Business

Return Cooking Gas Price To How You Met It In 2015, Group Tells Buhari

Published

4 years ago

January 8, 2022

Civil rights advocacy group, Human Rights Writers Association of Nigeria, has asked President Muhammadu Buhari to return the price of Liquefied Petroleum Gas popularly called cooking gas to how he met it in May 2015 when he assumed office.

National Coordinator of HURIWA, Emmanuel Onwubiko, made this known in a chat with The PUNCH on Saturday.

According to Onwubiko, Nigerians have nothing to jubilate or rejoice over about the recent marginal drop in the cost of cooking gas.

According to PUNCH findings, the price of 12.5kg LPG has dropped from N8,800 to between N8400 and N8200. In some outlets, the price of the commodity dropped to between N7,800 and N8,000 as of Thursday.

The product had increased by 240 per cent for 12.5kg, moving up from N3,000 to N10,200 within the first 10 months of 2021.

The development forced some LPG users to shift to charcoal or firewood, as consumers of the commodity raised the alarm over the persistent hike in its price.

The Programme Manager, National LPG Expansion Implementation Plan, Office of the Vice President, Dayo Adeshina, had said the Federal Government was putting measures in place to ensure further reduction in the cost of cooking gas.

Cooking Gas Depot Price drop
However, in a chat with our correspondent on Saturday, the HURIWA coordinator said the marginal reduction (less than N1,000) in the price of cooking gas is not substantial.

Onwubiko said, “The failure of the relevant governmental bodies to regulate the pricing of gas assets in Nigeria is a recipe for encouraging the ballooning poverty situations that we have witnessed since 2015 that President Muhammadu Buhari has operated economic policy frameworks devoid of progressive mechanisms.

“Government lacks the requisite political will, sincerity of purpose and commitments to do the needful to ensure that millions of homes in Nigeria are not subjected to economic ordeals just so they can get gas to power the preparations of their foods and other essential services domestically and otherwise.

“High costs of gas has led to the closure of many restaurants and small businesses thereby increasing unemployment rates in Nigeria. The high cost of gas has affected the green environment and this shows that this government is hypocritical when it mouths her readiness to take remedial steps to halt the consequences of climate change.

“All those international trips costing the taxpayers billions of naira by the President and retinue of ministers to attend climate change-related global summits without taking local steps to check unaffordable costs of gas resources in Nigeria is cosmetic and hypocritical.”

When asked whether it would be better for Buhari to return the price of cooking gas to what it was in 2015, Onwubiko said, “Yes, but this government is unrepentantly incompetent.”

“The government derives satisfaction in imposing outrageous and satanic economic policies on Nigerians. This is even why the government has decided to tax us more for drinking soft drinks even when wives of politically exposed officials buy champagnes and expensive wines at public costs for their own enjoyment in their cocoons,” he added

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

1 day ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

1 day ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

2 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.