Business
VAT: Wike Fumes, Threatens To Shut FIRS Offices In Rivers If …
Rivers State governor, Nyesom Wike, has threatened to shut offices of the Federal Inland Revenue Service ,FIRS, domiciled in the state should the FIRS continue to threaten companies domiciled in the state or bully the state over its (Rivers State) bid to collect Value Added Task (VAT).
Recall that a Federal High Court sitting in Port Harcourt had August 9, 2021, ruled that it was the right of the Rivers government to receive VAT in the state.
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The state argued that it was against the constitution for it to generate VAT that is later shared to other states.
However, the FIRS, allegedly issued threat to companies, warning that companies that pay to the state rather than the Federal Government would be sanctioned.
But Wike, in an interactive session with stakeholders in the state which was monitored by Info Daily on national television, further threatened to shut down companies or banks that refuse to pay its VAT to the state.
While stating that Rivers State is not among the “small, small, small states” that can be threatened by anyone including the Federal Government, Wike also stated that he’s not among those governors who shy away from what is right.
“FIRS should stop bullying at us. Rivers is not among the small, small small states they can bully at. If they continue their threats and bully, I will short all their offices in Rivers.
“I am not among the governors that will shy away from what is right.
I have the political will and constitutional rights to collect VAT.
“Any bank or company that refuses or fail to pay to us, I will shut down, I will be happy that during my time, heaven falls,” he said.
While stating that some states “are just waiting in Abuja to benefit from proceeds from other states”, disclosed that Rivers State made nothing less than N15.8bn VAT in the month of June for Federal Government, but only N4.8bn was given back to the state by the Federal Government.
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“In the month of June, N15.8bn was collected as VAT in Rivers State but only 4.8bn was given back to the state as VAT. Where did the remaining go?,” he questioned.
Asked about the State of Execution order and appeal at the Court of Apeal, Wike said it’s a delay tactics by FIRS and other parties concerned
He, however, vowed that if the court rule otherwise in the case, which he doubted, the state government would abide by the ruling.
Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
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.
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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
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
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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