Business
El-Rufai, Soludo, Sanusi Insist On Fuel Subsidy Removal
Published
2 years agoon
By
Editor
The Kaduna State Governor Malam Nasir El-Rufai and his Anambra counterpart, Prof. Charles Soludo, have urged the Federal Government to end the fuel subsidy regime which has negatively affected Nigeria’s economy.
The governors made the call on Tuesday in Abuja during a panel session at the policy conversation on “How Nigeria Can Build a Post-Oil Economic Future”.
The News Agency of Nigeria (NAN) reports that the symposium was jointly hosted by Agora Policy, a Nigerian Think Tank and the Carnegie Endowment for International Peace.
It also featured the presentation of a recently published book titled “Economic Diversification in Nigeria: The Politics of Building a Post-Oil Economy”– selected as one of the Best Books of 2022 by the Financial Times.
The book was authored by Dr Zainab Usman, a senior fellow and Director of the Africa Programme at the Carnegie Endowment for International Peace in Washington, D.C.
READ ALSO: Subsidy: Salary Payment Unlikely After June, Says Obaseki
Speaking, El-Rufai emphasised on the need to end the subsidy on Premium Motor Spirit (PMS) known as fuel and to be pragmatic about solution to the problems instead of delay.
He recalled that in 2021, the National Economic Council (NEC) gave a committee he chaired an assignment to work out a framework on what to do with the resources if subsidy was removed including how much to be raised.
He listed the components of its recommendation to include framework on investments in security, social protection, infrastructure on health and education among others.
“We worked with experts and World Bank and came out with a report on what to do with the resources which would be transperently explained to Nigerians.
“In 2021 the Federal Government ‘s budget for road was N200 billion and in 2021 we were projecting to spend N1.2 trillion on subsidy and we saw the danger and I called for its removal.
READ ALSO: No Local Refining, No Subsidy Removal, NUPENG Warns
“We have a framework and the economic council agreed for it to be withdrawn because we had a clear plan on where the money should go which include federal, state and local government for interventions.
“Still it is on and currently we are looking at N6 trillion on subsidy but go and check the national budget on infrastructure on health and education, it is not up to that and does not make any sense, so we need to end the subsidy,” he advised
Soludo on his part also called for a transformational leadership and agenda adding that the new dispensation had a chance for a fresh start.
“It has to start by getting the team assembled and getting to work immediately with institutional reforms and competitive system.”
According to him, it will be necessary if we begin to mainstream case studies and utilise lessons from those case studies that worked before by replicating them.
The governor said that productive policies to achieve speed and sustainability prosperity for institutional reforms and change were the key.
READ ALSO: Fuel Subsidy Is Organised Crime, I’ll Remove It – Peter Obi
Also speaking, former Central Bank of Nigeria’s Governor, Sanusi Lamido Sanusi, who was a special guest, underscored the need to prepare the minds of Nigerians on bad decisions that have bankrupted the country and close that hole.
Sanusi said in order to get it right, the incoming government should place competent officials in suitable positions.
“We are going to have a government sworn in May 29 and I think we have to start stating what is expected of that government.
“What do we, as Nigerians, classify as a milestone that shows we are heading to the right direction.
“We also need a government that understands the depth of the crises that we are. We all have a responsibility of conveying the implications of the policies that we recommend.
READ ALSO: NNPCL Reveals How Subsidy Retarded Infrastructure Development
“We need to go back to that situation where politicians respect the independence, integrity and autonomy of these institutions and where these institutions are held accountable by the law setting them up to perform duties,” he said.
Speaking, Aigboje Aig-Imoukhuede, Co-Founder, the Aig-Imoukhuede Foundation and Chairman, Coronation Capital, explained that the fuel subsidy was not grounded on thinking rather it was purely political.
According to him, refining crude oil and producing refined petroleum products in Nigeria would actually drop the prices of petroleum.
He further explained that fiscal consideration, debt restructuring and massive private structure investment should be considered by the incoming government for economic growth.
The participants, who lamented on fuel subsidy removal, called for effective utilisation of resources after its removal in new dispensation. (NAN)
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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
3 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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