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Economy

Amidst fears of price increase —–petroleum tanker drivers may go on strike

John Johnson
The challenges bedeviling the downstream sector of the oil industry seems to be getting complicated with the latest threat by the Petroleum Tanker Drivers (PTD) branch of the National Union of Petroleum and Natural Gas Workers (NUPENG)  to withdraw their services.
Their threat, if carried out will signal another round of fuel scarcity in the country, was coming on the heels of the possible increase in pump price of Premium Motor Spirit (PMS) otherwise known as Petrol.
The anger of the Petroleum tanker drivers, eyewitness news learnt, followed what they described as neglect of their welfares and safety by their employers, theNigeria Association of Road Transport Owners (NARTO).
At the executive meeting of the union held on Saturday,March 27, 2021 in Oyo State, the tanker drivers said they will embark on the strike if their employers, NATO, failed to negotiate the renewal of the Collective Bargaining Agreement for new working conditions for petroleum tanker drivers.
In addition, they threatened to go on  industrial action if government failed to enforce the compulsory installation of Safety Valves in all Petroleum trucks to protect the inflammable contents of the trucks from spilling over in a situation of road mishaps.

The tanker drivers, in the  communique signed by the National Chairman, Comrade Salmon Akanni Oladiti, issued a 14-day ultimatum to NARTO to initiate new conditions of service for petroleum tanker drivers effective 27th day of March 2021.

Also, it urged the Federal Government to ensure that the installation of safety valve is made mandatory in all petroleum trucks with effect from 1st of May 2021.

The communique read “The Branch Executive Council in session is not unmindful of the pains and discomforts our decisions and intending actions will have on the general public but these are hard and difficult decisions we must take for the sake of our members and even the general public,”

“The meeting in session noted with deep pains that the expiring collective bargaining agreement has been in operation for the past six years even when the country has been experiencing spiral inflationary trend that is further complicated by destructive powers of COVID 19 pandemic.

“The council in session expressed deep worries that Petroleum Tanker Drivers have been going through harrowing financial situations even while rendering selfless national services, to ensure delivery of Petroleum products to homes and factories in every nook and crannies of this country, day and nights, in good and bad weather and on highly deplorable highways.

“The branch executive council in session therefore resolved that following the continuing agitations of our members and the seeming hesitation of NARTO to negotiate the renewal of the CBA, the branch will no longer be able to guarantee the continued service of our members in the petroleum products distribution across the country if a new conditions of service for Petroleum Tanker Drivers is not provided for in the next fourteen days with effect from today 27th day of March 2021.

“The Branch Executive Council in session discussed with sadness, pains and deep worries, the increasing rate of fire incidences involving petroleum trucks with accompanying massive destruction of lives and properties of our members and general public.

“The Council in session noted with deep concerns the government’s dilly dallying attitude towards the enforcement of the compulsory installation of Safety Valves in all Petroleum trucks to protect the inflammable contents of these trucks from spilling over in a situation of road mishaps.

“The council in session expressed disappointment over the failure of the Federal Government to live up to its various commitments with various stakeholders in several meetings called by the government on the same matter.

“Insensitive government officials and unscrupulous businessmen will no longer be allowed to keep destroying the lives of our members and innocent general public. These fire accidents are becoming too many but definitely avoidable.

“It is in the well informed opinion of the council in session that these safety valves, if installed, will go a long way in reducing the rate of fire accidents involving petroleum trucks and therefore save precious lives and properties.

“In the light of the above, the Executive Council in session resolved to direct all our members to withdraw their services if installation of Safety valve is not made mandatory in all petroleum trucks with effect from 1st of May 2021, in view of the fact that our members are usually the first casualties in any situation of fire accidents involving petroleum trucks,” the communique concluded.

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Economy

News Alert! Tinubu sacks Wale Edun as Finance Minister in cabinet reshuffle, appoints Taiwo Oyedele as replacement 

Funso OLOJO, Editor 
President Bola Ahmed Tinubu has carried out a major reshuffle exercise in his cabinet in which he dropped the Minister of Finance and the Coordinating Minster, Mr Wale Edun.
Taiwo Oyedele, who was recently appointed as the Minister of State for the Ministry, has now replaced the sacked Edun.
Also removed in the reshuffle exercise was the Minister of Housing and Urban Development, Ahmed Dangiwa.
A statement on Tuesday, April 21st, 2026,by the Special Adviser, Media and Publicity to the Secretary to the Government of the Federation, Yomi Odunuga, said the development was contained in a memo signed by the
Secretary to the Government of the Federation, George Akume.According to the memo, Taiwo Oyedele has been appointed as the new Minister of Finance and Coordinating Minister of the Economy.
Also appointed was Dr. Muttaqha Darma as Minister-designate for Housing and Urban Development.

The memo directed the outgoing ministers to complete handover processes to their respective successors or supervising officials.It stated that all handing over and taking over activities must be concluded on or before the close of business on Thursday, 23rd April, 2026.

Explaining the decision, Akume said the changes were aimed at improving coordination and strengthening delivery across key sectors of the economy under the Renewed Hope Agenda.

“These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda,” Akume stated.

He added that President Tinubu acted in line with his constitutional powers as provided under Sections 147 and 148 of the 1999 Constitution (as amended).

The SGF also conveyed the President’s appreciation to the outgoing ministers for their service to the nation and wished them well in their future endeavours, noting that the process of cabinet reinvigoration would remain continuous.

The statement further noted that Taiwo Oyedele was appointed as Minister of State for Finance in March 2026, while Edun was among the ministers appointed on August 16, 2023.

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Economy

Tinubu assents to 2026 Appropriation bill , extends 2025 budget implementation 

Funso OLOJO, Editor
President Bola Ahmed Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of ₦68.32 trillion.
He has also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.
The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service.
It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.
According to the statement signed by Bayo Onanuga, the Special Adviser to the President on information and Strategy, with capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians.
Additionally, the President has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.
The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
It will enable Ministries, Departments, and Agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure.
With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda.
President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.
He commended the leadership and members of the National Assembly for their diligence, cooperation, and patriotism in expeditiously considering and passing the budget.
The President reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives.
He further assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.
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Economy

NNPC attributes increased crude oil production to enhanced security surveillance of pipelines in Niger- Delta

Funso OLOJO, Editor

The Nigerian National Petroleum Company Limited (NNPC) has confirmed that national crude oil production has grown from a historic low of 960,000 barrels per day in 2022 to an average of 1.71 million barrels per day and a peak production of 1.84 million barrels per day in 2025, owing to the establishment of the integrated energy security for pipelines in the Niger Delta.

Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, made the disclosure at the Parliamentary Roundtable on the State of Pipelines Security which held at the National Assembly, in Abuja, on Wednesday, April 8th, 2026.

Speaking on the success of the security arrangement, Ojulari explained that it was not accidental, and that it involved an “integrated energy security model that combines legislative and executive policy alignment, actionable intelligence, kinetic deployment capabilities, regulatory oversight, industry cooperation, and community‑embedded surveillance mechanisms”.

He said the resurgence of production due to the effective tackling of the twin menace of oil theft and pervasive pipeline sabotage has led to the restoration of investors’ confidence in the nation’s oil and gas sector.

In his welcome address, the President of the Senate, Sen. Godswill Akpabio, represented by Senator Jimoh Ibrahim, called for collaboration among agencies and stakeholders in resolving all challenges impeding production growth.

On his part, the Speaker of the House of Representatives, who was represented by the Leader of the House, Hon. (Prof.) Julius Ihonvbere, urged the forum to evaluate the progress made so far with a view to ensuring fairness and equity.

The Parliamentary Roundtable on the State of Pipelines Security was convened by the Joint Senate and House of Representatives Committee on Petroleum Resources.

It had in attendance the Senate President, Speaker of the House of Representatives, National Security Adviser, Minister of Defence, and representatives of oil industry regulatory agencies.

The Roundtable also featured presentations by the Chief of Defence Staff, Inspector General of Police, Director General of the Department of State Services, Commandant General of the Nigerian Security and Civil Defense Corps, and private security companies.

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