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.
Business
US Threatens New Tariffs on UK, EU, China, 57 Others
US Threatens New Tariffs on UK, EU, China, 57 Others
The United States has announced plans to impose fresh tariffs of between 10 and 12.5 per cent on imports from dozens of countries over concerns that they have failed to do enough to curb the trade in goods produced through forced labour.
The move marks the second major tariff initiative by the administration of President Donald Trump since the US Supreme Court struck down a significant portion of his earlier import duties in February.
According to the US Trade Department, the proposed tariffs would affect 60 trading partners that collectively account for almost all goods imported into the United States.
The department said the measures were aimed at countries that have either failed to prohibit the importation of goods made with forced labour or have not effectively enforced existing restrictions.
Announcing the proposal, US Trade Representative Jamieson Greer said the continued trade in goods linked to forced labour created unfair competition for American workers.
“It creates a dynamic where American workers are forced to compete globally on an unlevel playing field,” Greer stated.
The proposed tariffs have yet to take effect, as the Trump administration is expected to complete the necessary legal and regulatory processes before implementation.
The action follows an investigation launched in March by Greer into whether major US trading partners had taken adequate measures to prevent the importation of products made wholly or partly through forced labour.
Findings from the investigation indicated that 54 countries had “failed to impose a legal prohibition on the importation of goods produced wholly or in part with forced labour and to effectively enforce such a prohibition.”
The report further stated that six trading partners — the European Union, Canada, Ecuador, Indonesia, Mexico and Pakistan — had failed to effectively enforce existing bans on imports linked to forced labour.
Under the proposal, a 10 per cent tariff would be imposed on imports from countries and blocs including the European Union, United Kingdom, Canada, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, Guatemala, Malaysia and Taiwan.
The remaining 45 countries, including China and India, would face higher duties of 12.5 per cent.
Reacting to the announcement, the British government maintained that it was taking steps to address forced labour concerns within supply chains, while China rejected allegations that goods produced through forced labour were entering global markets.
The European Union, however, described the proposed tariffs as unjustified.
An Indian trade analyst characterised the move as a pressure tactic aimed at strengthening Washington’s position in ongoing trade negotiations with New Delhi.
News
Israeli Airstrikes Hit Beirut, Kill Two Despite Fragile Ceasefire
Israeli Airstrikes Hit Beirut, Kill Two Despite Fragile Ceasefire
Israel on Sunday launched airstrikes on southern Beirut, marking the first attack on the Lebanese capital since a ceasefire brokered by the United States last week, as tensions between Israel, Hezbollah and Iran continued to escalate.
Lebanon’s Ministry of Health said two people were killed and at least 20 others injured, including women and children, after Israeli warplanes struck two apartment buildings in Beirut’s southern suburb of Dahieh, a stronghold of the Iran-backed Hezbollah movement.
The strikes came amid renewed hostilities following a wave of missile attacks launched by Iran against Israel on Sunday night, which Tehran said was retaliation for increasing Israeli military operations in southern Lebanon and the outskirts of Beirut.
Israeli Prime Minister Benjamin Netanyahu defended the attacks, saying the targets were Hezbollah facilities operating within the Lebanese capital.
“We struck terrorist headquarters in the Dahieh district of Beirut in response to Hezbollah’s firing at Israeli territory,” Netanyahu said.
The latest bombardment shattered the lower floors of a residential building, leaving apartments exposed and scattering debris, concrete and twisted metal across nearby streets.
Videos circulating on social media showed residents and emergency responders rushing to the scene to rescue victims trapped beneath the rubble.
Health officials in Lebanon confirmed that four women and four children were among those injured in the attack.
An Arabic-language statement issued by an Israeli military spokesman on X indicated that the operation could continue, describing the targeted sites as Hezbollah military infrastructure.
“To be continued,” the spokesman wrote.
The Israeli military also announced that it intercepted two projectiles fired from Lebanon into Israeli territory earlier on Sunday.
Hezbollah later claimed responsibility for rocket attacks targeting Israeli artillery positions at Yiftah Barracks and troops stationed near al-Marj Pond.
The group said the attacks were carried out in response to what it described as repeated Israeli violations of the ceasefire and continued assaults on villages in southern Lebanon.
Reacting to the Beirut strikes, Iranian lawmaker and foreign policy committee spokesman Ebrahim Rezaie warned that Israel would face consequences.
He said Iran would deliver a “decisive and painful response” to the attack.
The renewed violence threatens a fragile truce reached on June 3 after intense diplomatic efforts led by Washington and supported by Qatar.
Prior to the ceasefire, Israel had threatened a major offensive in Dahieh, prompting thousands of residents to flee the area and triggering urgent diplomatic interventions aimed at preventing a wider regional conflict.
United States President Donald Trump had previously announced that there would be “no troops going to Beirut” following discussions with Netanyahu, while Washington reportedly urged Israel to exercise restraint.
News
Iran Launches Fresh Missile Barrage on Israel, Vows “Full Week of Continuous Strikes”
Iran Launches Fresh Missile Barrage on Israel, Vows “Full Week of Continuous Strikes”
Iran has fired multiple waves of missiles towards northern Israel in a sharp escalation of regional tensions, with Tehran warning that the attacks mark “the beginning of a full week of continuous strikes.”
The Islamic Revolutionary Guard Corps (IRGC) said the operation would continue in waves, signalling a prolonged confrontation as fears grow of a wider Middle East conflict.
However, most of the incoming missiles were reportedly intercepted by Israel’s air defence systems, with authorities later allowing residents to leave shelters. No immediate casualties were reported.
The Israeli military said it is prepared for a forceful response, with its chief of staff warning that the country would “strike the enemy with determination as soon as the order is given.”
A military spokesman also described Iran’s action as a “grave mistake,” amid mounting pressure on Israel’s leadership to respond decisively.
The latest exchange follows earlier Israeli strikes on Hezbollah-linked targets in southern Beirut, a move that further inflamed regional tensions and raised expectations of retaliation from Iran and its allies.
The developments have intensified concerns over the widening scope of the conflict across multiple fronts in the Middle East.
According to reports from Fox News, United States President Donald Trump urged Iran to de-escalate, saying: “That’s enough. Get back to the table.”
He was also quoted as expressing displeasure over Israel’s strikes in Beirut, telling the network he was “not happy” about the escalation.
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