Business
Abia Secures $125m Loan To Implement 2024 Budget
Published
1 year agoon
By
Editor
Abia State Governor, Alex Otti, says the state government plans to secure loans to implement the 2024 Budget, adding that already, the Islamic Development Bank has approved $125 million for the state.
Otti disclosed this Monday during a chat with journalists in Umuahia, the state capital.
He added that the African Development Bank has also approved some funds for the state.
The governor said, “Two days ago, the Islamic Development Bank approved the sum of $125m for us under AB Seed, as well as the African Development Bank, AfDB. All is yet to be drawn until after perfection.
READ ALSO: Otti Clears Air On N1.5billion For Two Hilux Vehicles In Abia Budget
“We have received offers of loan from commercial banks, but we have not drawn on any of them. We do not want to draw loans until we need them and will repay when we have liquidity, and we will pay later.”
On wage awards or salary increase, the governor assured workers that his administration had not withdrawn its promise on that, stating that there is already a committee in place on the matter.
“We had promised that by the end of this month, we will resolve the lingering pension issues. In our executive council meeting today, we had some resolutions, and soon, pensioners will be settled,” he said.
According to him, the local government accounts are not tampered with, stating, “Mayors are grading roads and building health centres. I don’t know where else they are getting the money from.”
READ ALSO: Appeal Court Affirms Otti’s Election As Abia Governor; PDP Calls For Calm
On infrastructure, the governor said, “Abia will continue with our massive road rehabilitation, light up Abia, improvement in the health system and the resolve to retrieve education system that has been going down”, adding that 170 primary schools and 51 secondary schools have been earmarked to be rehabilitated so that at the end of the year, all schools will be fully rehabilitated.
He said the state government has designed the best models for Abia schools so that “the Abia standard schools will look a certain way.”
He added that trained teachers will teach students what is relevant in the 21st century, including the internet, renewable energy, and digital technology, among others to make Abia students competitive in line with global practices.
However, the state government, he said, would ensure the quality and skills necessary to teach the students by ensuring the right training for the teachers, stating “We have received lots of support from multilateral agencies. We are not alone. ”
On health, he said, “We will continue to improve healthcare delivery in the state”, stating also that in terms of food security, the state has a lot of initiatives to deal with hunger and is working round the clock to ensure that all lands in Abia will be cultivated this planting season.
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Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
2 weeks agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
2 weeks agoon
August 11, 2025By
Editor
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
READ ALSO:
Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
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