NEWS
Breaking: Reps Raise Crack Team to Probe Oil Subsidy Regime Under Buhari
By Ubong Ukpong, Abuja
The House of Representatives yesterday, raised a crack adhoc committee, to Probe the petroleum Products subsidy Regime in the last five years, from 2017 to 2021
The committee was given eight weeks to carryout this investigation and report back to the House for further legislative action.
The decision was sequel to a motion on the “Need to Investigate the Petroleum Products Subsidy Regime in Nigeria from 2017 to 2021”, brought before the Honda by Hon.
Sergius Ose Ogun.The lawmaker had said that his motion was informed by section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria (As Amended) , which empowered the National Assembly to conduct investigations into the activities of any authority executing
or administering laws made by the National Assembly;.
He also noted that Section 32 of the Petroleum Industry Act, 2021 saddled the Petroleum Midstream and
Downstream Regulatory Authority with the task of regulating and monitoring technical and commercial
midstream and downstream petroleum operations in Nigeria.
Ogun informed the House that as of 2002, the NNPC’s purchase of crude oil at international market prices stood at 445,000 barrels per day in order to enable it to provide petroleum products for local consumption.
He was concerned that as at 2002, the installed capacity of Nigeria’s local refineries stood at 445,000 barrels per
day, however, their capacity utilization began to nosedive and eventually fell completely to zero due to the
ineffectiveness and alleged corruption of critical stakeholders in the value chain.
The lawmaker said he was aware that due to the decline in the production capacity of the refineries, NNPC found it more convenient to export domestic crude in exchange for petroleum products on trade by barter basis described as Direct Sales Direct Purchase (DSDP) arrangement.
He said he was further aware that component costs in the petroleum products subsidy value chain claimed by the NNPC was highly over-bloated while the transfer pump price per litre used by the NNPC in relation to PPMC was
underquoted as N123-N128 instead of N162-N165 and this fraudulent under-reporting of N37-N39 per
litre translates into over 70 billion naira a month or 840 billion naira a year.
The legislator worried that the consumption rate of Premium Motor Spirit (PMS) was 40million to 45million litres per day, however, the NNPC used 65 million to 100 million litres per day to determine subsidy as discoverable
from NNPC’s monthly reports to the Federal Allocation Committee (FAAC).
He also worried that the subsidy regime has been unscrupulously used by the NNPC and other critical
stakeholders to subvert the nation’s crude oil revenue to the tune of over 10 billion US dollars, with records
showing that as at 2021, over 7 billion US dollars in over 120 million barrels have been so diverted.
The lawmaker was disturbed that “there exists evidence that subsidy amounts are being duplicated, thus subsidy is charged against petroleum products sales in the books of NNPC as well as against crude oil revenue in the books
of NAPIMS to the tune of over N2 trillion.”
NEWS
Ododo Flags Off 728 Government-owned Renovated Public Schools in Kogi
From Joseph Amedu, Lokoja
Kogi state Governor, Usman Ododo has launched the renovation of 728 Government-owned Public Schools under the Adolescent Girls Initiative for Learning and Empowerment (AGILE) intervention across the three Senatorial Districts of the state.
Ododo while performing the flag off ceremony at the Government House, Lokoja on Thursday, gave an assurance that his administration will continue to accord education sector topmost priority.
The Governor who was represented by his Deputy, Joel Oyibo, reaffirmed his unwavering commitment to the transformation of the education sector in Kogi State.
Ododo commended Kogi AGILE for its intervention programme in the state particularly in the promotion of Girl Child education.
It is a statement that every child in Kogi State deserves a decent place to learn.
It is a statement that our teachers deserve an environment that supports excellence.
And it is a statement that this administration is determined to leave a lasting legacy in the education sector.
To the Technical Service Providers, let me be clear this administration expects quality, transparency, and timely delivery. There will be no compromise on standards.
“The work you do here will speak for years to come, and you must rise to that responsibility.
As we flag off this initiative today, we are not just starting construction work; we are igniting transformation. We are restoring confidence in our public schools, improving learning conditions, and creating opportunities for thousands of young people across Kogi State.
“My administration will continue to prioritize education and ensure that every intervention delivers real and measurable impact.
Together, we will build a system that works for all; one that empowers our children, strengthens our communities, and secures the future of our State”
Earlier, the Kogi State Project Coordinator of Adolescent Girls Initiative for Learning and Empowerment (AGILE), Tijani Oricha disclosed that the renovation intervention is aimed at providing conducive learning environments and the needed comfort for teachers and students to enhance effective teaching and learning.
According to him, the effort would also go a long way in strengthening school systems generally across the state.
He appreciated the First Lady of Kogi State, Hajia Sefinat Usman Ododo, whose passion for the empowerment of the girl child has been greatly inspiring.
“As the Mother of the AGILE Project in Kogi State, your advocacy and dedication have continued to give life and direction to this initiative and we are deeply grateful for your continued support.
“We respectfully acknowledge and appreciate our revered Royal Fathers and Religious Leaders whose influence in shaping values, guiding communities, and mobilizing support at the grassroots level is invaluable. We count on your continued support to ensure that this intervention is protected, sustained, and embraced by the communities it is meant to serve.
“The renovation and rehabilitation of 728 government-owned schools across Kogi State represents one of the most far-reaching investments in the education sector in recent times. This is not just a number, it is 728 opportunities to change learning environments, 728 platforms to restore dignity to education, and 728 communities that will experience renewed hope.
“This initiative will directly impact thousands of students and teachers across the State. It will improve safety, enhance attendance, boost teacher morale, and ultimately lead to better learning outcomes. For the girl child in particular, it creates a more inclusive and supportive environment that encourages retention, participation, and success. Ladies and gentlemen, this is how we build the future intentionally, inclusively, and sustainably.
“To the School-Based Management Committees, this is actually a defining moment for you as the custodians of this crucial intervention at the community level. I charge you to take full ownership of these projects. Protect them, monitor them, and ensure that every resource deployed translates into visible and lasting impact. The success of this initiative at the grassroots level depends largely on your commitment and vigilance.
“We have carefully chosen 30 Technical Service Providers to commence the first phase of intervention in 150 selected schools across Kogi State. And we urged the TSPs to be conscious of the moral and professional responsibilities that come with this important engagement. The structures you build today will shape the experiences of generations to come.
“We expect nothing short of quality, adherence to standards, and timely delivery. Accountability, transparency, and excellence must guide your work at every stage.
“Let me also emphasize that this project will be closely monitored. Every kobo invested must deliver value. Every structure must meet standard. Every community must feel the impact. That is why you joined the SBMC to signed the indemnity instrument to entrench commitment to service delivery”
“Kogi State Governor, Alhaji Ahmed Usman Ododo has done very well in ensuring that children have access to quality education hence the need for AGILE to complement that effort”.
Foreign News
Iran Threatens U.S, Israel with Harsher Attacks
Iran has warned the United States (U.S.) and Israel that it would launch further and more severe attacks, escalating tensions amid ongoing hostilities.
A spokesman for the country’s armed forces headquarters said yesterday that Iran’s adversaries underestimated its military capabilities.
”You know nothing about our very extensive and strategic capabilities,” the spokesman said, adding that recent strikes by the U.
S. and Israel had failed to significantly weaken Iran’s military strength.The spokesman dismissed the importance of previously targeted sites, describing them as insignificant, and insisted that key military production facilities remained intact and beyond the reach of foreign forces.
He also rejected claims that Iran’s strategic weapons programmes, including missile systems, long-range drones, air defence technologies and electronic warfare capabilities had been seriously damaged.
The warning signals a potential intensification of the conflict, with the spokesman stating that military operations would continue until Iran’s opponents “capitulate”.
Syria rejects forced deportations from Germany amid migration debate
Syria has rejected proposals for the large-scale return of its nationals from Germany, warning against any forced deportations amid an ongoing migration debate in Europe.
Syrian Foreign Minister, Asaad al-Shaibani, said Syrians living abroad should be viewed as “strategic resources, not a burden”, dismissing suggestions that they should be compelled to return.
”We categorically reject any attempts at forced deportation. Authorities are working with international partners to rebuild infrastructure and create conditions for a voluntary and dignified return,” he wrote on X.
At a joint press conference, German Chancellor Friedrich Merz had said that up to 80 per cent of the more than 900,000 Syrians living in Germany could return home within three years.
He said that returnees would be needed to support reconstruction efforts, while noting that well-integrated Syrians would be allowed to remain.
The remarks sparked criticism across Germany’s political spectrum.
A day later, Merz said the figure had been cited by al-Sharaa, a claim the Syrian leader rejected during an event in London.
Al-Sharaa insisted that any return of refugees must be voluntary and linked to improvements on the ground in Syria, warning that forced deportations could trigger further displacement.
Germany has hosted more Syrians than any other European Union country since the outbreak of the Syrian civil war, which lasted 14 years.
Following the ousting of longtime ruler Bashar al-Assad in late 2024 by a rebel alliance led by al-Sharaa, calls have intensified among conservative politicians in Germany for refugees to return.
U.S. Military Strikes Over 12,300 Targets in Iran, Says Centcom
The U.S. military on Wednesday said that it had struck more than 12,300 targets in Iran during the conflict, which has been ongoing for just over a month.
The U.S. Central Command (CENTCOM), which oversees U.S. forces in the region, said in an update on Wednesday that its forces “Damaged or Destroyed” more than 155 Iranian vessels among the more than 12,300 targets struck since the start of the war.
“CENTCOM forces are striking targets to dismantle the Iranian regime’s security apparatus, prioritising locations that pose an imminent threat,” the command said.
The Israeli military said on Wednesday that Israel had so far carried out more than 800 strikes in Iran.
Israel and the United States have been attacking Iran since Feb. 28, with Iran responding with attacks on Israel and U.S. allies in the Gulf region.
NEWS
NSIA Grows Net Asset Value to $3.40bn in 2025
By Tony Obiechina, Abuja
Nigeria Sovereign Investment Authority(NSIA) has announced its 2025 Group Financial Performance posting a net Asset value of $3.40 billion, representing a 10.7% Compound Annual Growth Rate.
The report showed that the growth was supported by a cumulative $241.
2 million in capital injections during the year, combined with $320. 2 million in net earnings from performance across core revenue streams.The increase underscores NSIA’s capacity to preserve and grow long-term shareholder Value in the latest report by the ‘Authority’, the track record underscores NSIA’s strong financial stewardship and long-term value creation, underpinned by disciplined asset allocation, diversified investments, and strong risk management that ensure resilience across multiple economic cycles.
NSIA also reported Core Operating Income of N525.3 billion and Core Total Comprehensive Income (TCI) of N478.8 billion for the full year ended 2025.
Since inception, NSIA has delivered consistent growth, achieving 13 consecutive years of earnings expansion and asset accumulation. From an initial $1 billion seed capital, augmented by additional contributions of $1.06 billion (totaling $2.06 billion contribution).
According to the report, NSIA delivered robust performance in 2025 despite prevailing macroeconomic volatility both locally and globally, as well as heightened geopolitical tensions.
On return on Equity and Return on Assets, the Group delivered a marked improvement in profitability in 2025, with Return on Equity (USD) rising to 10.5%, up from 7.2% in 2024. Similarly, Return on Assets (USD) increased to 9.9%, compared with 7.1% in the prior year. This improvement reflects the resilience and effectiveness of NSIA’s diversified, global investment portfolio, which continued to generate stable earnings and drive sustainable long-term value despite a dynamic macroeconomic environment.
Core operating income rose from N498.0 billion ($328.5 million) in the prior year to ₦525.3 billion ($349.1 million) in 2025, reflecting the Authority’s deliberate efforts to actively deploy capital across diverse asset classes. This growth was primarily driven by a 138% increase in the performance of externally managed investment portfolios, supported by improved performance across both developed and emerging markets. Additionally, interest income from financial assets increased by 10%, reflecting higher yields and increased volumes, despite market rate cuts.
Other components of core operating income include Infrastructure revenues from Agriculture and Healthcare businesses. As part of its planned exit from the Presidential Fertilizer Initiative (PFI) and in line with the market-driven Phase II model of PFI, NSIA successfully completed the phased transfer of operatorship to the Ministry of Finance Incorporated (MoFI) between 2024 and 2025.
This transition impacted agriculture infrastructure revenues but aligns with NSIA’s strategic goal of promoting long-term sustainability and deepening private sector participation across the fertilizer value chain.
On Non-Core Operating Income, the group said the revenue line consists of foreign exchange (FX) gains or losses and fair value gains on FX-linked collateralised securities.

