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Price war! NNPC mimics Dangote, downs petrol price to N860

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Less than 24 hours after Dangote Petroleum Refineries and Petrochemical (DRAP), announced a downward slash of the price of Premium Motor Spirit (PMS) otherwise known as petrol, the Nigerian National Petroleum Company (NNPC) Limited has followed suit by bringing down its own retail price.

In what appears a price war, which could see the price of the commodity, which sharp rise from N198 to N550, after President Tinubu announced the removal of subsidy on the product, minutes after his inauguration on May 29, 2023, and had risen to as high as N1,200 at a point in 2024, the NNPCL said the product would now sell for N860 per litre in Abuja from N965 per litre in Abuja.

Outside the price reductions, which reportedly caught the independent marketers unawares, with most of them complaining of products which they could hardly market due to high prices, the Dangote, said to be the biggest single-chain refinery in the world, upped the ante on Sunday when it announced it would absorb N16billion loss by refunding N65 per litre to marketers so Nigerians will benefit from cheaper fuel.

In a statement issued over the weekend, the refinery said particularly that it would refund customers who purchased petrol at rates higher than the advertised prices from any of its key partners – AP (Ardova Plc), Heyden, or MRS – across Nigeria, a move coming its most recent reduction of its gantry price from N890 per litre to N825 per litre.

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Stating that the move was part of the ongoing efforts to ensure that Nigerians were the primary beneficiaries of the price reduction and in line with President Bola Tinubu’s Renewed Hope Agenda, aimed to stimulate the economy, the refinery confirmed it would refund N65 per litre on the over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price of N890 per litre, before the new rate of N825 per litre.

“The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change. More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people,” adding that the initiative would extend beyond MRS Holdings, Ardova Plc (AP), and Heyden.

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Tinubu having his way because today’s governors are cowards – Amaechi

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Nigeria would not be in the sort of socio-political and economic mess it is currently facing but for the cowardice of the present crop of governors, Rotimi Amaechi, former governor of Rivers state, said on Tuesday, saying the country needed courageous leadership at the state levels to confront the ugly situation.

As chairman at the public presentation of Sule Lamido’s autobiography titled: Being True To Myself, written by Sule Lamido, former Governor of Jigawa State, Amaechi, who later became a two-time Minister of Transportation under President Muhammadu Buhari, bewailed the parlous political situation where governors could no longer speak for the people.

Stressing the timidity of his successors, the former governor, who was apparently miffed at the rate at which opposition governors of the Peoples Democratic Party (PDP), were defecting to the ruling APC, in spite the parlous economic situation in the country, he said such a crisis would never have been allowed during his own time.

Amaechi, who was chairman of the Nigeria Governors Forum (NGF) during Lamido’s second term, but eventually defected to the APC to lead the campaign for the election of Buhari, told his audience: “I asked you (Lamido) this morning, what is going on currently in the country, in Nigerian politics — would it have happened when we were governors?

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“You said no. And the answer is no. We would confront the government, confront the President. That’s how radical we were, that’s how our governors forum operated, that’s how determined we were to change things.”

Dwelling on his relationship with the ex-Jigawa governor, who was in office between 2007 and 2015, Amaechi said their working relationship was strong, despite occasional disagreements — including Lamido’s initial objection to his election as NGF chairman.

“We were quite good friends in government. We had our bad times when we disagreed. I made the mistake of assuming he was as radical as I was. So, he was one of the governors I clung to when it came to radical decisions. The last one before we broke ranks was when we all agreed to go against President Jonathan. We formed a committee of governors and others.

“At the end of the day, he went to find a new party, the SDP. We said, ‘If we go to the SDP, we will lose the election. Let’s hang on to this one called the APC.’ He disagreed and left us. That’s where we parted ways. You must never forget the battles we fought.”

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Tinubu almost clearing Buhari’s economic mess – Oshomhole

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“There is no question that there are huge challenges. But if you look at the balance sheet that this President inherited — massive liabilities arising from the very reckless misuse of ways and means — you’d understand why these steps were necessary.”

These were the exact words of Adams Oshiomhole, Senator, representing Edo North at the National Assembly on the state of the Nigerian economy, expressing confidence that the way the President was going, it would not be long before the parlous situation would experience a marked improvement.

Oshiohmole, former Governor of Edo State and former National Chairman of the All Progressives Congress (APC) who was a guest of Politics Today, a public affairs progromme on Channels Television, said on Tuesday, Nigerians were justified to feel unhappy over the rising cost of living and the closure of businesses since the removal of fuel subsidy in 2023, but urged them to be patient and maintain trust in the reforms.

He added: “It’s a work in progress. The surgeon has gone to carry out the surgery. He understands that there is a level of pain — there has to be pain. But the good news is that the patient is healing. Maybe he could heal faster, but there can be no question that the patient is healing.”

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Stressing on the issue of the exchange rate unification as a painful but critical decision to align supply with demand, he warned that failure to do so could have plunged the country into a Zimbabwe-like economic collapse, adding: “The consequential increase in cost of living was predictable. But if that was not done, Nigeria was on its way to Zimbabwe.

“President Tinubu deliberately chose to make all the difficult but necessary decisions in his first term to pave the way for long-term recovery. He took the right decision by insisting that in the first term, he would take all the tough decisions — prayerfully — so that as we move on, the situation improves.

“There is no magic to governance. I don’t think any Nigerian who understands the macroeconomic environment that was inherited by this government would expect that, in 24 months, everything would be fixed. Truly, this economy was badly mismanaged. This is not to blame anyone, but to speak to fact. I can say the worst is over, and we are going to begin to witness improvements in standard of living.

“As a governor, it took me time to have a holistic view of the challenges I inherited and to decide, in terms of priority, what to do first. As a Nigerian, I live in the community and among the people. I can say that there is a level of hardship, but things are improving.”

“Given where we are today in the economy, Tinubu will still win the presidential election. The President eliminated an exploitative foreign exchange regime that previously benefited only a privileged few. Tinubu abolished the ‘benefit of exchange rate’ transfer to bureau de change. Today, what he gets in exchange rate is what I get. Eliminating that free rate — which was available to a few people connected with the CBN management — took courage.”

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Wike to get N1.78trillion as 2025 budget *Senate ignores Ningi’s objection

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Senate on Wednesday brushed aside the objections of Abdul Ningi, Senator representing Bauchi South at the National Assembly to commence acerated hearing on a whopping ₦1.783 trillion statutory appropriation bill for the Federal Capital Territory (FCT).

The bill for the appropriation of the amount, came through President Bola Tinubu to the Senate in charge of making laws for the FCT, urging them to approve the proposal for the 2025 financial year.

Shortly after reading the letter transmitting the proposal, the upper chamber on Wednesday, harkened to the request of the President to give the bill expedited consideration, noting that its passage was critical to ensuring an effective and service-oriented administration for residents of the FCT.

But an attempt by the Bauchi Senator, elected on the platform of the Peoples Democratic Party (PDP) to halt debates on it pending when the members were abreast of the details was ignored as the Senate invoked Order 78 to allow the bill to scale second reading the same day it was introduced.

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Palpably dissatisfied, Ningi, who was once suspended for questioning the financial integrity of the Senate, had raised concerns about the procedure under Order 77 (3 and 4), pointing out that lawmakers had not been provided with copies of the bill prior to the debate.

Leading the debate on the bill, after the objections were brushed aside, Opeyemi Bamidele, Senate Leader, explained that the proposed legislation seeks to authorise the issuance of ₦1,783,823,708,392.00 trillion from the FCT Administration’s Statutory Revenue Fund to finance personnel, overhead, and capital expenditures between January 1 and December 31, 2025.

The budget breakdown includes N150.35 billion for personnel costs, N343.78 billion for overhead, and N1.29 trillion allocated for capital projects.

Bamidele underscored that the primary objective of the budget was to drive an effective and enduring service-oriented administration, with a strong focus on completing ongoing projects that have significant impacts on infrastructure and essential services in Abuja.

He noted that the budget prioritises the continuation of existing projects in the FCT, with the introduction of new ones deemed crucial.

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It was on the same day that the Senate also confirmed the appointment of five Resident Electoral Commissioners (RECs) submitted by the President in March for the Independent National Electoral Commission (INEC).

The confirmation, which followed the receipt and consideration of a report by Simon Lalong, Chairman of Senate Committee on Electoral Matters during plenary on Wednesday, who urged members to confirm the nominees having passed the screening exercise.

The approved RECs are Umar Yusuf Garba (Kano State), Sa’ad Umar Idris (Bauchi State), Chukwuemeka C. Ibeziako (Anambra State), Umar Mukhtar (Borno State) and Dr. Johnson Alalibo Sinikiem (Bayelsa State).

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