Popular Nigerian comedian and filmmaker, Ayo Makun, widely known as AY, has voiced his concerns regarding the exorbitant service charges imposed by Nigerian commercial banks. He questions how these banks consistently declare trillions of Naira in profits every quarter, despite the country’s struggling economy. AY Challenges Nigerian Banking Fees Taking to his X (formerly Twitter) handle, AY Makun pointed out that many of these service charges seem exclusive to Nigeria. He emphasized the need for greater transparency and accountability in the financial sector. He wrote:“Where do banks get the trillions they declare as profits every quarter, even in a struggling economy? The small charges and debits on our accounts need to be challenged. Many of these fees are unique to Nigeria. Why is that? #BankingFees #Nigeria #Transparency #Shalom” The Growing Concern Over Banking Fees Nigerians have long complained about unexplained deductions and excessive service charges on their accounts. Many customers argue that some of these fees are unjustified, raising concerns about the banking sector’s regulatory oversight. Reports have shown that Nigerian banks generate substantial revenue from service fees, including SMS alerts, card maintenance, and transfer charges. According to a reliable financial report, some of these charges contribute significantly to their quarterly profits. The Need for Transparency and Consumer Protection In many countries, banking fees are regulated to ensure fairness and transparency. However, in Nigeria, several deductions remain unexplained, leaving customers frustrated. AY’s call for accountability highlights the importance of consumer rights and the need for financial institutions to operate with greater transparency. Conclusion AY Makun’s statement has reignited discussions on Nigerian banks’ service charges. As more customers raise concerns, financial regulators must step in to address these issues and ensure fair banking practices. For more updates on financial transparency and consumer protection, check out our article on how to protect your finances from hidden charges. Read more about Nigeria’s financial policies and banking regulations. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
ABUJA – President Bola Tinubu has reiterated that his decision to remove the fuel subsidy is aimed at safeguarding the future of Nigeria’s younger generations. Speaking at the inauguration of the National Youth Congress Planning Committee at the Presidential Villa, Abuja, Tinubu emphasized that his administration is committed to empowering the youth and securing a prosperous future for all Nigerians. Fuel Subsidy Removal: A Strategic Move for National Development Addressing the gathering, Tinubu reaffirmed that his policies are geared towards long-term economic growth. He stated: “Today is not for lengthy speeches, but I want to assure you that you are the hope of this nation. Every decision I have made is centered on securing the future. By removing the fuel subsidy, we are ensuring the economic stability of generations yet to come. Infrastructure development is essential, and we must invest in it.” The President also highlighted the issue of migration, known as ‘Japa’ syndrome, where young professionals leave Nigeria for better opportunities abroad. He stressed that by fostering economic prosperity at home, young Nigerians would find more reasons to stay and contribute to national growth. “When we create economic opportunities and empower our citizens, they will have fewer reasons to leave. This is your home, and it is your responsibility to build it into a thriving nation.” Economic Growth and Investment Prospects Tinubu acknowledged the challenges his administration faced initially but expressed optimism about the country’s economic progress. “When we started, things appeared uncertain and difficult. It felt like drawing water from a dry well. However, today, our economy is stabilizing, prices are dropping, and investor confidence is rising. Technology is advancing, creating new opportunities for young people.” The President urged Nigerian youth to take an active role in shaping the country’s future. He encouraged them to openly express their concerns and suggestions for national development. “Speak to me directly. Share your concerns and recommendations. We will work on implementing ideas that promote Nigeria’s prosperity.” Empowering Youth Through Technology and Agriculture During the event, Tinubu officially inaugurated the Youth Congress Planning Committee and urged them to embrace technology in every aspect of their work. “Let’s harness technology, explore agricultural opportunities, and create sustainable solutions to empower the youth. We must also work towards achieving food sovereignty for Nigeria.” Expressing his admiration for the younger generation, he added humorously: “I admire you all. If I had a chance to be young again, I would seize the opportunities available today. Unfortunately, that is not possible, but I remain dedicated to supporting you.” Youth Inclusion in Governance Minister of Youth Development, Ayodele Olawande, commended Tinubu’s commitment to youth engagement. He assured that the upcoming youth conference would serve as a platform for young Nigerians to contribute ideas for national progress. Olawande also revealed that the committee includes representatives from the Federal Ministry of Finance, civil society organizations, non-governmental organizations, and international partners such as the World Bank. Executive Director of Yiaga Africa, Samson Itodo, a key member of the planning committee, praised Tinubu’s administration for recognizing the role of youth in governance and national development. Conclusion Tinubu’s administration continues to emphasize economic reforms and youth empowerment as key drivers of national development. The removal of fuel subsidies, investment in infrastructure, and prioritization of technology and agriculture are expected to secure Nigeria’s future and create sustainable opportunities for young citizens. Read more about Nigeria’s economic policies. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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NCWGG Plans to Challenge NLC’s February 4 Protest on Telecom Tariff Hike ABUJA – The Nigeria Citizen Watch for Good Governance (NCWGG) has declared its intention to mobilize against the Nigeria Labour Congress (NLC) in response to the planned nationwide protest on February 4, 2025, against the recent telecommunications tariff increase. The group argues that the NLC’s opposition to the hike is counterproductive and could harm the country’s economic stability. NCWGG Supports Telecom Tariff Increase In a statement released on Thursday, Collins Eshiofeh Idowu, President of NCWGG, defended the decision by the Nigerian Communications Commission (NCC) to approve up to a 50% increase in telecom service charges. According to him, this adjustment is vital for sustaining the telecommunications sector, which is a major contributor to employment and economic growth. He criticized the NLC’s stance, stressing that the union had failed to consider the challenges telecom operators face, including rising operational costs. He warned that rejecting the price adjustment could destabilize the sector, leading to job losses and disruptions in communication services. “NLC’s Protest is an Economic Sabotage” – NCWGG The group strongly opposed the planned protest, describing it as unnecessary and harmful to Nigeria’s economic interests. “Did the Labour Congress consider the millions of jobs that rely on a stable telecom industry? What happens if telecom operators can no longer afford to sustain their services? If Nigerians are unable to make calls or access the internet, it would cripple economic activities,” the statement read. Furthermore, NCWGG accused the NLC of acting against the interests of Nigerians and the administration of President Bola Tinubu by failing to recognize the long-term benefits of the tariff adjustment. NCWGG Mobilizes Against NLC Protest Declaring its readiness to counter any anti-tariff demonstrations, NCWGG vowed to mobilize its members across all 36 states and the Federal Capital Territory (FCT). The group maintained that allowing the tariff increase would help modernize Nigeria’s telecom infrastructure, meet the increasing demand for data services, and ensure high-quality, uninterrupted telecommunications for Nigerians. “This increase is necessary to protect the telecommunications industry, enhance service delivery, and drive economic progress. We will not allow economic instability to be created by uninformed protests,” NCWGG concluded. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The Central Bank of Nigeria fined nine banks ₦1.35 billion for failing to ensure cash availability via ATMs. Learn about the penalties, CBN’s guidelines, and the validity of old Naira notes. The Central Bank of Nigeria (CBN) has enforced a ₦1.35 billion fine on nine commercial banks for failing to ensure the availability of Naira notes through Automated Teller Machines (ATMs) during the festive period. This decisive action demonstrates the apex bank’s commitment to maintaining uninterrupted cash flow across the nation. CBN’s Enforcement of Cash Availability The penalties, amounting to ₦150 million per bank, were imposed following the banks’ non-compliance with the CBN’s cash distribution guidelines. Spot checks conducted by the central bank revealed lapses, prompting the enforcement of this measure. The affected banks include: These fines were directly debited from the banks’ accounts with the CBN to underline the seriousness of the violations. Zero Tolerance for Cash HoardingMrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, reaffirmed the apex bank’s zero-tolerance policy for cash hoarding. She stated: “Ensuring seamless cash flow is paramount to maintaining public trust and economic stability. Any institution violating cash circulation guidelines will face strict sanctions.” To bolster compliance, the CBN continues to monitor cash distribution at bank branches and Point-of-Sale (POS) operators. Collaboration with security agencies is underway to tackle illegal cash sales and enforce the daily cumulative withdrawal limit of ₦1.2 million for POS operators. Governor Cardoso’s Warning to Banks Governor Olayemi Cardoso emphasized the importance of adherence to cash distribution policies during his address at the Chartered Institute of Bankers of Nigeria (CIBN) Annual Bankers’ Dinner in November 2024. He reiterated the CBN’s commitment to ensuring financial stability and public trust, warning that non-compliance would result in severe penalties. Reaffirmation of Old Naira Notes’ Validity Amid concerns and misinformation, the CBN has reassured the public of the validity of the old ₦1000, ₦500, and ₦200 notes. The bank highlighted that a Supreme Court ruling on November 29, 2023, permits the indefinite concurrent circulation of all designs of these denominations. Key Takeaways: In a statement signed by Mrs. Hakama Sidi Ali, the CBN urged Nigerians to accept all Naira denominations for transactions and handle them responsibly to ensure durability. “For the avoidance of doubt, all versions of the naira – old and new designs – remain valid and legal tender indefinitely.” Conclusion The Central Bank of Nigeria’s recent actions highlight its dedication to financial stability, efficient cash distribution, and public trust. As the regulator continues to monitor compliance, financial institutions and citizens are reminded of their roles in supporting a robust and stable monetary system. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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An audit report reveals ₦313 billion in unaccounted funds from Nigerian petroleum regulators, exposing financial mismanagement and urging recovery of lost government revenue. A recent audit by Nigeria’s Auditor General has revealed significant financial mismanagement within two key petroleum regulatory agencies, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The audit indicates that over ₦313 billion and $2.28 billion in revenue were unaccounted for, resulting in substantial government losses. The audit, focusing on activities in 2021, identified poor regulatory oversight and violations of financial regulations. Among the highlighted issues were outstanding royalties, unremitted bridging allowances, and inconsistencies in marketers’ debt records. Despite explanations provided by both agencies, many responses were deemed inadequate by the Auditor General. Key Findings: Recommendations: The Auditor General has directed the Chief Executive Officers of both NUPRC and NMDPRA to recover the outstanding amounts and ensure compliance with financial regulations. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The APC Northwest Reclamation Front (ANRF) commends the Federal Government for renewing the Nigeria-China currency swap deal, highlighting its potential to revitalize the naira and boost economic growth, while urging action against banditry and hoarders in the Northwest. The APC Northwest Reclamation Front (ANRF) has lauded the Federal Government’s decision to renew the Nigeria-China currency swap agreement. The group described the move as a strategic step toward bolstering businesses in the Northwest region and across the nation. Malam Hisham Habib, the Coordinator of ANRF, issued a statement in Kano expressing optimism about the deal’s potential to revive the naira and support economic growth. Habib emphasized that the Central Bank of Nigeria (CBN) should address existing challenges to ensure the success of the currency swap deal, which could improve Nigeria’s economic stability. Concerns Over Banditry in Kebbi and Other Northwest StatesWhile praising the government’s economic initiative, the ANRF raised concerns about ongoing security issues in the region. The group specifically highlighted the persistent attacks by Lakurawa bandits in Kebbi State and other parts of the Northwest. They called on security chiefs, led by General Christopher Musa, to intensify efforts to curb these threats and ensure peace in the region. Economic Impact of Hoarders and MiddlemenThe ANRF also condemned the activities of hoarders and middlemen who artificially inflate prices by creating scarcity of essential commodities. They urged the Federal Government and Northern governors to intervene and prevent such exploitative practices, which undermine farmers’ and industries’ efforts. The Call for Economic Stability and Leadership AccountabilityThe group stressed the need for the APC-led government under President Bola Tinubu to stabilize the naira in the exchange market, as this is vital to controlling inflation and ensuring economic growth. They expressed hope that 2025 would mark a turning point for Nigeria’s exchange rate stability and economic resilience. The ANRF reiterated the importance of fulfilling campaign promises, noting that the future of the ruling APC hinges on its ability to maintain public trust and alleviate the economic hardships faced by Nigerians. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Nigeria’s Broad Money Supply (M2) saw an impressive 51% year-on-year (YoY) growth, climbing to N108.96 trillion in November 2024. This surge, primarily driven by Federal Government borrowing from the private sector, reflects deepening fiscal challenges linked to domestic borrowing. Data from the Central Bank of Nigeria (CBN) Money and Credit Statistics revealed this increase from N72.03 trillion recorded in November 2023. Understanding Broad Money Supply (M2) Broad Money Supply (M2) includes various monetary components such as cash, demand deposits, savings deposits, time deposits, and money market deposits, which collectively indicate liquidity within the economy. Trends in Money Supply The CBN reported a consistent six-month growth in M2 from April 2024. However, there was a slight drop in October, with M2 falling month-on-month (MoM) by 1.5% to N107.7 trillion from September’s N109.4 trillion. The trend reversed in November, as M2 grew by 1.2%, reaching N108.96 trillion. Breakdown of Growth Components The YoY growth in M2 was fueled by increases across key components: Credit Allocation Increases The report highlighted substantial credit expansions: Implications and Policy Recommendations This sharp rise in money supply underscores the growing reliance on domestic borrowing. While it meets short-term financing needs, unchecked borrowing can lead to inflationary pressures, higher interest rates, and long-term economic instability. To mitigate these risks, there is an urgent need for improved fiscal discipline and effective monetary policy to balance liquidity and economic stability. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The Socio-Economic Rights and Accountability Project (SERAP) has called on Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas to slash the proposed budgets for the presidency and the National Assembly. SERAP highlighted the presidency’s N9.4 billion allocation for travels, meals, and catering, alongside the National Assembly’s N344.85 billion budget, urging that the savings be redirected to reduce Nigeria’s budget deficit. SERAP’s Key Requests Constitutional Violations and Public Interest In a letter dated December 21, 2024, signed by SERAP Deputy Director Kolawole Oluwadare, the group stated that excessive spending contradicts the Nigerian Constitution. The organization emphasized that such allocations are unjustifiable, given the country’s economic challenges and reliance on borrowing to fund the 2025 budget. Unnecessary Increases in Budget Allocations SERAP criticized the proposed increase in the presidency’s budget for “rehabilitation and repairs of fixed assets,” which jumped from N14 billion in 2024 to N26 billion in 2025. Similarly, it highlighted questionable allocations, including: The total proposed spending for the offices of the president and vice president amounts to N11.6 billion. Call for Accountability SERAP urged the National Assembly to fulfill its constitutional obligations to ensure prudent use of resources. This includes reducing unnecessary expenditures, combating corruption, and addressing Nigeria’s debt crisis. Persistent borrowing, the group argued, is unsustainable and unfair to citizens. Recommendations to Lawmakers SERAP warned that failure to act could result in legal action to compel the National Assembly to discharge its constitutional duties. Constitutional Obligations SERAP cited key provisions of the Nigerian Constitution, including: Conclusion By cutting wasteful spending and addressing systemic corruption, the National Assembly can set an example of good governance and ensure that public funds are used to improve the lives of Nigerians. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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President Bola Tinubu has instructed the Nigerian National Petroleum Company (NNPC) Limited to expedite the restoration of the Warri and Kaduna refineries, alongside the second Port Harcourt refinery. Progress on Refinery Rehabilitation This directive follows the successful rehabilitation of the first Port Harcourt refinery, which resumed petroleum product loading operations on November 26, 2024. The presidency described this milestone as a significant step toward enhancing Nigeria’s domestic refining capacity. “With the successful revival of the Port Harcourt refinery, President Bola Tinubu urges NNPC Limited to expedite the scheduled reactivation of both the second Port Harcourt refinery and the Warri and Kaduna refineries,” the statement read. Boosting Energy Security and Economic Growth The presidency emphasized that revitalizing these refineries will bolster Nigeria’s refining capacity, reduce reliance on imports, and complement the operations of private-sector refineries. Additionally, the administration highlighted its commitment to transforming Nigeria into a key energy hub. The statement also noted the “unprecedented attention” given to the gas sector, a critical component of Tinubu’s Renewed Hope Agenda focused on economic growth and energy security. Acknowledgments and Future Goals President Tinubu acknowledged former President Muhammadu Buhari’s role in initiating the comprehensive rehabilitation of the refineries and expressed gratitude to the African Export-Import Bank for financing the projects. He also commended Mele Kyari, NNPC’s Group Chief Executive Officer, for his leadership, citing patience, integrity, and accountability as essential in rebuilding the country’s infrastructure. “Our Renewed Hope Agenda is centered on achieving energy sufficiency, enhancing energy security, and increasing Nigeria’s export capacity,” the statement concluded. READ ALSO:
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The Federal Inland Revenue Service (FIRS), Nigeria Customs Service, and Nigeria National Petroleum Company Limited (NNPCL) announced on Monday that they exceeded their respective revenue targets for the current fiscal year. During a session with the Joint Committee on Finance, Budget, and National Planning on the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP), key agency leaders provided updates on their performance. Record-Breaking Revenue Achievements FIRS Chairman Zacchaeus Adedeji reported significant progress, stating that all revenue components surpassed expectations. For instance, N5.7 trillion was generated from company income tax, far exceeding the N4 trillion target, while education tax collections reached N1.5 trillion against a N70 billion target. Overall, FIRS realized N18.5 trillion out of the N19.4 trillion target by the end of September, with the expectation of further surpassing the annual projection. NNPCL’s Group Chief Executive Officer, Mele Kyari, shared that the company exceeded its 2024 revenue projection of N12.3 trillion by reaching N13.1 trillion before the third quarter’s end. For 2025, NNPCL aims to remit N23.7 trillion to the federation account. Similarly, Nigeria Customs Service Comptroller-General Bashir Adeniyi disclosed that as of September 30, the agency had generated N5.352 trillion, surpassing the N5.09 trillion 2024 target. Customs also set ambitious goals of N6.3 trillion for 2025 and annual 10% increases for subsequent years. Lawmakers Question Excessive Borrowing Despite these successes, lawmakers voiced concerns about the government’s reliance on borrowing to fund capital projects. Senator Adamu Aliero (Kebbi Central) questioned why borrowing persists despite strong revenue performances. In response, FIRS Chairman Adedeji clarified that borrowing is part of the National Assembly-approved appropriation act, ensuring that the executive operates within the legislature’s framework. Similarly, Budget and Economic Planning Minister Senator Atiku Bagudu emphasized that borrowing is necessary to address budget deficits, including the N9.7 trillion gap in the 2024 budget. Finance Minister Wale Edun reiterated that despite increased revenue, borrowing remains crucial for comprehensive budget funding, especially for developmental projects targeting the most vulnerable populations. Immigration Service Under Scrutiny The Nigeria Immigration Service faced backlash over a controversial private-public partnership (PPP) for passport production. The agreement, which allocates 70% of proceeds to a consultancy firm and only 30% to the government, was deemed “unacceptable” by committee chair Senator Sani Musa. He demanded a review or cancellation of the arrangement, instructing the agency to present all relevant documents by the end of the week. Looking Ahead For 2025, the government projects total revenue generation of N49.7 trillion, signaling continued efforts to optimize resources while addressing structural budgetary challenges. READ ALSO:
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Donald Trump’s anticipated return to the White House as the 47th President, following a notable win over Kamala Harris, sparks fresh concerns for Nigeria’s economic prospects. Trump’s “America First” economic agenda, emphasizing domestic energy production, import tariffs, and promoting low interest rates, may notably influence Nigeria’s economy, particularly regarding exchange rates, capital movement, inflation, and migration.Key Points Trump’s second term could introduce significant challenges for Nigeria’s economy.A stronger dollar, potential capital outflows, and subdued global oil prices may heighten exchange rate fluctuations, pressuring the naira and spurring inflation. Stricter immigration policies could curb remittance inflows, and geopolitical shifts might reduce U.S. support for Nigeria’s security and development needs. To mitigate potential impacts, Nigeria’s policymakers may need to enhance regional trade, boost non-oil exports, and implement structural reforms.Exchange Rate Pressures from a Strengthened Dollar Trump’s policies could strengthen the U.S. dollar, particularly if import tariffs boost demand for U.S.-made goods.A stronger dollar typically raises the cost of acquiring foreign currency for developing economies like Nigeria, straining the Central Bank of Nigeria’s (CBN) attempts to maintain naira stability. With the naira already depreciating by over 45% this year, an even stronger dollar could worsen import costs, fuel inflation, and diminish purchasing power. The cost of servicing Nigeria’s debt, much of which is dollar-denominated, would also increase. Considering Nigeria’s reliance on imported fuel, raw materials, and goods, further dollar strengthening could intensify inflation and living expenses.Interest Rates and Capital Movement into Nigeria Trump has historically favored low interest rates, pressuring the Federal Reserve to maintain an accommodating monetary stance, even during economic expansion.Under his first term, the Federal Reserve raised interest rates to a high of 2.5% in 2018, later cutting them to near zero by March 2020 in response to the COVID-19 crisis. A renewed push for lower rates could affect the Federal Reserve’s stance. If U.S. rates remain low, capital could potentially shift toward emerging markets in search of better returns. However, continued dollar strength and global economic uncertainty may still lead investors to favor U.S. assets for stability. Between 2016 and 2020, Nigeria attracted around $58.1 billion in capital inflows, peaking in 2019 with $23 billion due to high-yield government bonds, including $4.69 billion from U.S. investors. If Trump’s policies result in a low-yield U.S. environment, Nigeria could draw more U.S.-based capital, aiding foreign exchange stability and supporting the naira Inflation and Energy Policy Trump’s drive to cut U.S. energy costs through increased domestic oil production could result in prolonged low global oil prices. His first term saw crude prices drop significantly, with WTI crude averaging $39.17 per barrel in 2020, down from $65.20 in 2018.Nigeria, which depends heavily on oil revenue, could face budgetary and spending pressures if low oil prices persist, impacting inflation and growth. Proposed tariffs, such as a 60% tax on Chinese imports, could raise U.S. inflation, potentially affecting Nigeria through higher import costs. Since the U.S. ranks among Nigeria’s major trading partners (N2.2 trillion in imports and N2.8 trillion in exports in early 2024), increased U.S. prices could drive up Nigeria’s inflation via essential goods like machinery, pharmaceuticals, and food products.Immigration and Remittances Trump’s return could renew concerns about U.S. immigration policy, as his previous term included travel bans affecting Nigerians under national security pretexts.If such policies are reinstated, they could restrict educational and work opportunities for Nigerians in the U.S. READ ALSO: EducationSix Leadership Principles that we can learn from an Eagle Reduced migration would likely decrease remittance inflows—a crucial source of foreign currency for Nigeria, historically contributing over $20 billion annually. Lower remittances could diminish domestic consumption and strain Nigeria’s foreign reserves.Geopolitical and Aid Considerations Trump’s “America First” stance deprioritizes military and development aid to Africa in favor of minimizing international commitments.Reduced U.S. military aid could affect Nigeria’s counter-terrorism efforts, critical in combating Boko Haram and other groups. Decreased developmental assistance could hinder social projects, demanding more domestic spending in sectors like health and education and putting pressure on the Nigerian government’s budget.Trade Policy Implications Trump’s “Buy American” approach could impact Nigeria’s trade with the U.S. by reducing imports and increasing tariffs.In early 2024, Nigeria recorded a trade surplus with the U.S., with imports at N1.9 trillion and exports at N3.1 trillion. Potentially reduced U.S. imports could hurt Nigeria’s export earnings, especially in key sectors such as oil, minerals, and agriculture, affecting its current account balance and foreign reserves.
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According to Aliko Dangote, chairman of the Dangote Refinery, his facility has enough gasoline on hand to end fuel lines for up to 12 days. Following President Bola Tinubu’s meeting with members of the local currency implementation committee for the sale of crude oil and refined products, which is chaired by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, he made this statement in response to inquiries from State House correspondents. According to Dangote, the Lagos refinery can generate more than 30 million liters of gasoline per day, depending on demand from local retailers and the Nigerian National Petroleum Company (NNPC). We currently have 500 million liters in our tanks. This stock can support the nation for more than 12 years even in the absence of imports or production. days. We are more than prepared to increase production as necessary and provide at least 30 million liters per day,” he stated. READ ALSO Fuel lines still exist in Nigeria’s major cities despite these guarantees, which irritates the populace. Dangote clarified that his function as a producer does not include retail when questioned about the disparity between his statements and the situation on the streets. “Retail is not my line of work. You could hold me responsible if I was. The fuel we have on hand has to be picked up by retailers. We have what they require. There won’t be any lines at filling stations if they come and get the fuel. Keeping fuel costs me money every day. within our tanks,” he declared. The businessman was confident that the current shortages would be greatly reduced if stores were prepared to purchase fuel from his refinery. “I see no reason why they wouldn’t come and collect our product for distribution if they have been able to import 55 million liters,” he stated. After what he called a fruitful conversation with President Tinubu about the future of Nigeria’s gasoline supply, Dangote voiced hope. He emphasized the significance of the talks, which focused on using a market-determined exchange rate for petroleum products and crude oil. “You heard the remarks made by the chairman of the committee on petroleum products, crude oil, and naira. After a productive meeting, we decided that NNPC would purchase crude only similar to any other marketer. “This is a big step forward,” he stated. About 300,000 barrels of crude oil have been allotted to Trigo Refining and Petrochemical Company, according to Dangote, for the manufacturing of liquefied petroleum gas (LPG), gasoline, aviation fuel, and other petroleum products. The function of Afrexim as a settlement bank between Dangote and NNPC, which enables more seamless transactions in the crude oil market, was also discussed at the meeting, he said. “This initiative will revitalize a variety of industries, including plastics and aviation,” he said. Dangote admitted that current consumption levels may change due to increased prices, but he nevertheless expressed confidence in the refinery’s ability to supply local demand. As our capacity increases to roughly 420,000 barrels per day, we will have the ability to to completely satisfy the market,” he clarified. Edun previously gave President Tinubu an update on the implementation of a plan to sell crude oil to regional refiners in naira, based on their meeting. “The initiative enables local refiners to buy crude oil and sell their products to the Nigerian public in naira,” he said. Establishing market pricing for petroleum products is what we have accomplished. This puts our economy on the route to industrialization, especially when combined with market pricing for foreign exchange. Edun voiced confidence in Nigeria’s path toward industrial development, even though he acknowledged that there are still obstacles to overcome. “We now see a clear path toward modernizing our economy, even though it’s early days and much work remains,” he said. In the meantime, yesterday the NNPCL raised the Premium Motor Spirit (PMS) pump prices range from N998 to N1,025. The hike, which is effective immediately throughout its whole retail location, amounts to a N27 per liter rise. The most recent increase supports the Daily Sun’s exclusive news from Monday that fuel marketers have agreed to evaluate gasoline price increases once a week. On October 9, 2024, NNPC Retail raised the price of gasoline at the pump from N855 per liter, which was established in September, to N988. The recent spike has angered drivers, who claim the government is making life intolerable for the typical Nigerian. Drivers, primarily commercial bus drivers, claimed in separate interviews with the Daily Sun that the weekly fluctuations in gas prices are reducing their profit margins. The Association of Nigerian In a recent statement, the Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) expressed alarm about the growing prices of gas at the pump in Lagos and Abuja, cautioning that this might set off a chain reaction of economic hardship throughout the nation. The costs, which have increased to N998 and N1,030 per litre, respectively, are putting strain on households and businesses across the country, according to a statement issued by Mr. Dele Oye, national president of NACCIMA. He cautioned that the price increase may increase the cost of transportation, exacerbate inflation, and have a major impact on small and medium-sized businesses. Oye emphasized that a comprehensive evaluation of the economic effects is necessary, particularly with regard to the costs of goods, services, and transportation. Since fuel prices directly affect transportation costs, this increase will act as a trigger for Concerned about the rising cost of gas in Lagos and Abuja, the Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) recently issued a statement warning that this might set off a chain reaction of economic suffering throughout the nation. According to a statement issued by Mr. Dele Oye, national president of NACCIMA, the prices, which have increased to N998 and N1,030 per liter, respectively, are putting strain on households and businesses across the country. He cautioned that the price increase might have a major impact on small and medium-sized businesses, increase transportation
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The blackout in Nigeria’s northern area over the past week has alarmed President Bola Ahmed Tinubu. He has called in the National Security Advisor, Nuhu Ribadu, and the Minister of Power, Adebayo Adelabu, to spearhead efforts to put an end to the disruption that has paralyzed social and commercial operations. The president has instructed the power minister and other pertinent organizations to expedite efforts to bring energy back to all of the Northern states that are impacted. The reports of deliberate damage and vandalism of electrical infrastructure and other public assets that led to the regrettable outage sadden President Tinubu. READ ALSO In a discussion with Mr. Adebayo Adelabu, the Minister of Power, who provided an update on the Transmission Company of Nigeria’s activities The President directed a long-term solution to the issue in order to repair the damaged Shiroro-Kaduna transmission lines. TCN engineers were urged by President Tinubu to persevere in providing prompt assistance to those who require power to support their social and commercial endeavors. President Tinubu also instructed Mallam Nuhu Ribadu, the National Security Adviser, to coordinate with the Army and Air Force to deploy sufficient security personnel, including aerial cover, to safeguard the engineers repairing the damaged transmission line in order to guarantee that restoration work proceeds uninterrupted. To safeguard public resources and infrastructure, President Tinubu calls on community leaders, traditional leaders, and other intellectual leaders to collaborate with security forces. He declared that intentional destruction and sabotage of public facilities would no longer be tolerated by the government. YOU MAY ALSO LIKE THIS
