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Economy

As NNPC increases pump price of Petrol to N855 per litre, Dangote refinery rolls out product into market 

Funso OLOJO 
Barely 24 hours after the Nigeria National Petroleum Corporation Limited(NNPCL) confirmed its inability to continue to bear the cash burden of sustaining the availability of Premium Motor Spirit (PMS), otherwise known as petrol, the national oil giant has adjusted its pump price from N560 per litre to between N855 per litre in Lagos and  N890 per litre in Abuja.
This was just at the Dangote refinery said its product would hit the Nigerian market by Thursday, September 5th, 2024.
The increase in the pump price of the Petrol by the NNPCL, the major importer of the product, has therefore led to an immediate adjustment of the prices by the independent marketers ranging from N897 to N1,300 per litre.

This came 24 hours after it was revealed that there was a hike in the ex-depot price of the product to N754 per litre.

The increments were discovered on Tuesday, September 3rd, 2024 at the dispensing machines of government-backed NNPCL stations in Lagos and Abuja.

It was learnt that the price adjustment was made to reflect global price and reduce the debt burden on NNPC which owes its foreign suppliers $6billion.
Curiously, however, the NNPC spokesperson, Femi Soneye, has denied any adjustment in prices, stressing that the old price still remains.

Earlier the Federal Government had denied reports that it directed NNPC to peg fuel prices at N1,000.

“The federal government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price,” said the statement by Nnemaka Okafor, special adviser, media and communication, to the Minister for Petroleum Resources (Oil), Heineken Lokpobiri.

Meanwhile, amidst the hike in the pump price of fuel, the founder, Chairman and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote has disclosed that petrol from the Dangote Refinery will be out in filling stations across the country in the next 48 hours.
 Dangote made this disclosure on Tuesday, noting that the availability of petrol from the refinery is dependent on the Nigerian National Petroleum Company (NNPC) Limited.

He stressed that as soon as the $20 billion refinery located in Lagos State, Nigeria finalised modalities with NNPC Limited, the product will hit the market within the next 48 hours(Thursday, September 5th).

“Our PMS (Premium Motor Spirit) can be in filling stations within the next 48 hours, depending on NNPCL,” Dangote said.

Recall that the  650,000 bpd capacity Dangote Refinery refinery began operations in January with the production of diesel and aviation fuel.

Dangote said the petrol from the plant can compete with products from other parts of the world in terms of quality.

When asked about the pricing of petrol from his refinery, Dangote said: “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.

“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.

“The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality”.

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Economy

Oyebamiji, ex- NIWA boss, promises economic boom for Osun residents as he targets Dagbolu Dry Port, Free Trade Zone  to boost investment, jobs,SMEs

Members of maritime journalists coalition in a group photograph with Asiwaju Bola Oyebamiji

Funso Olojo Editor

The All Progressives Congress (APC) governorship candidate for Osun State, Asiwaju Munirudeen Bola Oyebamiji, has pledged to revive key economic assets, including the Dagbolu Dry Port, Osun Free Trade Zone, Ido-Osun Airport, Osun-Osogbo Grove and Oba Hills National Park, as part of a comprehensive strategy to reposition the state as a leading investment, industrial and tourism destination.

Oyebamiji, a former Managing Director of the National Inland Waterways Authority (NIWA), made the pledge on Saturday, August 1st, 2026 while receiving members of the Coalition of Maritime Journalists of Nigeria during a courtesy visit to his campaign office in Osogbo.

The visit was facilitated by the Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN) in recognition of Oyebamiji’s contributions to the development of Nigeria’s inland waterways sector during his tenure at NIWA.

Addressing the journalists, the APC standard-bearer in the August 15th governorship election in Osun state,unveiled his Osun Prosperity Agenda, themed “A Pact for Growth, Inclusion and Lasting Development,” describing it as a practical blueprint for accelerating economic transformation, promoting inclusive governance and delivering sustainable development across the state.

He said unlocking the economic potential of strategic assets such as the Dagbolu Dry Port, Osun Free Trade Zone, Osun-Osogbo Grove, Oba Hills National Park and the Ido-Osun Airport would stimulate commerce, expand tourism, attract domestic and foreign investments, strengthen entrepreneurship and create sustainable employment opportunities for the people of Osun.

According to him, reviving the Dagbolu Dry Port and the Osun Free Trade Zone would improve trade facilitation, enhance logistics services and position Osun as a competitive industrial and export hub within Nigeria.

“We will resuscitate strategic economic assets that have the capacity to transform Osun’s economy, stimulate private sector investment and create wealth for our people,” Oyebamiji said.

On poverty reduction and workers’ welfare, the APC candidate promised targeted social intervention programmes for vulnerable citizens while ensuring prompt payment of salaries, improved working conditions and the restoration of dignity within the public service.

He also pledged to tackle unemployment through public works programmes, enterprise support initiatives and strategic investments capable of generating sustainable jobs, particularly for young people.

To attract more investments, Oyebamiji said his administration would strengthen the Osun State Investment Promotion Agency, develop industrial parks with modern infrastructure, improve the ease of doing business and position Osun among Nigeria’s most attractive investment destinations.

He further assured micro, small and medium enterprises (MSMEs) of improved access to microcredit, grants and business development services, while expanding entrepreneurship and empowerment programmes for youths and women.

On education and healthcare, Oyebamiji promised to modernise educational infrastructure, recruit and train teachers, strengthen technical and vocational education, expand apprenticeship programmes and upgrade healthcare facilities across the state.

He added that strategic partnerships would be leveraged to advance universal health coverage and improve access to quality healthcare for all residents.

Reaffirming his commitment, Oyebamiji said the Prosperity Agenda represents a covenant with the people of Osun to deliver economic growth, social inclusion and lasting development through prudent leadership, strategic investments and private sector-driven development.

Speaking earlier, President of WABOTAN, Comrade Tope Fajemirokun, described Oyebamiji as a tested and result-oriented administrator whose achievements at NIWA demonstrated his capacity for effective governance.

Fajemirokun expressed confidence that, under Oyebamiji’s leadership, Osun State could emerge as a major player in Nigeria’s marine and blue economy by harnessing its tourism assets, including the Osun-Osogbo Grove and Erin-Ijesha Waterfalls, to drive maritime tourism, investment and economic growth.

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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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