News
Nigeria Writes Off $1.42bn, N5.57trn Legacy NNPCL Debts After Reconciliation
Nigeria Writes Off $1.42bn, N5.57trn Legacy NNPCL Debts After Reconciliation
The Nigerian Government has written off the bulk of legacy debts owed by the Nigerian National Petroleum Company Limited (NNPCL) to the Federation Account, clearing about $1.42 billion and N5.57 trillion following a reconciliation exercise approved by President Bola Tinubu.
The decision is contained in a regulatory document prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and presented at the November meeting of the Federation Account Allocation Committee (FAAC).
The move effectively settles long-standing balances arising from crude oil liftings, production-sharing contracts and joint venture royalties accumulated up to December 31, 2024.
According to the commission, the approval followed the recommendations of a stakeholder committee constituted to reconcile claims between the national oil company and the Federal Government.
“However, the commission recently received a Presidential Approval to nil off the outstanding obligations of NNPC Ltd as at 31st December 2024 as submitted by the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation,” the document stated.
Before the adjustment, outstanding obligations reported to FAAC stood at about $1.48 billion and N6.33 trillion.
Following the reconciliation, most of the balances were removed from the Federation’s books.
“Consequently, out of $1,480,610,652.58 and N6,332,884,316,237.13, the affected outstanding obligations that have been nil off are $1,421,727,723.00 and N5,573,895,769,388.45. The commission has passed the appropriate accounting entries as approved,” the regulator said.
An analysis of the figures shows that the write-off represents about 96 per cent of the dollar-denominated debt and roughly 88 per cent of the naira obligations previously classified as outstanding.
Officials familiar with the process said the decision was aimed at resolving years of disputes over historical claims between the parties and allowing both the Federation and NNPCL to operate with cleaner balance sheets going forward.
The NUPRC, however, clarified that the approval does not cover liabilities incurred in 2025.
Statutory obligations arising between January and October this year remain outstanding, with balances of about $56.8 million and N1.02 trillion linked to lifting-related charges and joint venture royalties.
The commission disclosed that part of the dollar-denominated liabilities had been recovered during the period under review.
“However, the commission received $55,003,997.00 in the month under review from the outstanding, leaving a balance of $1,804,755.32 and N1,021,550,672,578.87. The amount of $55,003,997.00 received is part of the total collection reported above for sharing by the Federation this month,” the document added.
The debt relief comes against the backdrop of weaker upstream revenue performance.
Data in the same FAAC document show that the commission fell short of its approved monthly revenue target for November by more than N540 billion, largely due to lower-than-expected royalty receipts from oil and gas production.
Actual collections in the month also declined compared with October levels.
News
CARICOM pushes unified response to global shifts, backs Guyana’s COP35 bid
CARICOM pushes unified response to global shifts, backs Guyana’s COP35 bid
The Caribbean Community, CARICOM has called for urgent and coordinated action to confront mounting global uncertainties, as it concluded its 50th Regular Meeting of the Conference of Heads of Government in Basseterre, Basseterre, St Kitts and Nevis.
The four-day summit, held from February 24 to 27 under the chairmanship of St Kitts and Nevis Prime Minister, Dr Terrance Drew, brought together regional leaders to deliberate on security, economic integration, external trade, reparations and the situation in Haiti.
In her opening remarks, CARICOM Secretary-General, Dr Carla Barnett, urged member states to take advantage of opportunities presented by the shifting global order.
She said as new markets emerge and strategic alliances are recalibrated, the Region must engage with clarity and cohesion in areas such as energy transition, digital infrastructure, climate resilience and technology to attract investments aligned with its development priorities.
Outgoing Chairman and Jamaica’s Prime Minister, Andrew Holness, said the speed of global change was outpacing regional coordination, warning that climate shocks, criminal networks and technological disruption were evolving faster than existing policy and regulatory frameworks.
“The question before us is not whether CARICOM can endure, but whether it can deliver for our people with urgency and relevance in a rapidly changing world,” he said.
President of Suriname, Jennifer Geerlings-Simons, and Prime Minister of Trinidad and Tobago, Kamla Persad-Bissessar, also stressed the need for regional unity, describing it as a necessity in the face of economic volatility, climate insecurity and geopolitical shifts.
During the meeting, Heads of Government held discussions with the United States Secretary of State, Marco Rubio, and agreed on the need to establish a 21st-century cooperation framework covering migration, security cooperation, trade and investment, disaster recovery and technical assistance.
Leaders noted that the US remains a valued partner and welcomed Washington’s commitment to reinvigorate traditional ties within the Western Hemisphere.
The Conference also engaged Saudi Arabia and the United Arab Emirates on expanded economic collaboration, including structured mechanisms to unlock opportunities in the digital economy, climate resilience, water security and infrastructure development.
In a major financial boost, Afreximbank announced an increase in its global limit for CARICOM initiatives from $3bn to $5bn, as the Region seeks to strengthen economic ties with Africa and expand trade and investment flows.
On Haiti, the Conference reaffirmed its commitment to supporting stability and free and fair elections, and expressed appreciation to Kenya for leading the Multinational Security Support mission, now transitioned to a Gang Suppression Force authorised by the United Nations Security Council.
The Bahamas and Jamaica were also commended for contributing personnel and operational support.
Heads of Government reiterated their steadfast backing for the sovereignty and territorial integrity of Belize and Guyana in border matters before the International Court of Justice, calling on all parties to respect and implement the court’s decisions when delivered.
On regional security, leaders welcomed progress on model legislation for criminal justice reform and the offer by the United Nations Development Programme to support the expansion of a Police Record Management Information System across member states.
On economic integration, the Conference approved the inclusion of additional professions under the free movement of skilled nationals within the CARICOM Single Market and Economy and adopted amendments to the Revised Treaty of Chaguaramas to streamline Rules of Origin adjustments.
Heads of Government also approved a CARICOM Industrial Policy and Strategy Framework aimed at fostering competitive and sustainable industries across the Region.
In a significant climate development, the Conference agreed to support Guyana’s bid to host COP35 in 2030.
The leaders expressed appreciation to the Government and people of St Kitts and Nevis for hosting the landmark 50th meeting and accepted Saint Lucia’s invitation to host the 51st Regular Meeting from July 5 to 8, 2026.
Business
Over 200 Killed in DR Congo Coltan Mine Landslide
Over 200 Killed in DR Congo Coltan Mine Landslide
More than 200 people, including 70 children, have died following a landslide at a coltan mining site in Rubaya, eastern Democratic Republic of Congo, the government said on Wednesday.
The tragedy struck on Tuesday after heavy rains in the rebel-controlled area, with authorities blaming the M23 rebels for allowing unsafe, illegal mining.
Rescue operations were hampered by dangerous conditions, officials added.
Rubaya, the country’s largest source of coltan, holds about 15% of the world’s supply of the mineral used in electronics. Many injured miners have been evacuated to hospitals in Goma.
The toll could not be independently verified due to restricted access, disrupted communications, and ongoing insecurity in the region.
News
Ethiopia Launches First ‘Smart’ Police Station in Addis Ababa
Ethiopia Launches First ‘Smart’ Police Station in Addis Ababa
Ethiopia has opened its first “smart” or unmanned police station in Bole, a pilot project aimed at modernising law enforcement and expanding access to citizens.
Inside the new station, visitors report crimes, traffic incidents, or general concerns via computer tablets.
A remote officer responds in real time, reducing the need for face-to-face interaction.
Commander Demissie Yilma, head of the police technology expansion department, said the system is still in its early stages, with just three reports logged in its first week. “The future police service should be near the citizens,” he noted.
The station forms part of the government’s broader Digital Ethiopia 2030 strategy, which seeks to digitise public services including identity systems, payments, and court processes.
Experts say while digital reforms could boost efficiency and convenience, challenges remain.
Internet access is still low, and older, rural, and low-income populations risk being excluded.
For now, the Bole station is a controlled pilot, with traditional police stations continuing to serve most of the population. Expansion will depend on citizen adoption and digital literacy levels.
-
News4 days agoPower Play: Trump Insists on Picking Iran’s Next Leader
-
News4 days agoEthiopia Launches First ‘Smart’ Police Station in Addis Ababa
-
News4 days agoFinland moves to lift nuclear weapons ban amid NATO alignment
-
News4 days agoUS, Venezuela restore diplomatic relations
-
Business4 days agoOver 200 Killed in DR Congo Coltan Mine Landslide
-
Analysis4 days agoThe United States, Israel and the Iran Question, by Alabidun Shuaib AbdulRahman
