Echotitbits – Nigeria News

Tag: NNPCL

  • Peter Obi Slams ₦8 Trillion NNPCL Debt Write-Off as ‘Fiscal Recklessness’

    Peter Obi Slams ₦8 Trillion NNPCL Debt Write-Off as ‘Fiscal Recklessness’

    Reporting by The Nation indicates Labour Party leader Peter Obi criticized the federal government’s reported write-off of roughly ₦8 trillion in debts linked to the Nigerian National Petroleum Company Limited (NNPCL), calling it fiscally reckless.

    The write-off reportedly includes a mix of naira and dollar liabilities, which the presidency framed as a balance-sheet cleanup ahead of a potential public listing. Obi argued that such a large cancellation should be backed by transparent audits and accountability.

    He called for full disclosure on how the liabilities accumulated and suggested recovered sums should be reinvested into critical sectors like infrastructure and education.

    Daily Post and Tribune Online also reported responses, including claims by government spokesmen that the step is standard corporate restructuring rather than impropriety.

    Echotitbits take: This could become an early flashpoint in Nigeria’s next economic-political cycle. Balance-sheet cleanup is normal, but scale demands transparency—watch for legislative hearings or audit calls.

    Source: The Guardian – https://guardian.ng/news/obi-condemns-%E2%82%A68tr-nnpc-debt-write-off-warns-of-fiscal-recklessness/ 2026-01-09

    Photo Credit: The Guardian

  • Strategic Plan Unveiled to Hits 1.8 Million Barrels Per Day Production Goal

    Strategic Plan Unveiled to Hits 1.8 Million Barrels Per Day Production Goal

    In an update published by BusinessDay, Nigeria’s ambition to reach a crude oil production target of 1.80 million barrels per day (bpd) in 2026 is reportedly contingent on fixing aging infrastructure and securing new export routes. While over $16 billion in investment commitments have been secured since 2023, experts warn that chronic pipeline theft and ‘infrastructure bottlenecks’ remain significant hurdles. The report highlights that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recorded an average production of 1.66 million bpd toward the end of 2025. To bridge the gap, the government is looking to activate newly approved export infrastructure and leverage improved security measures in the Niger Delta. Further validation comes from Premium Times and The Nation. Premium Times reported that the ‘NNPCL seeks pipeline communities’ support’ to meet the new budget targets, while The Nation quoted industry analysts saying, ‘securing evacuation routes’ is the primary challenge for the year.

    Echotitbits take: Reaching 1.8m bpd is the ‘holy grail’ for Nigeria’s 2026 fiscal stability. If the government can successfully secure the pipelines and integrate new investments, the resulting forex influx could stabilize the Naira. However, the reliance on mature fields means that brownfield optimizations must happen immediately.

    Source: Guardian – https://guardian.ng/energy/crude-oil-production-hits-1-8m-barrels-per-day-nuprc/ January 6 2026

    Photo Credit: Guardian

  • NNPC stays in the black as price war pushes pump price under ₦800

    NNPC stays in the black as price war pushes pump price under ₦800

    2026-01-01 06:05:00
    According to Punch, NNPC Ltd reported ₦502bn profit after tax for November 2025, extending its profitability streak amid shifting market conditions.

    Reporting by the outlet indicates gas output and infrastructure availability supported performance, even as upstream volumes remained constrained.

    The same report linked the downstream “price war” to NNPC retail cuts that pushed PMS prices below ₦800/litre in some locations, intensifying competition.

    TheCable also reported the monthly performance, quoting the profit figure and noting output movement in November 2025.

    APA News similarly referenced the update and quoted language attributing results to improved gas production and stronger trading performance.

    Echotitbits take:

    If NNPC keeps pricing aggressively to defend market share, watch for tighter station supply cycles, margin compression across marketers, and renewed debate on how “deregulated” pricing should work when the biggest player also plays stabilizer.

    Source: The Punch — January 1, 2026 (https://punchng.com/nnpc-posts-n502bn-profit-cuts-petrol-below-n800-litre/)

    The Punch 2026-01-01

    Photo Credit: The Punch

  • NNPCL Says Escravos–Lagos Gas Line Restored After December Explosion

    NNPCL Says Escravos–Lagos Gas Line Restored After December Explosion

    2025-12-30 11:00:00

    In an update published by Punch, NNPCL announced the restoration of the Escravos–Lagos Pipeline System (ELPS) after the December 10 explosion that disrupted a major gas corridor feeding Lagos and parts of the South-West.

    The company said repairs included containment, pressure testing and safe recommissioning of the affected section, with operations returned to service.

    ELPS is crucial for power generation and industrial gas supply, and downtime often amplifies electricity instability when the grid is already fragile.

    Vanguard quoted NNPCL saying, “Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security.” Punch also quoted NNPCL stating, “Today, the pipeline is fully operational,” in its confirmation of ELPS restoration.

    Echotitbits take: The headline is restoration; the real test is sustained reliability. Watch for follow-on reporting on pipeline security, surveillance and whether gas delivery volumes normalise for power plants and big industrial users.

    Source: The Punch — December 30, 2025 (https://punchng.com/nnpc-restores-escravos-lagos-gas-pipeline-after-explosion/)

    The Punch 2025-12-30

    Photo Credit: The Punch

  • Port Harcourt Refinery Still Trucking Diesel Despite ‘Shutdown Mode’ Status

    Port Harcourt Refinery Still Trucking Diesel Despite ‘Shutdown Mode’ Status

    2025-12-30 12:30:00

    Figures cited by Punch suggest diesel continued to be evacuated in trucks from Port Harcourt refinery facilities despite the plant being in “shutdown mode,” with the explanation tied to stock produced before the shutdown date.

    The distinction between production and evacuation has become central amid public scrutiny of state refinery performance and rehabilitation claims.

    The development has renewed calls for clearer reporting of refining metrics—what is produced, what is stored and what is trucked out—so consumers and markets can track real progress.

    Africa Business Insider, citing regulator data, said at Port Harcourt “no production activities” were recorded while evacuation continued from existing stock. Punch reported the same framing, quoting the plant remained in “shutdown mode” even as diesel truck-outs persisted.

    Echotitbits take: Nigeria needs transparent dashboards where ‘production’ isn’t confused with ‘distribution.’ Watch for whether NMDPRA publishes more granular refinery reporting and whether NNPCL clarifies a firm timeline for sustained restart.

    Source: The Punch — December 30, 2025 (https://punchng.com/p-harcourt-refinery-supplies-3150-diesel-trucks-despite-shutdown/)

    The Punch 2025-12-30

    Photo Credit: The Punch

  • EFCC refinery investigation drags on as Nigerians press for named suspects and charges

    EFCC refinery investigation drags on as Nigerians press for named suspects and charges

    Photo Credit: The Punch
    2025-12-21 00:40:00

    Reporting by The Punch indicates the EFCC’s probe into alleged mismanagement of billions allocated to state refinery rehabilitation remains unresolved months after invitations and reported recoveries, with no suspects arraigned.

    The report says investigators are looking at how funds for Port Harcourt, Warri and Kaduna refineries were spent without commensurate improvements in output, as civil society groups warn delays deepen perceptions of selective enforcement.

    In the piece, advocacy groups argue prolonged silence can weaken public confidence and create room for interference, while the economic cost of non-performing refineries remains a recurring policy sore point.

    BusinessDay reported the EFCC opened investigations into alleged abuse of office and misappropriation tied to refinery funds, describing it as “an investigation into alleged abuse of office and misappropriation of funds.” The Punch also quoted an anti-corruption advocate urging action, saying, “It baffles us that nothing has been heard from the EFCC after over six months.”

    Echotitbits take:
    The credibility marker is court action: charges filed, defendants named, and a clear recovery/prosecution track. Watch for any formal arraignments, asset recovery disclosures, and whether NNPCL’s governance reforms alter how such projects are procured and audited.

    Source: The Punch — December 21, 2025 (https://punchng.com/nnpc-refinery-probe-drags-as-efcc-keeps-mum-on-suspects/)
    The Punch 2025-12-21

  • NNPCL Imports Lift Petrol Supply to 71.5m Litres Daily

    NNPCL Imports Lift Petrol Supply to 71.5m Litres Daily

    NMDPRA data show national petrol supply rose to 71.5 million litres per day in November 2025, up from 46 million in October, largely due to NNPCL imports. Authorities say the build-up aims to meet festive-season demand.

    The Nation, 11 Dec 2025

  • NUPRC Discloses Releases to NNPCL

    The Nigerian Upstream Petroleum Regulatory Commission says it has released significant dollar and naira sums to NNPCL linked to sector obligations and upstream administration. The disclosure appears aimed at clarifying financial flows within the post-PIA governance framework.

    Stakeholders are expected to weigh the statement against wider remittance, audit and operational transparency expectations in the oil and gas sector.

    2025-12-09

    The Nation

    2025-12-09

  • Reps Give NNPCL Dec. 15 Deadline on 2021 Audit Queries

    The House of Representatives Public Accounts Committee has given NNPCL a final December 15, 2025 deadline to respond to 2021 audit queries, citing repeated non-appearance and incomplete documentation.

    Lawmakers warned that continued disregard for oversight could trigger stronger legislative action as scrutiny of national oil-sector governance intensifies.

    2025-12-08

    The Nation

    2025-12-08