COVER
PDP Accuses APC of Fraud over N3trn Petrol Subsidy
Says Ruling Party padded figure for 2023 War-chest
.Demands Full Disclosure of Specifics of Subsidy Template
.Urges NASS to Reject Budget Amendment
By Jude Opara, Abuja
As the Federal Government disclosed a N3trillion expenditure to meet up with the funding need of its proposed 18 months fuel subsidy retention and an impending request on the legislature for amendment of the 2022 Appropriation Act and the Petroleum Industry Act (PIA) for the subsidy capture in the 2022 Budget and PIA, the main opposition party, the Peoples Democratic Party (PDP) has urged the National Assembly to reject any amendments request from the Federal Government on the 2022 Appropriation Act regarding the N2.
557trillion addition for fuel subsidy, alleging that the APC-led government padded the figure because of its need for 2023 general elections war- chest.The PDP’s national publicity secretary, Debo Ologunagba, disclosed this in a statement late Thursday titled, “2023: PDP exposes APC, FG over N3 trillion fuel subsidy scam.”
According to Ologunagba, “While the PDP is not against subsidising petroleum products for Nigerians, our party rejects this wicked plot by the APC government to use a heavily padded fuel subsidy claims to surreptitiously funnel trillions of naira into the pockets of corrupt APC leaders and their cronies in government ahead of their exit in 2023.
“The PDP demands full disclosure of specifics of the subsidy templates, including details of the cost of importation of petroleum products into the country to warrant the additional N2.557tn being requested by the corrupt APC administration.
“The PDP calls on the National Assembly to stand with the people and reject the scandalous N2.557tn addition for fuel subsidy at this critical time as approving such would be a great and unpardonable disservice to Nigerians.”
The main opposition party claimed it has information of how APC leaders pushed for the additional N2.557tn to the N443bn already approved for fuel subsidy in the 2022 budget to create a surplus as a slush fund for APC leaders to rig the 2023 elections.
It said the APC government cannot justify the proposed increase in fuel subsidy in the face of incontrovertible evidence of slowing economy and consequential decrease in consumption of petroleum products in Nigeria primarily due to the “rudderless, irresponsible and insensitive economic policies of the APC as well as the adverse effect of the Covid-19 pandemic.”
It further warned that Nigerians have already noted that the proposed increase is consistent with APC’s typical padding of fuel subsidy ahead of every election cycle.
“Is it not revealing that while fuel subsidy was N24bn in 2016 and rose to N144.53bn in 2017, it spiked to N878bn in 2018 ahead of the 2019 elections; remained at N551.22bn in the election year of 2019, only to drop to N102bn in 2020, after the elections?
“It is clear that the APC increased fuel subsidy to N1.4tn in 2021. It now barefacedly seeks an additional N2.557tn to have a cumulative subsidy bill of N3tn in 2022 to prosecute the 2023 elections, having realised that it has a tough battle with Nigerians because of its monumental failures.
“It is even more disturbing that the proposed increase is to be funded through external borrowings, which will further impoverish Nigerians, mortgage the future of our nation and burden future generations of Nigerians to finance the insatiable greed of APC leaders,” the statement added.
The PDP said it rejects the bandying of “heavily doctored figures” by the APC government.
It tasked the APC to present the details of importation costs to Nigerians, saying no genuine pricing template can support such criminal increase in fuel subsidy beyond the appropriate pricing that experts posit cannot be above N500billion.
Veritas Kapital Assurance Plc has reported an eight percent rise in Gross Written Premium to N13.6 billion in the first half of the year.Managing Director of Veritas Kapital Assurance, Dr. Adaobi Nwakuche disclosed this in a statement on Wednesday in Lagos.Nwakuche said the performance reflected strong market presence and effective distribution channels.
She noted that Net Insurance and Investment Income surged by 244 per cent to N5. 2 billion, from N1.52 billion recorded in the full year 2024.According to her, Profit After Tax reached N3.2 billion, already surpassing the company’s total earnings for the full year 2024.“These results affirm the strength of our values-driven model, built on our people’s dedication, a clear strategy, and unwavering focus on customer value,” she said.Nwakuche said Total Assets rose by 11 per cent to N37 billion from N33.1 billion in 2024, showing improved financial health and operational efficiency.She added that shareholders’ funds increased to N15.1 billion from N11.92 billion in 2024, underscoring investor confidence and sound governance.“This performance is the result of disciplined underwriting, investment optimisation, expanded digital capabilities, and strong customer-focused service delivery.“The H1 2025 results go beyond growth. They show Veritas Kapital’s evolving role as a partner in progress, delivering solutions relevant to individuals, businesses, and communities. “Each figure tells a story of protection delivered, promises honoured, and futures secured. We are building trust, not merely growing profits,” Nwakuche said.She added that as Nigeria adapts to new economic realities, Veritas Kapital is charting a course defined by agility, innovation, and intentionality.The company, she said, is investing in digital access, claims responsiveness, and talent development, while reinforcing its core values of integrity, transparency, and service.
By Tony Obiechina, Abuja
The Federal Government has released funds for the disbursement of N5.12 billion in pension arrears to 90,689 Defined Benefit Scheme (DBS) pensioners under the Pension Transitional Arrangement Directorate.This was contained in a statement by the Head of Corporate Communications of PTAD, Olugbenga Ajayi.
He said that the directorate had finalised the disbursement of the money. The Nigeria Customs Service, the Nigeria Immigration Service, and Prisons Pension Department (CIPPD) pensioners are 8,626, received N276,032, for one-month arrears; the Police, Pension Department (PPD) pensioners are 9,681, received N619,584, for two months as arrears. The Civil Service Pension Department (CSPD) pensioners are 12,773, received N408,736, for one-month arrears, and the Parastatals Pension Department (PAPD) pensioners are 59,609, received N3,814,He said that the payment reaffirms the administration’s commitment to ensuring that pensioners receive their due entitlements in line with the Renewed Hope Agenda of President Bola TinubuAccording to the statement, the approvals align with the President’s Renewed Hope Agenda.“This move shows President Tinubu’s strong commitment to senior citizens’ welfare and marks a new era in DBS pension management,” said PTAD, Executive Secretary, Tolulope Odunaiya.Among the key measures is the immediate implementation of an extra budgetary allocation to enforce new pension rates for DBS pensioners.The President also endorsed the adoption of a proposed pension harmonisation policy, which will be incorporated into the 2026 pension budget. Additionally, health insurance coverage for all DBS pensioners has been approved, ensuring access to essential healthcare services.The proposed reforms include a new pension rate of N32,000 and incremental increases of 10.66% and 12.95% for pensioners from defunct and privatised agencies. Other components of the reform package include harmonisation of pension rates across all DBS pensioners and their enrolment into the National Health Insurance Scheme (NHIS).In June, PTAD announced the successful disbursement of N8.6 billion in pension arrears to 148,625 eligible DBS pensioners across various sectors. The payments reflect the implementation of the N32,000 pension increment approved by President Tinubu in 2024.PTAD had previously settled arrears related to the first pension increment of 20% to 28%, which came into effect in January 2024.
By David Torough, Abuja
The Nigerian Air Force (NAF) has killed no fewer than 592 terrorists and destroyed 372 enemy assets in Borno within the last eight months, surpassing the total operational gains recorded in 2024.A statement by NAF’s spokesman, Air Commodore Ehimen Ejodame yesterday said the Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, said this during a courtesy visit to Gov.
Babagana Zulum of Borno. Abubakar said the offensive had destroyed 206 technical vehicles and 166 logistics hubs in deep hostile territory, with coordinated day-and-night strikes from Gonori to Rann, Dikwa to Damboa, Azir to Mallam Fatori.He said the offensive had been boosted by the deployment of A-29 Super Tucano aircraft capable of precision and night missions, Mi-171 helicopters for medical evacuation and logistics, and enhanced intelligence, surveillance and reconnaissance platforms for round-the-clock target tracking.He added that a new Mi-35 gunship was expected to further intensify close-air support for ground troops in the theatre.“Backed by an upgraded fleet and precision night-strike capabilities, NAF aircraft executed 798 combat sorties, clocking over 1,500 operational flight hours in the Air Component of Operation Hadin Kai.“This year, our air war is faster, sharper, and more surgical.“We are taking out high-value targets, crippling their logistics, and hunting down every cell that threatens the peace of the North-East,” he said.The CAS also praised the “Borno Model” of combining community-driven non-kinetic measures with decisive military action, saying it had proven effective in the counter-insurgency campaign.He also inspected facilities at the NAF Base, met with aircrew and ground personnel, and received operational briefings.He reaffirmed the NAF’s commitment to precision air power, intelligence-led operations, and inter-agency collaboration to protect Nigerians.In his response, Gov. Zulum praised the NAF for its sustained air support in degrading terrorist capabilities and protecting communities.According to him, the NAF has been a steadfast partner in their fight against insurgency.“Your operations have saved countless lives and allowed our communities to begin rebuilding.“The people of Borno recognise your sacrifices and stand firmly behind you,” he said.
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