Connect with us

News

Fuel Pump Price Jumps By 91% In Six Years –Report

Published

on

The cost of fuel pump increased from N87 per litre as of December 2015 to N165.77 by December 2021, showing an increase of 90.54 per cent.

This is according to the Fuel Pump Price Per Litre – Average (PMS) data from the Central Bank of Nigeria.

Advertisement

The Nigerian National Petroleum Corporation became the sole importer of petrol in Nigeria in 2016 after the Federal Government introduced the price modulation mechanism, which saw the pump price of the commodity rise.

A few months after the hike in May 2016, the value of crude oil in the international market soared, while the value of Nigeria’s currency, the naira, slid to almost N500/dollar, from about N197 to the dollar.

This affected the landing cost of petrol, which rose steeply, and the country not willing to hike the pump price of the commodity again, soon returned to subsidising the product.

Advertisement

The NNPC said that fuel subsidy gulped N306.92bn in 2015.

In 2021, the NNPC said fuel subsidy gulped N1.43tn, although there was no record for under-recovery in January.

This means that the cost of fuel subsidy rose by 365.92 per cent within the six-year period.

Advertisement

The NNPC called the subsidy payments under-recovery and deducted it from the proceeds of its domestic crude oil sales, before making remittances to the Federation Account.

The President, Major General Muhammadu Buhari (retd.), announced himself as substantive Minister of Petroleum in 2015. Before his regime, Buhari had denied the existence of fuel subsidy, describing it as fraud.

However, as a president, Buhari has failed to address the fuel subsidy crisis, which drains government revenue.

Advertisement

The World Bank and the International Monetary Fund have decried the continued spending by the Nigerian government on the petrol subsidy, urging the government to end the subsidy regime.

However, the Nigeria Labour Congress and other pressure groups and trade unions had threatened nationwide protests against the removal of the fuel subsidy.

Although the Federal Government had planned to eliminate the fuel subsidy by June 2022, the government backtracked on the plan and extended the subsidy regime by 18 months.

Advertisement

READ ALSO: Fuel Subsidy Puts Nigerian Economy At High Risk, World Bank Warns

The Nigerian Bar Association, amongst others, had described the decision of the All Progressives Congress-led government to suspend its planned petrol subsidy removal as an election strategy.

Also, the NNPC has said a total of N4tn from the Federal Government is required to fund the fuel subsidy in 2022.

Advertisement

Recent figures from the NNPC showed that fuel subsidy gulped N675.93bn in the first quarter of 2022.

According to the oil firm, fuel subsidy gulped N210.38bn, N219.78bn, and N245.77bn in January, February, and March 2022 respectively.

The President’s Special Adviser on Media and Publicity, Femi Adesina, earlier this year said Nigerians will have to pay a price to continue subsidising PMS, adding that the country might be left with no other choice but to continue borrowing to shoulder its fiscal overhead.

Advertisement

News

FG Predicts Heavy Rainfall, Flood In Seven States

Published

on

The Federal Ministry of Environment on Saturday predicted possible flooding in seven states and 25 locations across Nigeria.

The ministry, in its flood alert warned that heavy rainfall expected between August 23 and 24 could lead to flooding in the listed areas.

Advertisement

The alert was signed by the Director of the Erosion, Flood and Coastal Zone Management Department, Usman Bokani.

He further directed residents of communities along the flood plain from Jebba to Lokoja to evacuate immediately as the River Niger’s water level continues to rise.

READ ALSO:NiMet Predicts 3-day Thunderstorms, Rains

Advertisement

Due to the rise in the water level of River Niger, communities on the flood plain from Jebba to Lokoja are advised to evacuate,” he said.

The states and communities expected to be affected include Benue State (Abinsi, Agyo, Gbajimba, Gogo, Makurdi, Mbapa, Otobi, Otukpo, Udoma, Ukpiam); Borno State (Briyel, Dikwa, MaiduKamba; Gombe State (Bajoga, Dogon Ruwa, Gombe, Nafada); Kebbi State (Gwandu, Jega, Kamba); Nasarawa State (Agima, Keana, Keffi, Odogbo, Rukubi); Niger State (Lapai); and Yobe State (Gashua, Gasma, Potiskum).

On Friday, the National Emergency Management Agency urged residents in high-risk flood plains to evacuate to safer and higher grounds.

Advertisement

READ ALSO:Again, NiMet Predicts Three-day Thunderstorms, Rain From Saturday

The states at high risk according to the agency are Kebbi, Niger, Kwara states that share borders with Benin Republic.

This was disclosed in a press statement signed by the agency’s Head of Press Unit, Manzo Ezekiel.

Advertisement

The Director General of NEMA, Mrs. Zubaida Umar, also directed all NEMA offices covering communities along the River Niger to intensify advocacy and mobilization for flood preparedness following alerts of rising water levels in the upstream of the river in the Republic of Benin.

READ ALSO:NiMet Predicts 3-day Rains, Thunderstorms Across Nigeria From Sunday

In an urgent directive conveyed to the operations offices, Mrs. Zubaida Umar instructed them to sensitize communities to remain vigilant and advise residents in high-risk flood plains to evacuate to safer, higher grounds, especially those in Kebbi, Niger and Kwara states that share borders with Benin Republic.

Advertisement

“She further urged the State Governments of the identified high-risk areas to support their Emergency Management Agencies (SEMAs) and Local Emergency Management Committees (LEMCs) in activating contingency plans and preparedness measures to mitigate the potential impact of this year’s flooding.

“The Director General reaffirmed NEMA’s commitment to ensuring coordinated actions to safeguard lives and livelihoods along the River Niger,” the statement noted.

Advertisement
Continue Reading

News

‘Court Of Corruption’ — Obasanjo Knocks INEC Chairman, Judiciary In New Book

Published

on

Former President Olusegun Obasanjo has criticised the Nigerian judiciary, saying it has been “deeply compromised” and that corruption among judges has turned courts into “a court of corruption rather than a court of justice.”

In his new book, Nigeria: Past and Future, Obasanjo laments the steady decline of the Nigerian judiciary’s integrity, warning that justice has become commodified in Nigeria.

Advertisement

“The reputation of the Nigerian judiciary has steadily gone down from the four eras up till today. The rapidity of the precipitous fall, particularly in the Fourth Republic, is lamentable,” Obasanjo wrote.

He expressed concern that the judiciary’s decline poses a significant threat to the nation’s stability.

READ ALSO:EFCC Raids Obasanjo’s Hotel, Arrests Suspected Internet Fraudsters At Pool Party

Advertisement

Obasanjo recounted an incident where a governor showed him six duplex buildings belonging to a judge who allegedly acquired them from money made as chairman of election tribunals. This anecdote, he said, illustrates the depth of corruption in the judiciary.

The former president also accused Mahmood Yakubu, INEC chairman, of undermining the electoral process since 2015.

“No wonder politicians do not put much confidence in an election which the INEC of Professor Mahmood Yakubu polluted and grossly undermined to make a charade,” he said.

Advertisement

Obasanjo further alleged that politicians believe the outcome of election disputes depends on the will of tribunal judges, court of appeal judges, and supreme court judges.

READ ALSO:Obasanjo Blames Loss Of Values For Democracy’s Failure In Africa

No matter what the will of the people may be, the Chairman of INEC since after the 2015 election had made his will greater and more important than the will of the people,” he added.

Advertisement

Moreover, Obasanjo directly accused the late former President Muhammadu Buhari of colluding with the judiciary during his election cases.

Buhari threw caution to the wind, no matter what had transpired between him and the judges who did his bidding. In his election cases, financially, he topped it up with appointments for them no matter their age and their ranks,” Obasanjo alleged.

The former president concluded that the current state of the judiciary and electoral system in Nigeria is alarming, saying, “After a false declaration of results, making losers winners and winners losers, the victim of the cheating is advised to go to court, which is a court of corruption rather than a court of justice.“

Advertisement

Continue Reading

News

Sanwo-Olu Unveils Leather Hub, Eyes 10,000 Jobs

Published

on

Lagos State Governor, Sanwo-Olu, on Saturday inaugurated a state-of-the-art leather processing and manufacturing hub in Mushin, projected to create 10,000 direct jobs and generate over $250 million in annual export turnover when fully operational.

In a press release sent to PUNCH Online, the governor said the facility was formally inaugurated on Saturday by the First Lady, Senator Oluremi Tinubu, during her three-day official visit to Lagos.

Advertisement

He added that the hub was named in her honour to recognise her grassroots initiatives in social investment and economic empowerment, with 70 per cent of its employment slots reserved for women and youths.

The hub is equipped with modern machinery to support Nano, Micro, Small, and Medium Enterprises (NMSMEs), enabling mass production of shoes, bags, belts, packaging materials, and other leather products.

READ ALSO:I Will Snub Gov Sanwo-Olu Again – Mr Macaroni

Advertisement

It is designed to ease production bottlenecks, scale operations, and position Lagos as the leather logistics capital of West Africa.

Speaking at the inauguration, Tinubu described the hub as a “trailblazing project” aligned with President Bola Tinubu’s Renewed Hope Agenda to diversify Nigeria’s economy through industrialisation, manufacturing, and innovation.

The Lagos State Leather Hub in Mushin, formally commissioned by the First Lady of Nigeria, Senator Oluremi Tinubu, on Saturday, 23 August 2025.
Leatherwork is a traditional craft that has stood the test of time. This facility will empower artisans, scale up leather goods production, and enable them to compete confidently in both local and international markets,” she said, urging entrepreneurs to dedicate themselves to excellence and continuous learning.

Advertisement

Sanwo-Olu said the project would provide training and start-up support to over 150,000 artisans, boost the local economy, attract investments, and strengthen trade links with fashion districts, e-commerce platforms, and future rail services.

READ ALSO:Sanwo-Olu Unveils Bus Terminal, Slashes Red Line Fares By 30%

“Hides and skins that once left our shores unprocessed will now be transformed here in Lagos into world-class footwear, garments, and accessories proudly stamped ‘Made in Lagos, Made in Nigeria’,” the governor said.

Advertisement

He pledged to expand the facility through transparent regulation and continuous infrastructure upgrades, adding: “True dividends of democracy are best felt when they reach the cobbler in Mushin, the tanner in Oko-Oba, and the young fashion designer in Yaba.”

Commissioner for Wealth Creation and Employment, Akinyemi Ajigbotafe, said the hub would lower production costs and raise quality standards, positioning Lagos-made leather products for dominance in both local and export markets.

Advertisement
Continue Reading

Trending