President Bola Tinubu-led government has distanced itself from the recent hike in petrol prices, stating that the Nigerian National Petroleum Company Limited (NNPCL) made the decision independently based on prevailing market conditions.

The adjustment has seen pump prices soar to as high as ₦1,075 per litre in some regions.

As of Wednesday, the NNPCL raised the fuel price in Abuja from ₦897 to ₦1,030 per litre, while prices in Lagos jumped from ₦855 to ₦998.

In other regions, the price changes were similarly steep, with the North-East seeing prices at ₦1,070, and the South-West states averaging ₦1,025. The South-East and South-South regions experienced price hikes to ₦1,045 and ₦1,075, respectively.

This surge in fuel prices has sparked widespread outrage among Nigerians, prompting calls for President Bola Tinubu to intervene and reverse the increase.

However, in an interview with Daily Trust, Minister of Information and National Orientation, Mohammed Idris, clarified that the government should not be held accountable for the price hikes.

Idris explained that the NNPCL’s decision was influenced by various factors affecting the energy industry, including ongoing volatility in the global market, particularly due to crises in the Middle East.

He emphasized that the NNPCL is no longer in a position to absorb the financial losses incurred from previous price settings.

The minister stated, “The differential you’re seeing is a result of different factors.

“One of them is the crisis in the Middle East. There’s volatility in the market. Therefore, the prices of petroleum products are going up, consistent with what is happening with other operators in the industry globally. Secondly, NNPC cannot continue to absorb these losses for Nigeria because, as a limited liability company, it would be operating at a loss.”

Idris urged Nigerians to understand the complexities faced by the NNPCL and the government, assuring that, in the long run, prices would eventually stabilize.

He highlighted that savings from the subsidy removal would be reinvested into critical sectors such as healthcare, education, infrastructure, and security.

Additionally, the minister mentioned that the government’s initial investments in Compressed Natural Gas (CNG) would help mitigate the impact of rising fuel prices as more operators enter the market.

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 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.”

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.”

Senate President Godswill Akpabio has urged Nigerians to place their love for the country above financial gain.

Akpabio spoke on the floor of the senate on Tuesday.

The Senate President asserted that the country would be better if citizens who are skilled in various fields stayed back in the country.

“The country is losing its expertise. If they acquired those expertise and returned to Nigeria, it would have been better,” he said while commenting on a motion seeking to address mass immigration of Nigerians

“I also think the conditions of service are quite responsible. I believe people should place love for their country above financial gains.

“That is why many of us choose to remain here,” he added.

Akpabio said the massive migration of Nigerians has adversely impacted the country’s health sector.

He said, “The brain drain is a big problem, not just in the educational sector, particularly in the health sector – it is affecting us a lot.

“The greatest professionals in medicine in the USA, from what I read, some people say we have almost 22,000 health workers in there (US) who are Nigerians and they are doing extremely well.

“I have seen that from different reports.

“In the educational sector, the disadvantages are too numerous because some of the departments do not have even up to 50 per cent staff strength.

“So what then are you teaching our children? It’s like a computer, garbage in and garbage out.”

The Senate President said the National Assembly would continue to do its best to better the lives of teachers so that they could stay back and impact future generations.

The Federal Ministry of Education has set up a 31-man panel to renegotiate the agreement entered into between the Federal Government and the Academic Staff Union of Universities.

The committee, according to findings by our correspondent, will be inaugurated next Wednesday.

This move by the government is part of plans to avert a potential disruption in the academic calendar of universities, following a fresh strike threat issued by ASUU.

Speaking to our correspondent in Abuja, the Director of Press, FME, Folasade Boriowo, said, “The government has started working, and I am sure that ASUU won’t be embarking on a strike because a number of developments are ongoing. A 31-man renegotiation committee has been formed, and they will be inaugurated next Wednesday.”

ASUU recently issued the Federal Government a 14-day ultimatum to resolve several lingering issues, failing which it would embark on a fresh round of industrial action.

Among other demands, ASUU is seeking the conclusion of the renegotiation of the 2009 FGN/ASUU Agreement based on the Nimi Briggs Committee’s Draft Agreement of 2021, as well as the release of withheld salaries due to the 2022 strike action.

Additionally, ASUU is demanding the release of unpaid salaries for staff on sabbatical, part-time, and adjunct appointments affected by the Integrated Payroll and Personnel Information System, as well as the payment of outstanding third-party deductions such as check-off dues and cooperative contributions. 

The union is also seeking funding for the revitalization of public universities, partly captured in the 2023 Federal Government Budget, and the payment of Earned Academic Allowances, also partly captured in the 2023 Federal Government Budget.

ASUU President, Prof. Emmanuel Osodeke, in a statement issued last Wednesday, expressed frustration with the government’s lack of commitment and delay tactics, stating that these actions were fueling a crisis in the public university system.

“In view of the foregoing, ASUU resolves to give the Nigerian Government another 14 days, in addition to the earlier 21 days, beginning from Monday, September 23, 2024, during which all the lingering issues must be concretely addressed to the satisfaction of the membership of the union. The union should not be held responsible for any industrial disharmony that arises from the government’s failure to seize the new opportunity offered by ASUU to nip the looming crisis in the bud,” the ASUU President said.

The President of Dangote Group, Aliko Dangote, has said that Nigeria needs to stop mortgaging crude oil to ensure the availability of feedstock for local refineries.

Dangote, who spoke at a summit organised by the Crude Oil Refinery Owners Association of Nigeria in Lagos, said it was unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, Nigeria and African countries are spending oil proceeds from the future.

“To ensure sufficient feedstock availability we will need to stop mortgaging crude. It is unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, in Africa, we are spending oil proceeds from the future today,” he stated.

On October 4, 2024, The PUNCH exclusively reported that the Nigerian National Petroleum Company Limited had pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn. 

The report stated that pledging 272,500 barrels daily meant that about 8.17 million barrels of crude would be used for different loan deals by the national oil firm on a monthly basis.

This, it said, was according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements.

On Tuesday at the event,  Dangote, who was represented by the Group Executive Director, Mansur Ahmed, said the country must also prioritise the implementation of the domestic crude.

“We will also need to prioritise the implementation of the domestic crude supply obligation. We will need to expand crude production capacity to support demand from the refinery,” he submitted.

He also revealed that the company built the 650,000 barrels per day capacity Dangote refinery In Lagos without any incentive from the government.

“We built the Dangote refinery without a single incentive from the government. However, to achieve the vision of turning Nigeria into a refining hub for the region, investors need to be incentivised,” he stated.

Dangote maintained that 1.8 million barrels of new refining capacity is coming on stream in the next three years in Kuwait, China, and Bahrain.

On the other hand, he said Europe is tightening environmental standards while Holland and Belgium have banned exports of low-quality petroleum products from their hubs, stressing that these low-quality products used to be destined for Africa.

Quoting a report, Dangote mentioned that several refineries across Europe and China, with a total capacity of 3.6 million barrels per day are likely to be shut down over the next couple of years.

He said, “It was recently in the news that Scotland’s only refinery will be shut down next year. Shell is converting the 7.5 million tonnes per annum refinery in Germany to a lubricating plant.

“So, the opportunities are there. Africa imports about 3 million barrels per day of petroleum products. About half of this volume is imported by countries along the coast from Senegal to South Africa.

“These same countries produce over 3.4 million barrels of crude per day, which indeed highlights the problem of the dimension of excess crude production capacity without refining capacity. The imports come from Europe, Russia, and other parts of the world.

“So to grab this opportunity, we will need to build 1.5 million barrels per day of additional refining capacity. This would not be an easy feat, and strong support from the government and cooperation between stakeholders would be essential.”

This came as the Federal Government announced that it has officially designated the Dangote refinery as the exclusive supplier of jet fuel or Jet A1 for Nigerian airline operators.

This was disclosed by the Minister of Aviation, Festus Keyamo, during an interview with Channels TV on Tuesday.

“The airline operators just met recently. With my blessing, it’s a decision from the airline operators in Nigeria that they should only buy from Dangote refinery Jet A1,” Keyamo said.

“You can see that yesterday we started the naira-for-crude purchase with Dangote. It’s all naira, no dollar component,” he added.

Keyamo further explained that sourcing jet fuel from Dangote would protect airline operators from the volatility of international oil prices, ultimately lowering their operational expenses.

Nigerian oil company, Oando Plc, has been shortlisted by the Trinidadian government as one of three final contenders to take over the country’s state-owned refinery, Petrotrin.

The defunct company is a state-owned oil company in Trinidad and Tobago.

The Trinidadian Finance Minister, Colm Imbert, disclosed this during a presentation of its national budget held on September 30. Our correspondent obtained the minister’s speech on Monday.

He noted that among the initial 10 proposals, three companies had made the final shortlist including, CRO Consortium, a consortium of three Trinidadian companies, INCA Energy, an American company, and Nigeria’s Oando Plc.

The bidding process began in February 2024, when the government of Trinidad and Tobago enlisted the services of US-based Scotia Capital to oversee the refinery’s procurement by inviting “expressions of interest.”

Imbert noted, “A formal selective Request for Proposals process will now be initiated to determine the winner among these three companies, with a view to restarting the refinery, if found feasible.”

He explained that the proposals received were evaluated based on five criteria which were, a clear restart plan and timeline by the proposing company.

This restart plan and timeline had to include an asset integrity assessment, utility requirements such as power, natural gas, and water, as well as sources of crude supply.

Other criteria included a viable financing plan that covered working capital, and an agreement with the Trinidadian state oil company, Paria, that safeguarded the national interest in fuel security while addressing the management of Heritage’s crude supply, among others.

The refinery located in Pointe-a-Pierre, Trinidad had been closed since 2018, when the country’s Prime Minister, Keith Rowley noted that the refinery was recording losses of up to $2bn per annum.

Colm Imbert in his budget speech noted that the accumulated losses of the refinery as of the last audit was $15bn, with the country carrying a public debt of $3bn on behalf of the company.

He also noted that when the refinery was shut down in 2018, it was battling with low productivity levels.

Trinidad and Tobago, just like Nigeria is a crude oil-producing nation that relies on imported petroleum products for its energy demands.

According to reports, the refinery under review was built in 1917, making Trinidad the major oil supplier to the Caribbean region. In 1956, the owner of the refinery, Trinidad Leaseholds was acquired by Texaco, however, Texaco’s assets were nationalized in 1984.

In 1993, the Petroleum Company of Trinidad and Tobago (Petrotrin) was formed and formally took over control of the refinery. By 2018, the refinery was shut down and Petrotrin and broken into four companies, including Guaracara Refining Company which is now the holding company for the refinery as well as other assets offered for sale.

Oando Plc in August just completed a $783m acquisition of Nigerian Agip Oil Company, thus increasing the company’s interest in the different joint venture assets.

The acquisition has also given Oando control over 40 oil and gas fields, of which 24 are producing.

Access Holdings Plc says Access Bank, its flagship subsidiary, has secured a provisional licence from the Bank of Namibia to establish a commercial bank in the country.

Speaking in a statement on Monday, Sunday Ekwochi, the company’s secretary, said Access Bank’s operations in Namibia are expected to stimulate the local economy and strengthen its position as a leading regional player.

Commenting on the development, Roosevelt Ogbonna, managing director and chief executive officer (CEO) of Access Bank, described the move as a milestone in the bank’s efforts to promote intra-African trade.

“This expansion represents an important milestone towards establishing a railroad in Namibia for intra-African trade within the Southern African region, Africa, and the rest of the world,” Ogbonna said.

“It cements our commitment to building a robust Southern African banking network to deliver shared prosperity and advance financial inclusion thereby empowering many to achieve their dreams.”

Ogbonna said Access Bank’s entry into the Namibian market aligns with the institution’s broader goal of building a strong global franchise, opening new opportunities for businesses and individuals alike.

The CEO expressed the company’s eagerness to collaborate with local stakeholders to drive innovation, empower communities, and make a significant contribution to the region’s prosperity.

“We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value to our shareholders, customers, and wider stakeholder groups,” he added.

The bank also said in the coming months, it would work to fulfill the conditions required for the final licence approval and will keep the market informed.

Access Bank said with existing operations in Angola, Botswana, Mozambique, South Africa, and Zambia, it is positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region.

Nigeria has commenced discussions with Brazil to facilitate direct flights between both countries.

Festus Keyamo, minister of aviation and aerospace development, began negotiations with Carlos Garcete, Brazilian ambassador to Nigeria, to activate the bilateral air service agreement (BASA) and initiate direct flights between Nigeria and Brazil.

In a statement on October 7, Tunde Moshood, special adviser, media and communications to the minister, said the move is in line with the directive of President Bola Tinubu.

On August 29, Tinubu urged the Brazilian ambassador to Nigeria, to prioritise the establishment of direct flights between both countries.

“During the discussions, both envoys emphasized the need for new BASA arrangements to reflect current realities in the aviation world,” the ministry said..

“This meeting stems from the mutual interests shared by President Tinubu and Brazilian President Luiz Inácio Lula da Silva during a meeting in Addis Ababa in February 2024, where they agreed to reinitiate the BASA arrangements, recognizing the cultural and economic ties between Nigeria and Brazil.”

To ensure the successful finalisation of the initiative, both countries agreed to set up committees to draft and finalise new BASA arrangements.

The ministry said two Nigerian airlines, Air Peace and Caverton, have been designated to operate on the route, further highlighting the strategic partnership between the two nations.

According to the ministry, the Nigerian aviation industry is expected to see increased expansion and global reach upon the operationalisation of the agreement.

Speaking on the importance of the direct flights, Garcete highlighted the potential for immediate commencement of flight services, noting that both nations could facilitate four to five flights per week.

“The introduction of direct flights will spark significant economic growth between our countries,” he said.

However, he said the open skies agreement needs to be finalised to fully enable the proposed flights.

The ambassador also extended an invitation to the minister to visit Brazil for the formal signing of the agreement, marking a significant milestone in Nigeria-Brazil relations.

On his part, Keyamo, while expressing appreciation for the ambassador’s visit, noted the optimism about the potential economic impact of the BASA.

“There are numerous similarities between Nigeria and Brazil, and the activation of these flights will not only enhance trade but also strengthen cultural and social exchanges,” the minister said.

Keyamo reiterated Nigeria’s commitment to advancing bilateral aviation agreements that foster economic development and connectivity.