Newspaper Headlines: NNPC may deduct over N1trn from FAAC in six months for petrol subsidy

The Nation says the extension of the petrol subsidy regime has stalled the implementation of the Petroleum Industry Act (PIA). The newspaper reports that the national assembly has approved the consensus option in the electoral bill with strict conditions.

Daily Independent says Nigeria has dropped in the latest Transparency International’s corruption ranking. Afenifere, a socio-cultural organisation, has said the restructuring of the country is still achievable by 2023, the newspaper reports.

The Punch reports that the Nigerian National Petroleum Corporation (NNPC) may deduct over N1 trillion from the federation account in six months to fund petrol subsidy. The newspaper says Usman Baba, the inspector-general of police, has mobilised security operatives to Ekiti ahead of the gubernatorial primaries of the two major political parties in the state.

The Guardian says the federal government and states will borrow more owing to the continuation of payment of petrol subsidy. Nyesom Wike, governor of Rivers, said his administration has discovered the state’s aircraft allegedly abandoned in Germany by Rotimi Amaechi, a former governor, the newspaper reports.

The Nigerian Tribune reports that the Central Bank of Nigeria (CBN) has retained the benchmark interest rate at 11.5 percent. The newspaper says Aliko Dangote has been named the richest man in Africa by Forbes for the 11th year in a row.