Nigeria’s debt to petrol suppliers has surpassed $6 billion, doubling since early April, Reuters is reporting.

According to the report on Thursday, the development comes as the Nigerian National Petroleum Company (NNPC) Limited strives to cover the gap between fixed pump prices and international fuel costs.

The report noted that the NNPC started struggling early this year when late petrol payments were over $3 billion.

“The company has still not paid for some January imports, traders said, and the late payments amount to $4 billion to $5 billion,” the publication said. 

Under contract terms, the report said the NNPC is obligated to pay within 90 days of delivery.

“The only reason traders are putting up with it is the $250,000 a month (per cargo) for late payment compensation,” an industry source told Reuters.

According to sources, at least two suppliers have already withdrawn from current tenders after reaching their self-imposed debt exposure restrictions to Nigeria. 

This means they would not provide any more petrol unless they are paid, Reuters added.

“Traders thrive in risky environments, but they place limits on how much credit they allocate per trade in order to avoid too much exposure on one borrower. These limits vary by company based on their size and where they operate,” the publication said.

Nigeria’s tenders to buy petrol in June and July were consequently smaller, traders told Reuters.

Two sources said the NNPC will import about 850,000 tonnes in July via tender — down from the typical 1 million tonnes in previous months.

President Bola Tinubu had announced the removal of the petrol subsidy when he took over in May last year, saying “its ever-increasing costs” could no longer be justified “in the wake of drying resources”.

Prior to the removal, the federal government had said it would spend up to N3.3 trillion on petrol subsidy between January and June 2023.

Petrol subsidy has remained a controversial issue in Nigeria as spending continues to deplete the country’s revenue. But the removal has since worsened the living conditions of Nigerians as petrol prices, coupled with a weak currency have stoked inflation to unbearable levels.

While there are speculations that subsidy has been reintroduced partially, the federal government has dismissed the claims on many occasions.

President Bola Tinubu says Nigeria’s power generation capacity at about 4.5 gigawatts is shameful.

According to a statement by Ajuri Ngelale, presidential spokesperson, Tinubu spoke during the inauguration of the presidential economic coordination council (PECC) on Thursday.

Since powered generation is measured in megawatts in Nigeria, 4.5 gigawatts would translate to 4,500 megawatts.

Speaking at the event, the president called for the collaboration of the members to increase Nigeria’s on-grid electricity capacity.

”We have the challenge of energy security in Nigeria. We need to work together to improve our oil and gas sector, and we must also increase electricity generation and distribution throughout the country,” Tinubu said.

“We are determined to do that with your cooperation, collaboration, and recommendations. As a nation, it is so shameful that we are still generating 4.5GW of electricity.

”We must increase our oil production to two (2) million barrels per day within the next few months and we are determined to remove all entry barriers to investments in the energy sector while enhancing competitiveness.”

Tinubu highlighted the need for innovative solutions to the country’s economic challenges, stressing the importance of public-private partnerships in driving economic reforms.

Additionally, Tinubu announced measures under the economic stabilisation programme, aimed at stabilising the economy, enhancing job creation, and fostering economic security.

On energy security, the president said the initiative — which includes power, oil and gas — aims to increase on-grid electricity to be delivered to homes and businesses from about 4.5 gigawatts to 6 gigawatts in six months.

The scheme, according to the president, also aims to increase oil production to 2 million barrels per day within the next 12 months.

On Thursday, Tinubu announced a N2 trillion economic stabilisation plan to revive Nigeria’s struggling economy.

Phillip Shaibu, the immediate past Deputy Governor of Edo State, has said he has been vindicated by the Federal High Court judgment which invalidated the governorship primary election of Edo State.

In a reaction on Thursday to the judgment delivered by Justice Inyang Edem Ekwo, Shuaib claimed that what PDP tagged as a primary election on February 22, 2024, was nothing but a tea party with no force of law.

He said he had consistently and persistently cried out loud and clear that the PDP killed internal democracy with the fraudulent ways its purported primary election was conducted at the Samuel Ogbemudia stadium in Benin.

The former Deputy Governor maintained that those who voted for him at his parallel primary election were the authentic delegates lawfully chosen by the people to nominate the governorship candidate for PDP.

On the move by the All Progressives Congress, APC, for him to defect to the party, Shaibu claimed that there was nothing wrong as long as democracy remains a game for the vast majority of people.

“When you see a political party wooing people to its group, that party wants to win but when you see a party chasing people away as in the case of the PDP, that party is planning nothing but rigging of election.

Justice Inyang Edem Ekwo had in his judgment invalidated the February 22 PDP primary election on the ground that 378 delegates who were supposed to vote in the election were unlawfully excluded.

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The NDLEA in Kano has suggested making drug testing mandatory for prospective couples as a step towards curbing drug abuse in the state.

The NDLEA Commander in Kano, Mr Abubakar Idris-Ahmad, made this known to the News Agency of Nigeria (NAN) on Thursday.

“The agency has introduced the Drug Intergrity Test Initiative, which is anticipated to metamorphose into an anti-drug culture for every Nigerian,” he said.

Idris-Ahmad said the drug test will serve as a tool for the prevention of drug abuse and early detection of individuals and couples status of drug use for appropriate treatment and rehabilitation.

He said the proposed law for the test became necessary to address the high rate of marriage breakdowns and reduce drug abuse among married couples in the state.

“Investigations have shown that one spouse often introduces the other to drugs after marriage and their children, hindering efforts to combat drug abuse.”

He called on the Kano State House of Assembly to enact a law requiring drug tests before marriage.

The commander appealed to women, youths, and the general public to shun drug abuse and work together to move the state and nation forward.

“The test initiative approach seeks to tackle drug abuse at its roots, promoting a healthier and more sustainable society,” Idris-Ahmad said.

A former Super Eagles coach, Sunday Oliseh, has said that the ex-goalkeeper Joseph Dosu ‘housed’ John Obi Mikel before he became famous.

Dosu was the only home based player to be included in Nigeria’s 1996 Olympic team, which won gold at the tournament.

However, his career was short-lived as a result of an automobile accident.

In a recent interview with Elegbete TV Sports, Oliseh said Dosu was one of the people who helped Mikel to attain glorious status.

He said: “Before Obi Mikel made it in football, Dosu Joseph housed Obi Mikel and fed him. I bet you all didn’t know this. He helped Obi Mikel become what he is today.

“In spite of all the help he gave Obi Mikel, please let’s ask ourselves: has Obi Mikel ever once gone to say hello to Dosu? And with all the millions you’ve made, help the guy (Dosu).”

Responding to the ex-Chelsea midfielder’s recent criticism of his coaching ability, Oliseh said “I think the kid needs help”.

Mikel had criticized Oliseh’s coaching ability on his podcast, calling him “the worst manager I played under.”

“He was bitter, jealous, and disrespectful to everyone, including the physio”, he added.

Speaking during the interview, Oliseh, who spent eight months as Super Eagles coach, after being appointed in 2015, said: “I think the kid needs help. You cannot achieve what you were not able to achieve on the pitch outside the pitch by talking on a podcast”.

While defending his coaching abilities, he mentioned his award for best coach in the Jupiler Pro League, voted by players and coaches.

He said: “I think the kid(Mikel) needs help, to be honest. There’s something I’ve not really shown much, I won the best coach for the first period of the Jupiler league, which is in the Dutch league.

“That was not voted by the press, that was voted by the players and the coaches of the league.

“I’m the only, and the first coloured man from Sub-Saharan Africa to ever win this title with a club like Fortuna Sittard, who had very average players who were able to qualify from the second division from last position to the first division, where they still are now.”

The Central Bank of Nigeria (CBN) has threatened to penalise deposit money banks (DMBs) that reject mutilated naira notes.

In a statement on Thursday signed by Solaja Olayemi, CBN’s acting director of currency operations department, the apex bank said several reports have been made against the banks.

“The Central Bank of Nigeria (CBN) has received several reports of rejection of dirty/mutilated Naira banknotes by some Deposit Money Banks (DMBs),” the bank said.

“Consequently, it has become imperative to remind DMBs that the CBN circular dated July 2, 2019, reference number COD/DIR/GEN/CIR/01/006, which prescribes penalties for the rejection of Naira banknotes, is still enforceable and binding on erring DMBs.”

The apex bank said it will not hesitate to impose strict sanctions on banks reported to have rejected naira deposits from the public, under any guise.

Also, on July 2, CBN warned banks and authorised foreign exchange dealers against rejecting old series and lower denominations of dollars.

The apex bank said all relevant parties must adhere to and comply with the instruction, emphasising its disapproval of selective acceptance of deposits.

CBN said it discovered old series and lower denominations of dollars are still being rejected during a consumer market survey.