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Tinubu Tells NNPC To Pay Fuel Subsidy From Dividend – Report
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By Kayode Sanni-Arewa
President Bola Tinubu has approved a request by the Nigerian National Petroleum Company (NNPC) Ltd to utilise the 2023 final dividends due to the federation to pay for petrol subsidy, TheCable can report.
The president also approved the suspension of the payment of 2024 interim dividends to the federation in order to augment NNPC’s cash flow.
In addition, the national oil company told the president it will be unable to remit taxes and royalties to the federation account for now because of the subsidy payments, which it termed “subsidy shortfall/FX differential”.
An NNPC forecast seen by the newspaper showed that the cumulative petrol subsidy bill from August 2023 will hit N6.884 trillion by December 2024 — leaving the national oil company unable to remit N3.987 trillion in taxes and royalties to the federation account.
NNPC is expected to pause the payment of interim dividends for eight months this year — from May to December.
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See How Naira Is Fairing Against The Dollar In Black Market Today February 24, 2025
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By Kayode Sanni-Arewa
The exchange rate for the U.S. dollar to the Nigerian naira in the parallel market (commonly known as the black market) has been updated for Sunday, February 23, 2025. According to Bureau De Change (BDC) sources, the rates are as follows
Buying Rate: ₦1,520 per dollar
Selling Rate: ₦1,530 per dollar
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize black market rates and advises individuals to conduct foreign exchange transactions through licensed financial institutions.
CBN Official Exchange Rate
Highest Rate: ₦1,509
Lowest Rate: ₦1,491
News
Senate invites ‘Brekete’ Family host Ahmad over broadcast controversy
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By Kayode Sanni-Arewa
Abuja, Nigeria – The Nigerian Senate has summoned Ahmad Isa, popularly known as the Ordinary President of Brekete Family, to appear before it on February 27, 2025. The summons is reportedly linked to a recent broadcast of the Brekete Family radio show, in which Senator Natasha spoke about her grievances with Isa.
The Senate’s directive has sparked debate, particularly over its warning that Isa could be deemed a criminal if he fails to comply. Critics argue that such a stance may be an attempt to stifle press freedom and curtail the activities of Brekete Family, a well-known platform for social justice and human rights advocacy in Nigeria.
Isa, whose work has earned him widespread recognition—including an honorary doctorate from the Federal University Lokoja—has built a strong following through his intervention in public grievances and human rights cases. Many Nigerians regard Brekete Family as a voice for the marginalized, providing a platform for citizens to seek redress on issues ranging from governance to social welfare.
The Senate’s move has drawn mixed reactions, with some viewing it as a necessary step to address concerns related to the broadcast, while others see it as an overreach that could undermine media independence and freedom of expression in the country. It remains to be seen how Isa will respond to the summons and what impact this development will have on his widely followed program.
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Gazette Confirms Gowon Actually Ordered Awolowo’s Release, Not Ojukwu or Ironsi
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By Kayode Sanni-Arewa
A recently resurfaced official gazette from the Federal Military Government has confirmed that Chief Obafemi Awolowo was released and pardoned by Lt. Colonel Yakubu Gowon on August 12, 1966, ten days after his actual release on August 2,1966.
The document puts to rest claims by Radio Biafra that Lt. Colonel Emeka Ojukwu or Major General Aguiyi-Ironsi played any role in securing Awolowo’s freedom.
According to the document, upon his release from Calabar Prison, Awolowo was received in Lagos by Lt. Colonel Murtala Muhammed, who personally drove him to Dodan Barracks to meet with Head of State Lt. Colonel Gowon. However, the journey from the airport proved challenging as a massive crowd, organized by Alhaja Asabi Abibat Mogaji, mother of Nigeria’s current President Bola Ahmed Tinubu, flooded the streets to welcome the revered statesman.
The gazette also refutes any suggestion that the coup plotters of January 15, 1966, including Majors Chukwuma Nzeogwu and Emmanuel Ifeajuna, attempted to release Awolowo. In fact, there is no record of them making any effort to contact or rescue him from detention. Some analysts argue that had Awolowo been politically active at the time, he might have been among those executed during the coup.
This revelation further solidifies Gowon’s role in shaping Nigeria’s political landscape during a tumultuous period, while also challenging revisionist narratives surrounding Awolowo’s release
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