Business
World Bank, Nigerian Govt Disagree ON n 2025 Budget Assumptions
The World Bank has described the Nigeria’s 2025 Budget key assumptions of 2.1 million barrels per day oil production and $73 per barrel price as ambitious given the current production level of 1.6mbpd and $60pb price at the international market.
The Nigerian government, however, disagreed and stated that the assumptions were based on the potentials of the economy.
The World Bank in its May 2025 Nigeria Development Update presented on Monday in Abuja, explained that though most of all economic indicators remain positive, inflation remains high.
It noted that for Nigeria to achieve its target of a $1 trillion economy by 2030, the growth rate needs to be five times faster than its current rate of 3.8 percent.
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The global bank, despite the challenges and the rising cost of living in the country, urged the Federal Government to stay on course in the implementation of its economic reforms.
While presenting the report to a gathering that included the Ministers of Finance, Wale Edun, Budget and National Planning, Atiku Bagudu, Communication, Innovation and Digital Economy, Bosun Tijani, Governor of Central Bank of Nigeria, Yemi Cardoso, as well as the Governor of Plateau State, Caleb Mutfgang and private sector leaders, the Lead Economist at World Bank Country Office, Dr Alex Sienaet, commended the government for removing subsidies on petrol and liberalizing the foreign exchange market.
It reported that Nigeria’s fiscal outlook remains cautiously optimistic but hinges on the necessary consolidation of recent advances.
“First, it is essential to ensure that the full revenue gains from the removal of the PMS subsidy, estimated at about 2.6 percent of GDP in 2024, are transferred to the Federation Account.
“Despite the subsidy being fully removed in October 2024, NNPCL started transferring the revenue gains to the Federation only in January 2025.
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“Since then, it has been remitting only 50 percent of these gains, using the rest to offset past arrears. “Resolving any remaining net arrears and channeling the full benefits of subsidy reform to the Federation is critical for sound fiscal management.
“Second, close monitoring of the 2025 budget implementation is essential, as it has overly ambitious revenue assumptions and may lead to a larger-than-anticipated fiscal deficit.
“The budget aims to boost capital spending, and this must be done sustainably, within the broader objective of fiscal consolidation to complement monetary policy and achieve an overall policy mix that maintains fiscal discipline and brings down inflation.
“Third, sustained efforts to enhance expenditure efficiency and transparency are crucial to maximizing development outcomes.
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“This responsibility lies not only with the Federal Government, but especially with states, which now receive more revenue (N13.8 trillion in 2024) than the Federal Government (N12.3 trillion)”, it added.
The Minister of Finance, Wake Edun, pointed out that the government needs to push for transparency of fiscal data and transparency in the oil revenue sector, adding this is key to what the government is trying to achieve.
“In terms of where we go next, the key is investment. It is investments that allow increases in productivity that grows the economy and creates jobs,” he said.
According to him, the government is conducting a forensic audit of the NNPC Limited, assuring that all monies due to the federation account from NNPC Limited would be recovered.
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On his part, the Minister of Budget and Economic planning, Abubakar Atiku Bagudu, disagreed that the assumptions made in the 2025 budgets were over ambitious, pointing out that they were based on the country’s potential.
“Are the projections in the 2025 budget ambitious? No, they are not, in all modesty. This is because even in the presentation, two things were said: the oil price which is now $60 per barrel but the average for Nigeria is $73 because of our premium grades,” he submitted.
Also speaking, CBN Governor, Yemi Cardoso said the economy needs a period of sustained stability for it to grow, which is what the central bank has been doing.
“We recognize our role as the custodian of stability and we recognize what we have to do to ensure that we accomplish and attain stability,” the CBN boss explained.
(DAILY POST)
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.
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“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.
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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.
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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