Demand Global Grants, Debt Relief, New Environmental LawLabour Demands N256,950 New Minimum Wage for Ondo WorkersCBN Grants Operating License to Apices Finance Company to Deepen Credit Access, Inclusion BRIPAN: 2025 Conference to Examine Implication of New Tax Regime, Investment & Security Acts on Insolvency ProcessesYakassai Hosts BAT Ideological Group as 36 State Coordinators Unveil Handbook in AbujaSterling Bank Celebrates First Cohort of N2bn Beyond 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Rivers People to UniteAll Set for Ladoja’s Coronation as 44th OlubadanNGX Transactions Surge 99% to N6.92trn in Eight MonthsShoprite Nigeria Gets New Funding to Boost Growth, Retail TurnaroundNCAA, FCTA Declare Index Suspect Negative of Ebola Virus2027: Ojokoro LCDA Speaks With One Voice, Says Tinubu or NothingTinubu to Buhari’s Family: We’ll Continue to Uphold Ex-President’s LegaciesOgun Now Has N16trn Economy, Says Abiodun Kelechi Iheanacho: Coming in From the ColdPDP NWC Directs S’South Zonal Caretaker Committee to Oversee Cross River ChapterOtuaro Cautions PAP Foreign Scholarship Beneficiaries Against Abuse of SponsorshipInsecurity: Kwara Relocates NYSC Orientation Camp to Ilorin PolytechnicTroops Intercept Major Logistics Supplies to Terrorists in North-east, Niger RepublicAladetan Emerges as TUC Lagos Council Chairman, Pledges Workers’ WelfareAMCE Showcases Commitment to Oncology Innovation at ARCON 2025Corps Member Trains Bayelsa Students On Lifesaving Skills, 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DriversYobe Govt Budgets Fresh N2.1Billion For Cars After Spending N6Billion On Vehicles In 2024Kogi Decries Disruption of Academic Activities at CUSTECHWhistleblower Exposé Triggers Cover-Up: Kwara Health Officials Destroy Used Syringes, Alter Records Before Governor’s Visit –SourcesAbducted Former Imo Assembly Member Regains Freedom
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Trending News: El-Rufai: Tinubu Planning Life Presidency, Not Genuine DemocratUnreconciled Federation Funds: FAAC Awaits NNPC on $42.37bn, OAGF on N2tn Pending PaymentsUK, Canada, Australia, Others Announce Recognition of State of Palestine, More Israeli Allies to FollowFCT Minister Wike Authorises New Demolitions at River Park EstateKekere-Ekun to Swear in 57 New SANs September 29 as Supreme Court Commences New Legal YearShettima, Senate, Northern Govs, Ododo Celebrate First Lady, Oluremi Tinubu at 65Nigerian Climate Advocates Demand Global Grants, Debt Relief, New Environmental LawLabour Demands N256,950 New Minimum Wage for Ondo WorkersCBN Grants Operating License to Apices Finance Company to Deepen Credit Access, Inclusion BRIPAN: 2025 Conference to Examine Implication of New Tax Regime, Investment & Security Acts on Insolvency ProcessesYakassai Hosts BAT Ideological Group as 36 State Coordinators Unveil Handbook in AbujaSterling Bank Celebrates First Cohort of N2bn Beyond Education Scholarship2025 Olojo Festival: Ooni Stresses Benefits of Festival GUARDING AGAINST EBOLA OUTBREAKNIGERIA’S STOCKBROKERS: MISUNDERSTOOD OR FEARED?FCT Minister Wike’s U.S. Property Laundering Scheme In Florida Unraveled By SoworeFamilies, Scholars Decry Nigeria’s Decline, Honor Usman’s LegacyBREAKING: Gunmen Attack Deputy Inspector General Of Police Frank Mbah’s Enugu Home, Kill Officer On DutyCJN Swears in 57 New SANs Sept 29 As S’ Court Commences New Legal Year Where Nigeria Stands in China’s Global Governance Initiative Amid Global UnrestFlybird Expands Aviation Frontier with UAV LicenceOgun’s N16trn Economy and Investment Destination of Choice in AfricaRep Dasuki Distributes Solar Tools, Machines, Grants to Over 1,500 ConstituentsRemi Tinubu: A Shining Jewel in Nigeria’s Crown, Says Cross River GovOkebukola Launches New Method to Boost STEM EducationPolice Dismiss Claims of Shielding FCT Motor Park Touts, Vow to Tackle MenaceLawyer Writes CDS, Seeks Compliance With Judgment On Ex-Naval OfficerObasa vs. Agoro: A Lagos Tug-of-War over Power, ProcessRemi Tinubu: Primus Inter Pares First Lady at 65Jonathan: A Leader Who Fails to Perform Should Be Voted OutPresidency Replies ADC’s Criticisms, Insists Tinubu’s Intervention Restored Peace, Stability in Rivers StateNUPRC Reports 5.5% Rise in Crude Oil Output in August Despite Marginal Decline in Condensate ProductionOne Person Confirmed Dead, Four Others Injured as Explosion Rocks DICON’s Ordnance Factory in KadunaTinubu Celebrates Wife, Oluremi on 65th BirthdayShettima to Lead Delegation to UNGA 2025 as FG Lobbies for Permanent Membership of Security CouncilAfriland Properties Clarifies Fire Incident at Afriland Towers, Confirms 10 Fatalities11,749 People Killed, 420 Communities Affected in Plateau Attacks Since 2001, Says Fact-finding Panel ChairNigerians to Be Affected as Trump Hikes H-1B Visa Fee to $100,000 in a ProclamationIwobi’s Brilliance Earns Fulham Maximum Points in London DerbyNPFL: Enyimba Coach, Captain  Upbeat ahead Insurance Clash Bolanle Austen-Peters to Deliver Keynote at NFVCB Digital Content ConferenceNIGERIA-BRAZIL AVIATION PACT AND A $1 TRILLION ECONOMYBREAKING: Many Soldiers Feared Dead As Boko Haram Overruns Nigerian Army Base In BornoDefence Headquarters Probes Ordnance Explosion at DICON Factory in Kaduna1 Dead as Expired Ordnance Explodes at DICON in KadunaBREAKING: Angry Protesters Block Makurdi–Abuja Highway After Herdsmen Killed Catholic Church Minister, Others In BenueTinubu Offers Automatic Employment to Children of late FCT Head of ServiceNine Big Wins from Uba Sani’s $120m Romania DealOborevwori Urges Peace, Unity in Warri, Warns Against Social Media IncitementEnhancing Water Safety, Sokoto Distributes Motorised Boats, Life Jackets to Riverine CommunitiesNILDS DG Calls for Stronger Synergy Among Key Governance InstitutesWe Are Winning War Against ‘One Chance’ Criminal Syndicates, Kidnappers in FCT, Says AdewaleAGN Scribe, Yakubu, Salutes Tinubu’s Commitment to Devt of Creative SectorPresidency Replies ADC’s Criticism, Says Tinubu Delivered Peace, Stability in RiversSeven Pupils injured as Explosion Rocks Benue Primary SchoolEdo Plans Music Talent Hunt Itsekiri, Ijaw, Urhobo Feud: Fed Lawmaker Urges Security Agents To Maintain PeaceBREAKING: Explosion Rocks Military Corporation DICON Factory In Kaduna, One Dead, Several InjuredNECO Rewards Dedicated Staff, Best Schools, Candidates In 2024 Staff Productivity AwardSoludo Commends Nigeria Breweries for Promoting Culture, Sponsoring Afiaolu Nnewi FestivalFG Unveils National Energy Masterplan Implementation Committee2027 Political Realignment: Buhari’s Loyalists Meets Atiku, Criticise APC LeadershipNLC’s Misguided Meddling: Ajaero’s Political Gambit Risks Derailing Nigeria’s Labour MovementKalu: Bill for Reserved Seats for Women, Commitment to Enhancing Political Representation 2027: Ojokoro LCDA Speaks With One Voice, Says Tinubu or NothingFubara: Peace Cheaper Than War, Urges Rivers People to UniteAll Set for Ladoja’s Coronation as 44th OlubadanNGX Transactions Surge 99% to N6.92trn in Eight MonthsShoprite Nigeria Gets New Funding to Boost Growth, Retail TurnaroundNCAA, FCTA Declare Index Suspect Negative of Ebola Virus2027: Ojokoro LCDA Speaks With One Voice, Says Tinubu or NothingTinubu to Buhari’s Family: We’ll Continue to Uphold Ex-President’s LegaciesOgun Now Has N16trn Economy, Says Abiodun Kelechi Iheanacho: Coming in From the ColdPDP NWC Directs S’South Zonal Caretaker Committee to Oversee Cross River ChapterOtuaro Cautions PAP Foreign Scholarship Beneficiaries Against Abuse of SponsorshipInsecurity: Kwara Relocates NYSC Orientation Camp to Ilorin PolytechnicTroops Intercept Major Logistics Supplies to Terrorists in North-east, Niger RepublicAladetan Emerges as TUC Lagos Council Chairman, Pledges Workers’ WelfareAMCE Showcases Commitment to Oncology Innovation at ARCON 2025Corps Member Trains Bayelsa Students On Lifesaving Skills, SDGsNDLEA Mourns Death of Cross River CommanderIn His Address to Rivers People, Fubara Calls Wike ‘My Leader’Rivers: Fubara Resumes Office, Pledges Peace, ReconciliationFor the Record: Full Text of Gov Fubara’s State BroadcastRitemate Technologies Urges Nigerian Firms to Register with NDPCBandits Attack Sokoto Community, Kill Village Head, One Other In Midnight RaidFubara Promises Continuous Bond With Rivers PeopleCourt Orders Parties to Maintain Peace in Chevron–PENGASSAN Leadership CrisisUI Students Flag Off 2025 Inter-faculty Jaw War Speaking Competition Court Restrains NUPENG from Taking Action to Cripple Dangote Refinery, MRSNILDS DG Calls for Stronger Synergy Among Key Governance InstitutesPlace of Liberty Celebrates Four Years of Transforming Lives of Special Needs Children Women’s Board, ECS, Partners Launch Wavecrest Hospitality Skills & Enterprise Development CentreFubara Received at Port Harcourt Airport By Crowd of SupportersDangote Cement Holds Road Safety Retreat for DriversYobe Govt Budgets Fresh N2.1Billion For Cars After Spending N6Billion On Vehicles In 2024Kogi Decries Disruption of Academic Activities at CUSTECHWhistleblower Exposé Triggers Cover-Up: Kwara Health Officials Destroy Used Syringes, Alter Records Before Governor’s Visit –SourcesAbducted Former Imo Assembly Member Regains Freedom
Mon. Sep 22nd, 2025

Labour Demands N256,950 New Minimum Wage for Ondo Workers

Fidelis David in Akure 

Labour unions under the Nigeria Labour Congress (NLC) Ondo State Council and its affiliate unions have called on the state governor, Lucky Aiyedatiwa to upwardly review the minimum wage for the state workers to a sum of N256,950.

The Ondo State Government currently pays N73,000 as minimum wage, which the labour unions said, can no longer meet the workers needs amidst economic hardship in the country.

In a letter which was dated 19th September, 2025 and signed addressed to Governor Aiyedatiwa, the NLC also demanded upward review of pension for retirees in the state.

In the letter signed by the State Chairman, Comrade Ademola Olapade, and the State Secretary, Comrade Akin Sunday, the NLC however commended Governor Aiyedatiwa for ensuring prompt payments of salaries, and pensions as well as timely promotion of deserving workers by the state government.

The NLC letter reads, “We write on behalf of the workers and pensioners of Ondo State to make a formal and urgent demand for a comprehensive upward review of the new minimum wage in the state. This demand is based on multiple compelling factors rooted in economic reality, rising cost of living and a moral obligation to protect the dignity and welfare of workers and retirees.

“Your Excellency, it is no longer news that the Nigerian economy has been severely battered by inflation, currency devaluation, removal of fuel subsidy and skyrocketing costs of food, housing, transportation and healthcare. These factors have eroded the value of wages and left the average worker and pensioner in a state of perpetual economic suffocation.

“Despite this, Ondo State, as an oil producing state, has continued to experience a tremendous increase in its internally generated revenue (IGR) and particularly federal allocations, due to the improved oil earnings, favourable market conditions and subsidy funds. 

“This reality was part of the understanding and commitment made by the Ondo State Government during the last minimum wage negotiation, that whenever there is an upward shift in the State’s revenue profile (inflow), worker’s welfare will be reviewed accordingly.”

The union cited the example of Imo State which recently approved and commenced the payment of a new minimum wage of N104,000 to workers and pensioners despite not being a non-oil producing state.

“This sends a clear signal across the nation that governments must prioritize the well-being of their workforce if they are to ensure sustainable governance and social stability. It is only just and reasonable that Ondo State, which is blessed with oil wealth and resource potential, does not lack behind but instead leads in setting progressive standards for others to emulate.

“Your Excellency, Ondo State is not just any state, it is a critical contributor to Nigeria’s oil revenue. As such, it is unacceptable that its workers and pensioners continue to live under wages that do not reflect the state’s strategic and financial status.

“Workers are the engine of governance and economic productivity and pensioners are citizens who had served with loyalty during their better years and deserve to live the remainder of their lives with dignity.

“In light of the above, the Nigeria Labour Congress (NLC) Ondo State Council and its affiliate unions are formally demanding the immediate upward review of the minimum wage for Ondo State workers to the sum of #256,950. This figure will form a realistic reflection of the current economic indices and the prevailing cost of survival for an average.

“We respectfully urge the Ondo State Government to, without further delay, set up a negotiation committee composed of government officials, labour representatives and stakeholders to deliberate and negotiate on the proposed wage structure in a timely and responsible manner”

NLC noted that governance must not only be about policies and projects but also about people’s welfare and ability to live dignified lives, stressing that a government that pays its workers and pensioners a just wage is a government that honours the social contract it holds with its people.

“However, Your Excellency, we seize this medium to express our immense and profound gratitude for the prompt payments of salaries, pensions and prompt promotion of workers by Ondo State government. It is our prayer that God will continue to grant our governor more wisdom to lead Ondo State to a greater height.”

The post Labour Demands N256,950 New Minimum Wage for Ondo Workers appeared first on THISDAYLIVE.

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    El-Rufai: Tinubu Planning Life Presidency, Not Genuine Democrat

    El-Rufai: Tinubu Planning Life Presidency, Not Genuine Democrat

    *Reno Omokri: I love Jonathan, but I will support Tinubu in 2027

    Emmanuel Addeh in Abuja

    A former Kaduna state Governor, Nasir el-Rufai at the weekend accused President Bola Tinubu of planning to stay in office for life, maintaining that there are already pointers to that effect from recent actions by the current All Progressives Congress (APC) led administration.

    He also further took a dig at the President, describing him as a fake democrat, especially over the recent alleged attacks on members of the African Democratic Congress (ADC) in parts of the country.
    Speaking when former Vice President, Atiku Abubakar paid him a solidarity visit in Abuja over the recent altercation that ensued during a meeting of the opposition party in Kaduna, the former Minister of the Federal Capital Territory (FCT)  said that Tinubu intended to take after some sit-tight African leaders who have failed to vacate their seats after spending decades in power.

    In the beginning, El-Rufai, a founding member of the APC threw his weight behind Tinubu in the run-up to the 2023 presidential election, mobilising support for him, especially in the northern parts of Nigeria.
    However, after the victory, el-Rufai’s hopes of serving in Tinubu’s cabinet were dashed as his ministerial nomination was blocked, a development perceived by the former Kaduna governor and his supporters as betrayal.
    Since then, el-Rufai’s public commentary against the President has begun to harden, as he has ramped up his criticism of Tinubu’s style of governance and the short-term results of his economic reforms.

    But at the meeting with Atiku, el-Rufai likened Tinubu to Cameroon’s Paul Biya, who has been the country’s leader for almost 43 years, maintaining that aside from planning to sit-tight, Tinubu was also centralising governance instead of devolving power. The video of the event was shared by the former Vice President, Atiku, on his social media handles.
    “Honestly, to me, it’s a disgrace, I mean, for people to behave the way they are doing. So it means that all the years of saying we are pro-democracy, NADECO, it was all pretence, it was all fake. And all the claims that we are fighting for true federalism and so on, it’s all fake.

    “Because this government is trying to centralise everything instead of devolving power to the lower levels. So the sum total of this is that we are facing an evil of such a large proportion in the history of this country that if we don’t all come together and end this Tinubu administration by 2027, Tinubu will try to be our Paul Biya.

    “He will stay, he will be president for life. All the signs are there. This is how Paul Biya started. All the signs are there. So we don’t have a choice,” el-Rufai maintained.
    He urged Atiku to deploy his experience to ensure that there’s serious mobilisation to make sure that Tinubu does not return to power in 2027.

    “You are our leader, you have done this fight, you have fought the military, you have experience in democratic governance, and when you and Olusegun Obasanjo were in charge of this country, no one was imprisoned because he had a different political view.

    “Even President Muhammadu Buhari with his military background never did that. And here we are, we are facing full-fledged civilians. But they are worse than any military regime we have ever had. Your call that we must unite is a timely one,” the former minister emphasised.
    According to him, Nigerians are looking up to the ADC to provide leadership that will see the removal of the government led by the APC at the centre.

    “I think the people of Nigeria have made up their minds that this government must go, APC must be voted out. What the people of Nigeria are looking forward to is us. We must provide the leadership and the unity of purpose that you talked about.

    “I’m sure with your leadership, with your forbearance, and your diplomatic skills of bringing people together, I’m sure we will reach the promised land. That’s it for me,” el-Rufai said.
    Also speaking, Atiku lauded el-Rufai for being fearless, agreeing with him on the need for unity among the ranks of the opposition.

    “Anyway, I know you are not the kind of person who is scared that we will not confront this situation.The more reason why we should come together to confront this situation headlong and make sure that, one, it doesn’t happen anymore during the remaining part of this administration. And secondly, like you said, we will send them out by 2027. And not through anything else but through the ballot box,” he stated.

    Separately, on his social media handles, Atiku described the persons who allegedly attacked el-Rufai in Kaduna at the recent inauguration of the ADC in the state as ‘APC-sponsored thugs’.  
    He reiterated that the activities of the Tinubu-led APC administration pose the greatest risk to Nigeria’s democracy since the return of democratic governance, positing that it is concerning that the administration has turned into a full-blown dictatorship.

    He noted that the party resolved to harmonise its strengths and stand united in its resolve to ‘rescue Nigeria’.
    “The battle to save our democracy and provide a viable alternative platform that will enthrone purposeful governance is a response to the wishes and aspirations of Nigerians who are fed up with the incompetent and clueless Tinubu government,” Atiku stated.

    Meanwhile, author and staunch supporter of the current administration, Reno Omokri, has stated that although he loves and respects ex-President Goodluck Jonathan, he will campaign for President Tinubu in 2027.

    Speaking during an interview on Channels TV, Omokri stated that although he wasn’t willing to delve into such issues, he has decided to work for Tinubu in the run-up to the presidential polls.

    “I have unconditional love for former President Jonathan, and I have unconditional access to him. I can stop this interview, and I can call him, he will pick up.  So if I have unconditional love for him, and if I have unrestricted access to him, why should I come on national television to talk about his ambition?” he said

    Buttressing his closeness to Jonathan, he stated that the ex-President picks his calls anytime he puts a call through to him, explaining that he (Omokri) even named a child after Jonathan.

    “I can only say this. In 2027, I will campaign vigorously for Asiwaju Bola Tinubu to return as president of Nigeria, and I believe he’s going to be re-elected. Listen, just to remove any equivocation, I’m going to say this.

    “I’m not going to speak about former President Jonathan publicly. I have access to him, and let me tell you something here. I love former President Jonathan more than any other person other than my wife, my children, and my parents.

    “I’m telling you. I named my daughter after him. I mean, how many people can you do that for? I named my daughter after him.  However, I’m not going to talk about him here. What I will say is that in 2027, I will be campaigning for, and I will project Asiwaju Bola Tinubu, and I am confident that he  is going to be re-elected as president of Nigeria for a second time in 2027,” he maintained.

    The post El-Rufai: Tinubu Planning Life Presidency, Not Genuine Democrat appeared first on THISDAYLIVE.

    ​  

    *Reno Omokri: I love Jonathan, but I will support Tinubu in 2027 Emmanuel Addeh in Abuja A former Kaduna state Governor, Nasir el-Rufai at the weekend accused President Bola Tinubu
    The post El-Rufai: Tinubu Planning Life Presidency, Not Genuine Democrat appeared first on THISDAYLIVE.

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    Unreconciled Federation Funds: FAAC Awaits NNPC on $42.37bn, OAGF on N2tn Pending Payments

    Unreconciled Federation Funds: FAAC Awaits NNPC on $42.37bn, OAGF on N2tn Pending Payments

    *Alleged unpaid monies cover 2011 to 2017 

    *Ad-hoc c’ttee tasks national oil firm to account for exploration fund since 1999

    Emmanuel Addeh in Abuja

    The Federation Accounts Allocation Committee (FAAC) has raised fresh concerns over huge unreconciled revenues, disclosing that more than $42.37 billion allegedly due from the Nigerian National Petroleum Company Limited (NNPC) to the Federation Account remains unresolved.

    At the same time, the Office of the Accountant-General of the Federation (OAGF) has been tasked to account for over N2.03 trillion in outstanding payables relating to taxes and royalties.
    Details of the disclosures were contained in the September 2025 report of the FAAC Post-Mortem Sub-Committee (PMSC), which highlighted persistent gaps in Nigeria’s oil revenue remittances.

    The Committee noted that while NNPC insists its deductions are legitimate and in line with the Petroleum Industry Act (PIA) and other laws, state governments and fiscal authorities continue to contest the figures.

    The $42.37 billion in question stems from alleged under-remittances by NNPC, a matter that has been dragging on for years. Specifically, the alleged under-remittances cover 2011 to 2017, according to the document.

    To resolve it, the Sub-Committee had engaged a consultant, Periscope Consulting, but reconciliation has yet to be concluded. At its last sitting, NNPC representatives reported that they were “almost done” with the review process and would provide a formal update within two weeks.

    “This assignment is still a work in progress,” the report stated, reflecting the frustration of commissioners of finance who rely on FAAC inflows to fund state budgets.

    “Recall that a meeting was conveyed by the Sub-Committee with Periscope Consulting, the Consultant engaged by the Forum of State Commissioners of Finance regarding under-remittance of $42,373,896,555.00 by the NNPC to the Federation Account.

    “Also recall that the Committee reported that NNPC requested for a minimum of 2 months grace to study the consultant’s submission considering the period covered by the report (2011-2017) and to revert back.

    “As at the Sub-Committee’s last meeting, NNPC reported that they are almost done with their response and will report back within two weeks. The Sub-Committee awaits NNPC response to be able to close out on the matter. This assignment is still work in progress,” part of the document stated.

    In addition to the $42.3 billion dispute, NNPC has recognised obligations of N2.032 billion covering unpaid Federal Inland Revenue Service (FIRS) taxes and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) royalties for the period June to December 2023.

    Breakdowns showed heavy accruals across several months. In June 2023 alone, NUPRC royalties stood at N133.65 billion while FIRS taxes hit N173.08 billion, bringing that month’s total to over N306 billion. By December 2023, another N142.59 billion was recorded, bringing the seven-month total to N2.03 trillion.

    The Sub-Committee directed the OAGF to account for these liabilities during alignment meetings with stakeholders.
    “The Sub-Committee is still awaiting a feedback from the Accountant-General of the Federation on the outstanding sum of payables being NUPRC Royalty and FIRS Tax for the period June to December, 2023. Recall that NNPC insisted that the OAGF should account for the N2,032,479,380,677.87 and NNPC recognized it as payables during the alignment Committee meeting,” the FAAC document showed.

    The report also revealed that between January and July 2025, cumulative arrears of about N1.6 trillion were reconciled and paid into the Federation Account. These included supplementary arrears and NUPRC royalties converted into naira at prevailing Central Bank rates.

    However, the Sub-Committee noted that much larger sums remain pending. As of September 2025, outstanding revenues undergoing reconciliation stood at $79.77 million and N6.74 trillion.
    Adding to the fiscal strain are legacy arrears of N2.53 trillion from periods before June 2023. These were referred to the Stakeholders Alignment Committee for further review, as NNPC had submitted updated figures to replace earlier estimates. The Committee warned that final amounts could vary depending on the outcome of technical reconciliation led by the Ministry of Finance.

    The FAAC report also scrutinised NNPC’s deductions for frontier exploration funding. By law, the company retains 30 per cent of certain revenues to finance exploration in frontier basins.
    At the meeting, NNPC presented details of exploration carried out from 1999 to date and outlined its 2025 programme. But stakeholders demanded more clarity, directing the company to submit detailed financial accounts of both pre-Petroleum Industry Act (PIA) and post-PIA projects by this September.

    Disputes over NNPC’s remittances are not new. Over the years, successive FAAC meetings have been dominated by arguments over the company’s deductions, especially during the subsidy era.
    Beyond arrears and remittance gaps, the Committee raised questions about NNPC’s deductions for frontier exploration. Under the Petroleum Industry Act, the company is empowered to deduct 30 per cent of certain revenues to finance exploration in frontier basins.

    During the meeting, NNPC presented details of exploration activities carried out from 1999 to date and outlined its 2025 plans. However, stakeholders demanded greater clarity on the utilisation of the fund. 

    The post Unreconciled Federation Funds: FAAC Awaits NNPC on $42.37bn, OAGF on N2tn Pending Payments appeared first on THISDAYLIVE.

    ​  

    *Alleged unpaid monies cover 2011 to 2017  *Ad-hoc c’ttee tasks national oil firm to account for exploration fund since 1999 Emmanuel Addeh in Abuja The Federation Accounts Allocation Committee (FAAC)
    The post Unreconciled Federation Funds: FAAC Awaits NNPC on $42.37bn, OAGF on N2tn Pending Payments appeared first on THISDAYLIVE.

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