Nigerians are voicing outrage over unexpected deductions from their bank accounts by NIRSAL Microfinance Bank, which they claim were linked to COVID-19 grants disbursed during the administration of former President Muhammadu Buhari.

Beneficiaries, particularly in Kwara State, allege they were misled into providing their Bank Verification Numbers (BVN) and account details under the impression they were receiving grants, not loans.

The controversy has sparked accusations of mismanagement and calls for intervention from President Bola Ahmed Tinubu, as well as oversight bodies like the National Human Rights Commission and the Consumer Protection Council.

According to the Global Information Team, a monitoring group, many beneficiaries were unaware that the funds were loans requiring repayment.

Anabel Crown, the group’s head of investigation, described NIRSAL’s deduction practices as “unacceptable,” arguing that the bank should hold accountable politicians who facilitated the disbursements rather than penalizing recipients.

In Kwara State, some beneficiaries claim aides of former Senate President Bukola Saraki collected their BVN and account details, presenting the funds as grants to support indigenes during the pandemic.

At NIRSAL’s Area 10 Post Office branch in Abuja, frustrated beneficiaries gathered to protest, but their complaints have reportedly gone unaddressed.

“I was told it was a grant to help us survive COVID-19,” said Aisha Muhammed, a trader from Kwara. “Now they’re taking money from my account without warning. How is this fair?”

The Central Bank of Nigeria (CBN), which oversees NIRSAL, is said to have authorized the recovery of the funds without considering how they were disbursed.

He argue this approach disregards the circumstances under which beneficiaries received the money, many of whom were not informed of repayment obligations.

The deductions have fueled speculation of political motives, with some suggesting the controversy could tarnish President Tinubu’s image ahead of the 2027 elections.

“This is a ploy to undermine the president’s reputation,” claimed Adebayo Olanrewaju, a civil society activist.

“The government must step in to protect citizens.”

The National Human Rights Commission and the Consumer Protection Council have been called upon to investigate NIRSAL’s practices, particularly the lack of prior notice before deductions.

“Withdrawing money without consent violates people’s rights,” said Funmi Adeyemi, a legal advocate.

“This must be addressed urgently.”

By Abubakar Yunusa

The Dangote Petroleum Refinery has further reduced the ex-gantry price of premium motor spirit (PMS), also known as petrol, to N835 per litre.

According to sources at the refinery, the plant dropped the price of the petrol sold to oil marketers to N835 per litre, six days after the refinery reduced it to N865 per litre.

“The refinery reduced the price of the petrol to N835 per litre,” a source told TheCable.

The reduction in Dangote petrol price followed an announcement by the federal government on April 9, that the naira-for-crude oil deal will continue after the first phase ended on March 31.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC),” the finance ministry said.

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”

On April 15, Farouk Ahmed, chief executive officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said the estimated pump price of petrol in Nigeria is less than that of neighbouring countries in West Africa.

Ahmed also said Nigeria’s petrol importation reduced by 29.9 million litres in eight months due to increased contributions from local refineries.