The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.45bn from the World Bank in just 16 months.

The amount increased to the new figure following the recent approval of three new loans totalling $1.57bn from the World Bank for various projects in Nigeria and is expected to increase further in the coming months.

This was as the international lender approved no fewer than 36 loan requests to the Federal Government, amounting to a substantial total of $24.088bn within five years.

These approvals, aimed at financing various development projects nationwide, arrive alongside increasing concerns about the country’s escalating debt profile, prompting questions about the sustainability of these financial commitments and their potential long-term effects on the economy.

Some of the projects under Tinubu include loans for power ($750 million), women empowerment ($500 million), girl’s education ($700 million), renewable energy ($750 million), economic stabilization reforms ($1.5 billion) and resource mobilization reforms ($750 million),

For many Nigerians, long years of infrastructure decay and increased unemployment have triggered an increased feeling of bitterness whenever they hear the government’s intention to borrow.

Although some of them realistically agree that resources are thin, considering an outsized population; however, they believe the past borrowings have not been justified.

However, according to an analysis of documents obtained from the international lender website on Tuesday, the international lender has maintained an annual credit approval to the nation since 2020.

A cursory look showed that the lender approved 15 loan requests worth $6.36bn in 2020. Some of these projects include the Nigeria Rural Access and Agricultural Marketing Project with an approved project commitment of $510m, The Nigeria Digital Identification for Development project ($430m), and $750m for the Nigeria SATAN additional financing for COVID-19 response, amongst others.

In 2021, the loan requests were reduced to six projects worth $3.2bn while the nation, under the administration of former president Mohammadu Buhari, secured loans worth $1.26bn in 2022 for six projects.

For instance, a $500m loan request was approved for a livestock productivity and resilience support project on March 18, 2022.  Another loan of $750m was approved under the Nigeria: State Action on Business Enabling Reforms Program in the same year.

Also, $3.9m was secured for the Umbrella organisation to support Nigeria for women’s projects.

However, in 2023, the loan request increased to $2.7bn to implement four projects, namely $750m for Nigeria- AF power sector recovery performance-based operation, $500m for Nigeria for Women Program Scale-up projects and $750m for the Nigeria Distributed Access through Renewable Energy scale-up project.

Similarly, the bank has approved $3.82bn already in 2024 for five projects, which include a grant of $70 million.

This means that the loan amount was $3.75bn so far in 2024, with more credit facilities expected before the end of the current year

The World Bank has approved a series of loans to Nigeria, strategically targeting critical sectors such as economic reforms, resource mobilization, adolescent girls’ education, and renewable energy expansion.

Recall that on June 13, the World Bank announced the approval of two loan projects aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations.

According to a statement from the bank, the combined package, totalling $2.25bn, comprises the $1.5bn Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing Program and the $750m Nigeria Accelerating Resource Mobilization Reforms Program-for-Results.

Already, the international lender has received $751.88m of the $1.5bn under the Nigeria Reforms for Economic Stabilisation to Enable Transformation.

The World Bank is expected to approve another loan request worth $500m by December 16, 2024, for the Rural Access and Agricultural Marketing Project – Scale Up project.

According to a statement released last week announcing the latest approval, the international lender said the credit facilities will help the government strengthen human capital through better health for women, children and adolescents.

It added that the approved projects would also help build resilience to the effects of climate change, such as floods and drought, by improving dam safety and irrigation.

The statement read, “The World Bank has today approved three operations for a total of $1.57bn to support the Government of Nigeria in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation.”

The international lender stated that this new financing includes $500m for addressing governance issues that constrain the delivery of education and health, $570m for the Primary Healthcare Provision Strengthening Programme and $500m for the Sustainable Power and Irrigation for Nigeria Project.

“The HOPE-GOV and HOPE-PHC programmes combined will support the Government of Nigeria to improve service delivery in the basic education and primary healthcare sectors which are critical towards improving Nigeria’s human capital outcomes.

“The SPIN project will support the improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.

“The HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors,” it noted.

The approval, made on September 26, 2024, highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats.

Data from the external debt stock report of the Debt Management Office shows that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024.

Nigeria’s debt servicing expenses reached N6.04tn in the first half of 2024, marking a sharp increase of 68.8 per cent from the N3.58tn recorded during the same period in 2023, the latest data from the Central Bank of Nigeria showed.

This sharp rise in debt service obligations, likely driven by naira devaluation for foreign debt repayments, reflects the growing burden on the government as debt repayment consumes a significant portion of its financial resources.

The Nigerian Army has detained M.A. Sadiq, former commander of the 3 Brigade in Kano, over allegations of theft and mismanagement of palliatives.

Sadiq allegedly diverted rice palliatives from the Defence Headquarters (DHQ) intended for soldiers under his command.

He is also accused of stealing official military equipment, including a MIKANO heavy-duty generator from the Military Training Camp in Falgore, Kano state, which was allegedly sold to scrap metal dealers.

He has since been relieved of his duties and replaced by A.M. Tukur, the former registrar of the Nigerian Defence Academy.

Onyema Nwachukwu, director of army public relations, confirmed the incident in a statement on Wednesday.

Nwachukwu added that investigations into the allegations are ongoing, and appropriate administrative actions will be taken based on the findings.

“The Nigerian Army has been inundated with media reports concerning the former Commander of the 3 Brigade, Brigadier General M.A. Sadiq, who is currently under military investigation for administrative discrepancies during his tenure,” he said.

“As a result, the senior officer has been relieved of his command to allow for a comprehensive investigation.

“The Nigerian Army, as a self-regulating institution built on discipline, justice, and accountability, has zero tolerance for indiscipline and misconduct that undermine its core values.

“We assure the public that a thorough investigation will be conducted, and appropriate actions will follow.

“Our commitment to transparency and integrity remains steadfast, and we guarantee a fair and impartial process that adheres to our established procedures.”

The Senate, on Wednesday, expressed alignment with the Supreme Court judgment of July 11, 2024, which granted financial autonomy to the 774 Local Government Areas across the country.

It faulted moves by some governors to enact laws to mandate the local government councils in their states to remit allocations into a joint account.

The Anambra State House of Assembly passed the Local Government Administration Bill 2024 on Tuesday, amid condemnation from civil society groups and opposition parties, including Labour Party lawmakers in the assembly.

They alleged that the bill was an attempt by Governor Chukwuma Soludo to arm-twist the council chairmen into paying their federal allocation back to the state.

Reports indicate that some other state houses of assembly have also enacted bills regarding local government administration.

On Wednesday at the plenary, the Red Chamber urged all three tiers of government to fully comply with the judgment and resolved to collaborate with the House of Representatives to amend certain provisions of the 1999 Constitution to ensure full implementation.

The resolutions followed motions sponsored by the Deputy President of the Senate, Jibrin Barau, and seconded by Abdul Ningi and Tahir Monguno.

Barau said, “I stand to move on behalf of this Senate for the approval of two prayers in respect of the motion that was brought by Tony Nwoye (Anambra North), thereby discarding the earlier prayers in the motion as sponsored by the mover.

“The two prayers are as follows: all states and local governments must fully comply with the recent Supreme Court judgment on the disbursement of and utilisation of funds accruing to all local governments in Nigeria.

“That the Senate ensures alterations to the relevant provisions of the constitution to provide for the full autonomy of the local governments in Nigeria.”

However, the resolutions came two hours after it faced challenges regarding the enforceability of the Supreme Court judgment at the state and local government levels.

At the commencement of the plenary, Nwoye (LP, Anambra North) invoked Senate Standing Orders 41 and 51 to raise a motion about alleged moves by some state governments to circumvent the judgment by passing counter-laws through their respective Houses of Assembly.

Nwoye, who informed the Senate that nine other senators co-sponsored the motion, specifically alleged that some governors were enacting laws to mandate local government councils in their states to remit funds into the State/Local Government Joint Account, which had been ruled against by the Supreme Court.

After Nwoye’s presentation, which included six prayers for enforcing the judgment and was seconded by Osita Izunaso (APC, Imo West), Adamu Aliero (PDP, Kebbi Central) raised a constitutional point of order to stop the debate on the motion.

Citing Section 287 of the 1999 Constitution, which makes Supreme Court judgments enforceable nationwide, Aliero urged the Senate not to “over-flog” the issue.

He said, “The Supreme Court judgement is enforceable across the country. There is no need for us to debate anything that has to do with it here.”

In agreement with Aliero, the Senate President, Godswill Akpabio, highlighted Section 162, Subsection 6 of the 1999 Constitution, which created the State/Local Government Joint Account.

He noted that the provision must be amended to allow for the full implementation of the Supreme Court judgment.

Before a final decision could be made on the motion, Nwoye invoked Order 42 of the Senate Standing Rules for a personal explanation.

Abdulrahman Kawu Summaila (NNPP, Kano South) raised a similar point of order.

The simultaneous motions led to confusion, prompting many senators to consult with the Senate President, resulting in an emergency closed-door session at 12:46 pm.

The emergency session, which lasted nearly two hours, adopted the two separate motions moved by the Deputy President of the Senate.

Anambra LP lawmakers fault LG administration bill

Faulting the passage of the LG Administration Bill in Anambra, the opposition groups said going by the extant order of the Supreme Court, the Assembly could not make laws seeking to compel the LGs to pay their federal allocations to the state government under whatever guise.

Lawmakers, who spoke during the session, said the bill would empower local governments to function effectively, insisting that there was no way to separate LGs from the states.

While passing the bill, the Speaker, Somtochukwu Udeze, said, “It seeks to clearly define the powers of the chairmen and councillors at the local government level as they relate to the council areas.

“Some of the contents of the law, such as primary school teachers, primary healthcare centre, Anambra State Universal Basic Education Board, Local Government Service Commission, and Pension Board, among others, are areas where the state and local governments interface to ensure proper administration at the local government level.”

But members of the LP in the assembly, comprising Jude Umennajiego, Paul Obu, Nkechi Ogbuefi, Patrick Okafor, Fredrick Ezenwa, Kingsley Udemezue, Henry Mbachu and Justice Azuka, in a briefing on Wednesday, said going by the extant order of the Supreme Court, the assembly could not make laws seeking to compel the local governments to remit allocations to the state under whatever guise.

“Recently, Anambra State Local Government Administration Bill was brought to the Assembly.

“Some sections of the bill, particularly sections 13, 14 and 16 seek to compel the Local Governments to pay their federal allocation into an account to be established by the state government, thereby running foul of the Supreme Court judgment.

“Consequently, we as the Labour Party caucus in the state House of Assembly wish to state as follows: That we stand by the decision of the Supreme Court, the highest court in the land, on the autonomy of the Local Government and the management of their funds.

“That going by the extant order of the Supreme Court, the state House of Assembly cannot make laws seeking to compel the local governments to pay in their federal allocation to the state government under whatever guise.

“We, therefore, stand with the overwhelming majority of Anambra people in upholding the constitution and the Supreme Court decision.”

Reacting, the Executive Director of Civil Rights and Liberty Organisation, Dr Ralph Uche, described the bill as “anti-people” aimed at denying the Local Government the funds meant for grassroots development.

Uche, a lawyer, said, “The bill seeks to compel local government areas to remit a portion of their federal allocations into a consolidated account controlled by the state, which is a wrong development, considering that the local government areas have suffered lack of dividends of democracy in the last 10 years.”

The spokesman to the Speaker of the Anambra Assembly, Emma Madu, confirmed that the assembly passed the bill on Tuesday, with 26 lawmakers in attendance.

Section 13(1) of the bill stipulates that the state shall maintain a “State Joint Local Government Account,” into which all federal allocations to LGAs must be deposited.

Section 14(3) further mandates that each LGA must, within two working days of receiving their allocations from the Federation Account, remit a state-determined percentage to the consolidated account. This requirement applies even if the allocations are received directly from the Federation Account.

Section 14(4) outlines that if the state receives the LGA allocation on their behalf, it must deduct the specified percentage before disbursing the remaining funds to the LGA.

Oyo awaiting committee recommendations

Oyo State Governor, Seyi Makinde, said the state still awaits the recommendations of the two committees set up to review the July 11 Supreme Court judgment granting financial autonomy to Local Government.

The governor, on July 15, set up two committees, technical and legal, with a mandate to review the judgment and come up with recommendations, within six weeks.

Makinde had said the decision to form the committees was because the judgment created a constitutional lacuna that could throw up challenges and problems to the effective running of local government administration.

Though the six weeks had expired, Chief Press Secretary to the Governor, Dr Sulaimon Olanrewaju, speaking with The PUNCH, on Wednesday, said the committee was still meeting and yet to turn in its recommendations.

He said the next move of the state government concerning the judgment would be informed by the recommendations of the committee.

Aside from expecting the recommendation of the state’s committees, Olanrewaju said it was also curious that the Federal Government was yet to come up with a template for implementation of the judgment in states.

He argued that the Federal Government also identified the challenges in the implementation of the judgment, which informed its decision to set up a committee headed by the Secretary to the Government of the Federation.

The FG committee was also yet to turn in its recommendations.

He absolved Makinde of being keen on frustrating the judgment, adding, however, that the governor desired to resolve the identified lacuna that could create problems for people at the grassroots.

“Our committees are still working, they have not turned in their recommendations.

“Even the Federal Government which said it would give a template has not come up with a template. The Federal Government said we should give them three months and that time has not lapsed.

“So, we are still waiting to see what they are going to recommend before we know what we are going to do.

“But our committees are still working, still meeting and have not come up with our recommendations. Whatever the committees recommend is going to inform the next step that the state government will take.

“It is a fallacy to say that the governor is fighting tooth and nail to subvert the Supreme Court judgment.

“What the governor said from the outset is that the judgment created a constitutional lacuna. It is because of the lacuna that he set up committees,” he said.

Olanrewaju added, “We have this judgment and if we don’t attend to this lacuna, it will create problems for us at the grassroots level. How do we now, given our peculiar situation, manage this judgment without subjecting our people to hardship? That was the whole essence of setting up the committees.

 “So, this issue of colluding, trying to frustrate, no. How can he frustrate the judgment? Is he the President? But what the whole nation has come to realise is that ab initio, the governor was right.

“If there was no lacuna, why has the judgment not been effected by those who got the judgment? So, it is not about Seyi Makinde; it is about the gaps in the judgment.

“The Federal Government set up a committee headed by the Secretary to the Government of the Federation to look into it and work towards the implementation of the judgment. We are still waiting for the recommendations of the committee.

”Leave out Makinde concerning the issue of trying to frustrate the judgment. Those who got the judgment should implement their judgment.”

The Nigeria Labour Congress (NLC) has strongly condemned the recent increase in fuel prices, describing it as an aberration that undermines the principles of a deregulated market.

The NLC argues that the Nigerian National Petroleum Company Limited (NNPCL), a government-owned entity, should not be the sole arbiter of fuel prices in a sector that is supposedly open to market forces.

In a statement released by NLC President, Joe Ajaero, the union demanded an immediate reversal of the fuel price hike, emphasizing that past increases have not led to any tangible benefits for the Nigerian populace.

The statement titled “What next after increase in pump price?” reads, “We are dismayed by the latest increase in the pump price of petrol. It looks like the only thing this government is known for is the increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.

“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly. We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.

“It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities. It will further deepen poverty as production capacities dip, and more jobs lost with multidimensional negative effects.

“In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good results. People only got poorer. But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country.”

The University of Calabar (UniCal) has suspended one of its lecturers, Joseph Akpan, for allegedly altering examination result scripts using his privileged position as Head of Department (HOD) of Pharmacology.

The institution’s Vice-Chancellor (V-C), Prof. Florence Obi, disclosed on Wednesday in Calabar that Akpa allegedly altered students’ scores in the Introduction to General Antimicrobial Pharmacology (PHM 311) course results.

Florence claimed the HOD altered the scores in 235 result scripts out of the 242 result scripts entrusted in his care, adding that only five scripts were genuinely marked without alteration.

The V-C also noted that Akpan had admitted to the alleged misconduct before the Senate Examination Misconduct Committee (SEMC).

According to her, the lecturer allegedly admitted that he inflated the scores of students in PHM 311 to protect the department’s image, which management finds ridiculous and unacceptable.

She added, “The lecturer also (allegedly) gave out marks to two students, who did not participate in the examinations.

“Consequently, the management of the University has directed that he should be relieved of his appointment as HOD and Coordinator of PHM 311, as well as suspended from duty with effect from Oct. 8, 2024.

“Akpan’s official responsibilities are to be reassigned to other qualified lecturers in the department.

“He has also been directed to stay away from the university forthwith unless while responding to the invitation of relevant committees.”

A prominent member of the New Nigeria Peoples Party (NNPP), Buba Galadima, has refuted the claims that the party’s 2023 presidential candidate, Senator Rabiu Musa Kwankwaso, would not mind to serve as a running mate to the former Labour Party (LP) presidential candidate, Peter Obi.

Galadima, who is a political associate of Kwankwaso, provided this clarification in response to reports stemming from a recent interview with the former NNPP presidential candidate.

Galadima expressed disappointment that certain media outlets misinterpreted Kwankwaso’s stance regarding the potential of becoming Obi’s running mate, noting that Kwankwaso has neither considered nor will consider this option for the 2027 presidential election.

He emphasized that the NNPP presidential candidate is fully prepared to assume the presidency in 2027, asserting that Kwankwaso possesses both the political acumen and intellectual capability necessary to address Nigeria’s challenges if elected.

Galadima highlighted that during the interview, Kwankwaso outlined his political and intellectual credentials, which he believes provide him with a significant advantage over politicians such as Obi.

He further suggested that Peter Obi should contemplate joining the Kwankwasiyya Movement to aid in liberating Nigeria from the burdens of ineffective leadership.

“The NNPP presidential flagbearer is far ahead of the former Anambra state Governor in everything. So, saying that Kwankwaso will serve as Obi’s running mate in next three years is like relegating him to the background as such speculation does not hold water.

“To those that have listened and clearly understood the interview, what Senator Kwankwaso said was like humiliating Peter Obi not the opposite,” Galadima told PM News.

A Peoples Democratic Party (PDP) national chairmanship aspirant, Conrad Utaan, has said that the All Progressives Congress (APC) might win the 2027 election.

He warned that this would be the case if the ongoing issues within the PDP continues.

Utaan stated this while addressing newsmen in Abuja on Wednesday.

He lamented that internal crisis has rendered all key figures in the PDP ineffective.

Naija News reports that the PDP has been grappling with internal disputes since the buildup to the 2023 presidential election, which contributed to the party’s candidate, Atiku Abubakar, losing to the incumbent President Bola Tinubu of the APC.

Speaking on the situation, Utaan said, “Look, there’s so much confusion in our party, the PDP. The APC, as much as we hate to admit it, may just stroll into another term by 2027 if the PDP continues this way with this crisis.

“The big names in the PDP have become dormant because of the issues we have found ourselves in within the party. That is the reason why we are advocating for North Central to complete its term as PDP National Chairman to resolve all issues.

“By the way, this term ends in November 2025. I am not running to be chairman for four years. I am running to complete the term of the North Central, the term of Benue, the term of Benue North West Central District, even if it’s for two days. It belongs to the North Central. It belongs to Benue. It belongs to Zone B of Benue. It’s ours, even if it’s for two days.”

Utaan, who described it as a shame that the PDP has been mired in an internal crisis for so long, emphasised the urgent need for the North Central to propose a replacement for Damagum to be approved at the National Executive Committee meeting on October 24.

“What came to us in the North Central was the national chairman of the PDP, and then all of a sudden, we discovered that Damagum was becoming more or less a substantive chairman. And then nobody was saying anything, you know, so again, I took it upon myself to give it a challenge.

“And our case should not be an exception. The Chairman of the PDP is for the North Central Zone. If the party, or the National Executive Committee of the party, decides that Damagum should be a substantive chairman, they should come out and inform the North Central. If not, the North Central must bring a replacement; the North East cannot have both the Deputy National Chairman and the National Chairman at the same time when we in North Central are left with nothing,” he said.

He stressed that the PDP urgently needs peace and genuine reconciliation, stating that he is not too proud to ask all stakeholders for help in achieving this.

Former Minister of Transportation, Rotimi Amaechi, has expressed frustration over the perceived complacency of Nigerians in the face of ongoing economic challenges.

In an interview with Igbere TV, Amaechi criticized the lack of proactive responses from the populace, particularly the youth, regarding the rising cost of living.

Amaechi, who previously served as the governor of Rivers State, noted that he anticipated a surge of protests from young people demanding action against the deteriorating economic conditions.

He said, “People should be angry because you cannot see a group of people stealing your money without doing anything. I am really angry with the citizens because they are not doing anything.

“Look at what happened in Edo State, should any politician be campaigning in Edo State? See, some of us cannot afford to buy diesel again because it’s costly.”

Naija News understands that Amaechi’s call comes hours after the Nigerian National Petroleum Company Limited (NNPCL) announced that it had increased the ex-depot prices for Premium Motor Spirit (PMS), better known as fuel for marketers.

NNPCL Retail Limited communicated this change through a price list, indicating that the ex-depot price in Calabar is now set at ₦1,050 per litre.

According to the National Oil Company, the ex-depot price in Lagos is ₦1,010 per litre, while in Port Harcourt, it stands at ₦1,045. Additionally, the prices in Ogara, Koko, and Warri are all set at ₦1,040 per litre.

William Troost-Ekong has confirmed that Ahmed Musa is still the captain of the Super Eagles even though the veteran winger is not currently in the squad.

Ahmed Musa who has not been called up by Nigeria since the 2023 Africa Cup of Nations in Cote d’Ivoire, is currently playing for Nigeria Premier Football League (NPFL) club, Kano Pillars.

In a recent league game against Sunshine Stars, the 31-year-old forward scored two goals as he helped his team secure a 2-0 victory.

Musa has also made it clear that he has not retired from international football.

Ahead of Super Eagles’ 2025 AFCON qualifiers against Libya, Troost-Ekong said at a media parley in Ikot Ekpene that Musa remains the leader of the national team.

“We’re happy he’s back,” Troost-Ekong said at today’s media parley in Ikot Ekpene.

“He’s still our captain and he’s welcome back any time.

“He’s our most capped player, a good role model, he’s a good leader.

“I am happy to deputise for him.”

On the other hand, with Victor Osimhen unavailable for selection in the 2025 Africa Cup of Nations doubleheaders due to injury, Bayer Leverkusen striker Victor Boniface has expressed his readiness to step in for Osimhen against the Mediterranean Knights of Libya.

Boniface is expected to fill the void left by the injured Galatasaray forward in the starting lineup against the North Africans.

Despite the pressure that comes with replacing a key player like Osimhen, the 23-year-old striker emphasized that he does not feel burdened by the team’s goal-scoring responsibility.

“I don’t feel any pressure. It’s not just me; we have other strikers, Kelechi, Awoniyi and myself. If I play, if any of us play, we will try to get the win,” Boniface told Football Fans Tribe.

“For me, the most important thing is the team’s performance. If we are winning and I’m not scoring, then I don’t have any problem. Whatever people want to say, they should say it, but as long as we are getting the win, then it’s fine by me.”

Petroleum marketers have confirmed that the recent fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL) is due to the complete removal of subsidies on Premium Motor Spirit (petrol).

As a result, NNPCL has raised the pump prices to ₦1,030 per litre in Abuja, the Federal Capital Territory, and ₦998 per litre in Lagos.

This clarification came from spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, during an interview with DAILY POST on Wednesday.

Ukadike’s comments were in response to the latest price adjustment at NNPC stations, which increased from ₦897 per litre to ₦1,030.

This hike follows a previous increase by NNPCL, where the pump price jumped from ₦617 to ₦897 per litre.

Ukadike said, “It is a price template that shows that the total deregulation of the oil and gas sector and the implementation of the Petroleum Industry Act have taken off.

“With this, I don’t think there is anything like a subsidy on petroleum products now. NNPCL is now selling as they are buying from Dangote Refinery. NNPCL is no longer a middleman for oil marketers. Marketers are to buy petrol products from Dangote Refinery. It has become a willing buyer, selling relationship. We are embracing the new NNPCL price template.”

However, Ukadike mentioned that neither NNPCL nor Dangote Refinery has yet disclosed their ex-depot prices, which are essential in determining the resale price for marketers.

“Although they have not released their ex-depot prices, we are waiting for NNPCL’s ex-depot prices. Once the ex-depot prices of NNPCL and that of Dangote Refinery are released, we will now choose where to buy our petroleum products and stock our filling stations,” he concluded.