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Improved Economy: Nigerians Fault Buhari’s Indices

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President Muhammadu Buhari’s assertion that the economy had improved has been opposed by Nigerians.

In his New Year speech, Buhari said his administration recorded significant achievements despite the downturn in local and global economy.

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He noted that the lessons learnt from COVID-19 encouraged increased efforts to mitigate its socio-economic effects.

The President mentioned the most recent Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS).

The 4.03% growth recorded in the third quarter of 2021, according to him, confirms recovery, confidence and effective blueprint.

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READ ALSO: BREAKING: President Buhari Appoints Chief Economic Adviser

“This recent growth is closely followed by the 5.1% (year on year) growth in real terms recorded by Nigeria in Quarter 2 of 2021.

“This growth was one of the best recorded by any nation across Sub-Saharan Africa. The 5.1% growth at that time remains the highest recorded by the Nigerian economy since 2014”, Buhari stated.

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But responding, a civil engineer based in Ibadan, Toba Atolagbe, disagreed with the President, stressing that the economy has become worse, “especially in the last three years”.

The builder advised Buhari against relying on figures on paper, but to meet people on the streets and allow the best brains handle policies.

“His ego is large, a big problem. He should let go of it and put his vice in charge of anything that has to do with the economy.

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“We all witnessed how the economy progressed when Yemi Osinbajo took charge”, Atolagbe recalled.

Precious Tombari, a staff of a firm in Rivers, maintained that the government’s position was different from what was obtained nationwide.

The citizen said the rise in the cost of food items, transport, kerosene, gas and other necessities had made life become unbearable for the poor.

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“The major success of any government is the provision of cheap livelihood for the masses and this isn’t the case.

“Basic things are now luxury for the ordinary man. There are now few affordable houses, food, amenities, etc.

“This government is a big failure. All they do is come up with ridiculous laws that frustrate the majority of the population.

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“All sectors are failing; doctors and tech guys are relocating. The number of people who have left the country since 2015 is an all-time high.”

Tombari urged the government to put in place structures and regulations to help the commoners access the basic things.

Another respondent, Tosin, a fashion designer in Lagos, told the federal government to “get uncomfortable with 2%, 3% growth rates”.

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READ ALSO: Jonathan Meets Campaign Coordinators As Two Northern APC Governors Back 2023 Presidential Bid

“Nigeria needs to grow by at least 26% for the next 30 years to break away from shambles into abundance”, he advocated.

On Tuesday, Buhari appointed Doyin Salami as his Chief Economic Adviser. He was Chairman of the Presidential Economic Advisory Council (PEAC).

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The Associate Professor obtained a Doctorate degree in Economics from the Queen Mary College, University of London.

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NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

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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.

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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.

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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.

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Dangote Refinery Reduces Fuel Price

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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.

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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.

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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.

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

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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.

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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.

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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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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.

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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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