BREAKING: NNPCL Begins $6 Billion Debt Repayment Process, FG Reveals - Spazr
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BREAKING: NNPCL Begins $6 Billion Debt Repayment Process, FG Reveals

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The Nigerian National Petroleum Company Limited (NNPCL) has officially begun the process of addressing its $6 billion debt, as confirmed by Wale Edun, the Minister of Finance and Coordinating Minister for the Economy.....Read Full Article>>

This announcement was made during a meeting with investors in Washington, D.C., on Wednesday, October 23. Edun addressed concerns regarding the NNPCL’s financial situation, which has become strained due to outstanding obligations to suppliers.

He noted that while the fuel subsidy was removed in May 2023, the company has faced financial challenges related to foreign exchange costs. “The reality is that although the subsidy was removed on May 29, 2023, and is no longer on the government’s balance sheet, it did re-emerge—not as a petrol subsidy, but as a foreign exchange subsidy, which was primarily borne by NNPC,” Edun stated.

The Minister confirmed that NNPCL is actively pursuing a clear strategy to pay off its debts. “What I can say about their situation now is that they have a route to paying down their payables, and I’m confident that they will start soon. From what I understand, they have already commenced the process of reducing their payables,” he added.

NNPCL’s debt to suppliers, which has exceeded $6 billion, has raised concerns, as the company has previously acknowledged difficulties in maintaining supply amid mounting financial obligations. The Nigerian government’s announcement aims to reassure both domestic and international investors regarding the company’s financial stability.

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Tinubu’s selection of a successor for Betta Edu has generated new reactions.

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Pulse Nigeria reported that the presidency has confirmed Betta Edu’s departure from President Bola Tinubu’s cabinet.....Read Full Article>>

CLTJ spokesperson Barrister Moses Okino commended Yilwatda’s impressive qualifications, which include a PhD in Digital Systems Engineering, describing him as “an excellent fit” for the ministry.

Okino noted Yilwatda’s significant accomplishments, such as the creation of Nigeria’s first Integrated Financial Management Information System (IFMIS) and the World Bank-funded STEP-B project.

“He brings a renewed sense of hope to a ministry that has faced its share of controversies,” Okino said, alluding to previous scandals involving former ministers Betta Edu and Sadiya Farouq.

He emphasized Yilwatda’s reputation for transparency during his time at the Independent National Electoral Commission (INEC), where he earned respect for his integrity.

The coalition is optimistic that Yilwatda’s expertise in digital systems and humanitarian efforts will enhance the ministry’s initiatives to combat food insecurity, disease outbreaks, and displacement.

“His dedication to the welfare of Internally Displaced Persons (IDPs) and vulnerable communities is unparalleled,” Okino remarked, asserting that Yilwatda’s leadership could be transformative for Nigeria’s most at-risk populations.

The CLTJ encouraged Nigerians to support Yilwatda, expressing confidence that he would lead the way to a “new era of hope and progress.”

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FCT: “I’m not here to sell land,” Wike explains his reasons for accepting Tinubu’s ministerial appointment.

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Nyesom Wike, the Minister of the Federal Capital Territory, reiterated that he did not take on the ministerial role to sell land in Abuja. He emphasized that his primary reason for joining the All Progressives Congress (APC) government was to support Bola Tinubu’s administration.....Read Full Article>>

Wike made these statements during the launch of the 15.4-kilometer Pai-Gomani road project in the Kwali Area Council on Tuesday. He stated, “President Ahmed Tinubu’s government will ensure that everyone benefits and participates, reaping the dividends of democracy.”

He added, “I have communicated this to our people. The President has assured you that, with time and patience, he will reach out to all of you. Every Area Council must feel the impact of Asiwaju Bola Ahmed Tinubu’s government, as he is the President and Commander-in-Chief.”

Wike continued, “Let it be clear: I did not become a Minister to sell land. My goal is to support the President in enhancing the infrastructure of the FCT. Our focus is on infrastructure, both in urban and rural areas.”

He concluded, “Regardless of your political affiliation—whether you are in PDP, APC, or even if you don’t support any party—you will benefit from this road. Its importance cannot be overstated. We will regularly monitor the contractor’s progress to ensure the project is completed as required.”

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The Way I felt losing election as incumbent president — Jonathan

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Former President Goodluck Jonathan reflected on the difficult experience of losing the 2015 presidential election, calling it one of the toughest moments in his political life. He admitted he felt a deep sense of isolation upon learning the result, as though the entire world was against him. Jonathan shared these reflections on Friday in Abuja at the 1st Raymond Dokpesi Annual Diamond Lecture, hosted by DAAR Communications in collaboration with the Nigerian Institute of Public Relations.....Read Full Article>>

Jonathan, who ran on the platform of the Peoples Democratic Party (PDP), lost to the All Progressives Congress (APC) candidate Muhammadu Buhari, who secured 15,424,921 votes compared to Jonathan’s 12,853,162. This historic election marked the first time an incumbent president in Nigeria had been defeated.

With a smile, Jonathan described the intense emotional challenge he faced after the loss, explaining how DAAR Communications Chairman, Raymond Dokpesi, provided guidance and encouragement before he officially handed over to Buhari. “It’s not easy to lose an election as a sitting president,” Jonathan said. “You feel like the whole world is against you. But before I handed over, Dokpesi invited me and offered encouragement, which helped me not only during the transition but also in my personal life as a private citizen. I explain this further in my book *My Transition Hours*.”

Also speaking at the event, the Minister of Information, Idris Mohammed, urged Nigerians to exercise free speech responsibly. Commending Dokpesi as a patriotic media visionary, Mohammed encouraged citizens to find a balance between constructive criticism and recognizing national achievements. “Our respect for freedom of speech is unwavering, but it’s crucial to avoid allowing negative rhetoric to define our reality,” Mohammed remarked, emphasizing the media’s role in fostering a balanced national perspective. “Dokpesi’s legacy exemplifies this balanced approach, leaving an enduring mark on nation-building,” he added.

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Raymond Dokpesi passed away on May 29, 2023. According to DAAR Communications Group Managing Director, Tony Akiotu, Dokpesi had been unwell for a few weeks and tragically suffered a fall during a treadmill workout.

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