Economy
Nigeria’s Fuel Consumption Drops By 33% After Subsidy Removal
Nigeria’s Fuel Consumption Drops By 33% After Subsidy Removal....KINDLY READ THE FULL STORY HERE▶
Kunle Salako, the Minister of State for Environment, commends the bold decision made by Bola Tinubu’s administration to eliminate fuel subsidies, noting that it has led to a 33% reduction in Nigeria’s petrol consumption and a decrease in emissions. Salako shared this insight with the News Agency of Nigeria during the 78th session of the UN General Assembly in New York. He emphasized that this courageous move is advancing Nigeria’s climate action efforts.
Read Also Tinubu Administration Has Not Brought Back Fuel Subsidy
Salako also highlighted how he had discussed this development in various meetings, including those he attended as a representative of the President and at gatherings like the Committee of African Heads of State and Government on Climate Change and the meeting of Commonwealth Ministers of Environment and Climate. He stressed that President Tinubu’s decision has spurred Nigeria to focus on renewable energy both at the corporate and individual levels.
In a statement presented on behalf of the President at the “High Level Event for Nature and People: from Ambition to Action,” Salako underscored the importance of increasing nature finance to achieve ambitious conservation targets, such as the 30×30 goal, which aims to protect 30% of the planet for nature by 2030. He pointed out that the world had agreed to close the nature finance gap and deliver at least $20 billion in international finance to the Global South by 2025, as decided at COP15.
Salako called on all countries to intensify their efforts and collaborate to fulfill these critical finance commitments for the sake of future generations. He also highlighted Nigeria’s commitment to promoting transformational actions in line with Multilateral Environmental Agreements (MEAs) and its efforts to support other countries in the Sub-region in this regard.
Furthermore, Salako attended the Blue Leaders High Level Meeting, where he reiterated Nigeria’s dedication to addressing the biodiversity crisis within its borders and assisting neighboring countries. Nigeria, with the longest coastline in West Africa, recognizes the importance of regulating high seas and supports the ‘BBNJ’ Treaty. Salako stressed the urgent need for ratification and implementation of this treaty and announced that African Union member states, with Nigeria’s efforts, have reached a consensus on this matter. He urged all to join in the prompt ratification of the new international ocean treaty for the high seas.
Nigeria’s headline inflation rate eased to 14.45 per cent year on year in November 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The report showed that while consumer prices continued to rise on a monthly basis, annual inflation moderated significantly under the revised base year.....KINDLY READ THE FULL STORY HERE▶
The CPI increased to 130.5 points in November from 128.9 points in October, marking a 1.6-point month-on-month rise. Despite this, the headline inflation rate declined from 16.05 per cent recorded in October. The NBS highlighted that the November 2025 figure represents a 1.6 percentage point decrease compared with the previous month.
Monthly inflation, however, rose to 1.22 per cent in November from 0.93 per cent in October, indicating that average prices increased at a faster pace during the month despite the moderation in annual inflation. Headline inflation for November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024, reflecting the impact of the rebasing exercise that reset the base year to 2024 from 2009.
Over the twelve months ending November 2025, the average CPI increased by 20.41 per cent, down sharply from 32.77 per cent in the corresponding period of 2024. Food and non-alcoholic beverages remained the largest contributor to annual headline inflation at 5.78 percentage points, followed by restaurants and accommodation services at 1.87 percentage points, and transport at 1.54 percentage points. Housing, water, electricity, gas and other fuels added 1.22 percentage points, while education and health contributed 0.90 and 0.88 percentage points, respectively. On a month-on-month basis, food and non-alcoholic beverages drove price increases with a contribution of 0.49 percentage points.
Urban inflation declined sharply to 13.61 per cent year on year in November, down 23.49 percentage points from November 2024, while rural inflation remained higher at 15.15 per cent but fell 17.12 percentage points from the previous year. Month-on-month, urban inflation slowed to 0.95 per cent, while rural inflation accelerated to 1.88 per cent.
Food inflation moderated annually to 11.08 per cent in November 2025 from 39.93 per cent in November 2024. Monthly food inflation rose to 1.13 per cent, driven by price increases in items such as dried tomatoes, cassava tubers, ground pepper, eggs, crayfish, egusi, oxtail, and fresh onions. Core inflation, which excludes volatile agricultural and energy prices, stood at 18.04 per cent year on year, down from 28.75 per cent in November 2024.
State-level data showed Rivers recorded the highest year-on-year inflation at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent. Plateau had the lowest at 9.13 per cent, alongside Kebbi at 10.32 per cent and Katsina at 10.60 per cent. The NBS cautioned that interstate comparisons should be interpreted carefully due to differing consumption patterns and CPI weights across states.
The Nigerian National Petroleum Company Limited (NNPCL) has set a crude oil production target of more than two million barrels per day for 2026, citing strong collaboration with pipeline host communities as a key factor in sustaining increased output.....KINDLY READ THE FULL STORY HERE▶
Akponime Omojevwhe, Head of Field Operations, Eastern Corridor, Project Monitoring Office (PMO), disclosed the projection during a monthly stakeholders’ meeting with host communities along the Trans Niger Pipeline in Port Harcourt. The meeting was organized by Pipeline Infrastructure Nigeria Limited (PINL).
Omojevwhe revealed that the 2026 national production budget is pegged at 2.80 million barrels per day (mbpd), with a starting benchmark of 1.84 mbpd and a targeted achievable output of 2.06 mbpd. He affirmed that the Trans Niger Pipeline is currently operating efficiently, attributing its success to the active cooperation between local communities, stakeholders, and PINL.
He emphasized that community participation is critical to pipeline protection, stating, “No private security structure can succeed without grassroots involvement. The communities are a vital part of this job. Their continued support ensures uninterrupted flow along the pipeline.”
Edi Julius, representing the Minister of State for Petroleum (Oil), Heineken Lokpobiri, lauded the partnership between PINL and the communities, noting that local peace is essential for boosting national oil production. “We are confident that by 2026, Nigeria will exceed two million barrels per day, generating additional revenue and enabling greater support for host communities,” he added.
Dr. Akpos Mezeh, General Manager of Community and Stakeholders’ Relations at PINL, reviewed the year’s progress, highlighting achievements such as strengthened security along the TNP corridor, expanded stakeholder engagement, empowerment programs for women and students, zero incidence of illegal bunkering, and improved community-company trust. He also announced Christmas palliatives for the 215 TNP host communities.
Responding on behalf of the host communities, His Majesty King Philip Osaro Obele urged the federal government to channel more development projects into the region. He praised PINL for its transparency and consistent engagement, emphasizing that ongoing dialogue is essential to maintaining peace along the pipeline.
An explosion has rocked a section of the Escravos–Lagos Pipeline belonging to the Nigerian National Petroleum Company Limited (NNPCL), sparking concern across several riverine communities in Delta State. According to Nivo News, the incident occurred at about 5:50 p.m. on December 10, 2025, around the Tebijor, Okpele, and Ikpopo communities in the Gbaramatu Kingdom.....KINDLY READ THE FULL STORY HERE▶
The development was confirmed in a statement issued late Thursday by NNPCL’s Chief Corporate Communications Officer, Andy Odeh, who disclosed that early findings point to a significant pressure drop on a pipeline operated by the NNPC Gas Infrastructure Company, suggesting a possible loss of containment. He noted that the precise cause of the explosion remains unknown and will be determined after a full investigation.
Odeh stressed that the company’s immediate focus is safeguarding residents of nearby communities and preventing environmental damage. He added that emergency protocols have already been activated, with NNPCL working alongside relevant authorities and local leaders to reduce the impact of the incident and maintain public safety.
He reassured the public that NNPCL remains committed to upholding strict safety and environmental standards, promising further updates as more verified information becomes available.
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