Business

CBN’s Naira Re-design Rendered Farmers Empty Financially – FG

Published

2 years ago

December 11, 2023

The Federal Government on Monday said the naira redesign policy carried out by the Central Bank of Nigeria from December 15, 2022, to early February this year when the Supreme Court ruled against it, ran farmers bankrupt.

In a similar lamentation, federal lawmakers declared that the rate of hunger and famine in the land is resulting in the deaths of the poor in rural areas.

Lamentations on the effects of the controversial naira re-design and hunger arising from insecurity came to the fore during the budget defence session the Minister of Agriculture and Food Security, Senator Abubakar Kyari, had before the National Assembly Joint Committee on Agriculture.

In his presentation before the joint committee chaired by Senator Saliu Mustapha ( APC Kwara Central), the minister said the focus of the 2024 budgetary proposals for the sector is to achieve food security in the country.

According to him, several factors like insecurity and the naira re-design policy carried out about a year ago, impoverished the farmers and severely threatened food security in the country.

“The cash crunch caused by the naira re-design made most of the farmers sold their farm produce at giveaway prices for survival since buyers couldn’t access cash to buy the produce from them.

“The policy which coincided with harvest season, ended rendering the farmers empty financially,” he said.

In their separate remarks at the session, Dahiru Haruna from Toro Federal Constituency in Bauchi State and Ademorin Kuye from Shomolu Federal Constituency, Lagos State, raised the alarm on urgent need by the Federal Government to address the high rate of hunger in the country largely caused by insecurity.

Haruna, in his remarks, said ” Minister, being from the North East, the picture I am about to paint shouldn’t be strange to you at all.

“The pathetic picture of people dying of hunger daily while majority of those surviving, feed once a day.

“Making it worrisome is the fact that even people from neighbouring countries like Chad, Niger, Benin Republic and Central Aftrica, are trooping in to mop up the little food, signalling total famine in the area if not urgently addressed by stockpiling the silos “.

But Ademorin, in his remarks, wrote off the silos by putting it to the minister that most of the silos built by President Jonathan’s administration are alleged to be concessions for N20 million each.

The minister, however, in his response, assured the lawmakers that all issues raised would be decisively addressed in the 2024 fiscal year.

Kyari said food security is the number one out of the 8- 8-point agenda of President Bola Tinubu’s administration and that the ministry has repositioned itself for actualisation of the agenda.

According to him, some of the action plans already being implemented to ensure food security in the country aside from securing the farmlands by security agencies are “certification of available planting materials for some food security crops in readiness for dry season farming.

“Reviewing the mechanisms and processes for delivering fertilizers and agro-pesticides input to farmers under a transparent and accountable regime.

“Fast-tract the take off and operations of the National Agricultural Development fund.

“Implement a joint action plan with the Federal Ministry of Water Resources to unlock the huge irrigation potentials of the River Basin Development Authorities and other flood plains in the country to guarantee all-year-round food production etc.”

Earlier in his submission, he told the committee members that for the 2024 fiscal year, a total of N362.940 billion was earmarked for the sector out of which N124.1 billion is for the Ministry.

The breakdown of the N124.1billion according to him, shows that N10.6billion is for personnel cost, N1.34 billion for overhead and N112.497 billion for capital expenditure.

Business

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

2 weeks ago

August 14, 2025

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.

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.

Business

Dangote Refinery Reduces Fuel Price

Published

2 weeks ago

August 12, 2025

Editor

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.

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

2 weeks ago

August 11, 2025

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.

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.

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