NNPC Profit Rises to N674bn in 2021 - Kyari The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mele Kyari, has disclosed that the NNPC as a corporation profit after tax rose from N287bn in 2020 to N674bn in 2021. Kyari, who disclosed this at...

N3.92trn Fuel Subsidy Higher Than Health, Education, Defence Budgets   The N3.92tn spent as subsidy on Premium Motor Spirit, popularly called petrol, from January 2020 to June 2022 is higher than the cumulative individual federal budgets for health, education and defence during the 30-month period. Findings show...

NPA Remits N490bn To FG In 11 Years   The Nigerian Ports Authority (NPA) said it remitted N490.229bn into the Consolidated Revenue Fund of the Federal Government between 2011 and 2022. The Managing Director of NPA, Mohammed Bello-Koko, while addressing journalists at the agency’s head office in...

FG Borrowed N1trn To Fund Fuel Subsidy - DMO   The Federal Government has borrowed N1 trillion to subsidise petrol this year, the Debt Management Office (DMO) said yesterday. Its Director-General, Ms. Patience Oniha, spoke during the presentation at the Executive Course on Budgeting and Fiscal Transparency...

World Bank To Raise $127bn For Mini-grid Power Funding   The World Bank Group will be raising $127 billion for mini-grip power funding by 2030. The bank said it will be leveraging development partner funding and government investment to “crowd in” private-sector finance for the project. It explained...

ICPC Exposes N400bn Fraud in 2021, 2022 Budgets The Independent Corrupt Practices and Other Related Offences Commission, on Thursday, disclosed that the N13.59trillion 2021 budget was padded by the various Ministries, Departments and Agencies, with duplicated projects worth N300bn. The Chairman of the anti- graft agency,...