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Nigeria Bleeds N2tn Monthly On Fuel Imports, Says Tinubu
Nigeria Bleeds N2tn Monthly On Fuel Imports, Says TinubuPresident Bola Tinubu has revealed that Nigeria spends N2tn monthly on importing petrol and diesel.....KINDLY READ THE FULL STORY HERE▶
In a recent nationwide broadcast, Tinubu highlighted that despite Nigeria’s rich oil and gas resources, the country has historically relied solely on oil, ignoring its gas resources while subsidizing fuel costs.
Upon taking office, Tinubu eliminated fuel subsidies, causing petrol prices to rise from around N200 per litre in May 2023 to approximately N700 per litre currently.
To address this issue, Tinubu announced significant investments in Compressed Natural Gas (CNG) to transform the country’s fuel dependency.
“Fellow Nigerians, we are blessed with both oil and gas resources, yet we found a country dependent solely on oil-based petrol, neglecting its gas resources. We were also using our hard-earned foreign exchange to pay for and subsidize its use,” Tinubu stated. “To address this, we launched our Compressed Natural Gas Initiative, aiming to power our transportation economy and reduce costs. This will save over N2tn monthly, which we currently use to import petrol and diesel, freeing up resources for more investments in healthcare and education.”
Tinubu emphasized that his administration will distribute one million low or no-cost conversion kits to commercial vehicle owners, who consume 80% of the imported petrol and diesel.
“We have started distributing conversion kits and establishing conversion centers nationwide in collaboration with the private sector. We believe that this CNG initiative will cut transportation costs by approximately 60% and help curb inflation,” Tinubu added.
Despite being Africa’s largest oil producer, Nigeria relies on imported petroleum products due to low refining capacity. Licensed individuals import diesel, while the Nigerian National Petroleum Company Limited remains the sole importer of petrol under the current administration.
In May, Alhaji Aliko Dangote, President of the Dangote Group, stated that Nigeria would cease importing fuel once his refinery begins producing petrol. However, the Dangote refinery has faced challenges as international oil companies have reportedly refused to supply crude to the facility.
Officials from the Dangote refinery claimed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) insisted on fuel importation, granting licenses to import substandard fuel into Nigeria. In response, NMDPRA Chief Executive Farouk Ahmed denied these allegations, asserting that Dangote’s diesel had higher sulfur content than imported fuel.
Ahmed also warned against relying solely on the Dangote refinery for fuel supply, indicating that fuel importation would continue. The refinery had requested the regulator stop granting import licenses to other marketers, a request Ahmed refused.
Meanwhile, Tinubu intervened and ordered the supply of crude to Dangote in local currency, which he said would save the country over $660m monthly.
The Nigeria Security and Civil Defence Corps (NSCDC) has confirmed that 24 personnel connected to the deaths of 37 suspected illegal miners in Niger State will remain in protective detention for two weeks. This directive stands pending the conclusion of an independent investigation by a Federal Government committee.....KINDLY READ THE FULL STORY HERE▶
National Public Relations Officer Babawale Afolabi stated in an interview that the officers will be kept at the national headquarters in Abuja to ensure they remain accessible to the 10-member investigative panel constituted by Minister of Interior Olubunmi Tunji-Ojo. The committee has been given a two-week window to look into the circumstances surrounding the deaths and submit its official report.
Key Highlights:
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Protective Detention Status: The NSCDC clarified that the detention is a special directive rather than a standard criminal arrest, designed specifically to prevent any interference with the ongoing probe.
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Suspensions and Custody: Following the deaths of the suspects—who were arrested and detained between September 15 and 16—three additional personnel were identified and suspended, raising the total number of officers in custody to 24.
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High-Profile Personnel Involved: The affected officers under interrogation include the suspended Niger State Commandant, Ajayi Philips, along with various heads of intelligence, operations, and legal units from the state command.
The Corps has emphasized that administrative disciplinary proceedings are running concurrently with the independent presidential investigation.
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“‘The Battle Lines Are Drawn!’: Eric Chelle Unveils Shocking Super Eagles Starting XI For Madagascar Clash”
Super Eagles head coach Éric Chelle has officially named his starting line-up for Nigeria’s crucial Group L opening match in the 2027 Africa Cup of Nations (AFCON) qualifiers against Madagascar, scheduled for 5 p.m. today at the Godswill Akpabio International Stadium.....KINDLY READ THE FULL STORY HERE▶
The squad selection comes as Nigeria looks to bounce back from their previous 2-0 defeat against the Barea at the 2019 AFCON tournament in Egypt.
Key Highlights:
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Between the Posts & Defense: Chippa United goalkeeper Stanley Nwabali takes the starting role in goal, backed by a backline featuring full-backs Ola Aina and Bruno Onyemaechi alongside central defenders Semi Ajayi and Calvin Bassey.
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Midfield Engine: Team captain Wilfred Ndidi anchors the midfield alongside Fulham star Alex Iwobi.
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Attack & Flanks: In a bold tactical move, Chelle handed youngster George Ilenikhena his first international start, pairing him upfront with Akor Adams, while Ademola Lookman and Samuel Chukwueze provide width and threat from the flanks.
Full Starting XI:
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Goalkeeper: Stanley Nwabali
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Defenders: Ola Aina, Semi Ajayi, Calvin Bassey, Bruno Onyemaechi
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Midfielders: Wilfred Ndidi, Alex Iwobi
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Forwards: Samuel Chukwueze, Ademola Lookman, George Ilenikhena, Akor Adams
The Nigerian currency, the Naira (₦), experienced further pressure against the United States dollar during the official foreign exchange market session on Friday, September 25, 2026.....KINDLY READ THE FULL STORY HERE▶
Data released by the Central Bank of Nigeria (CBN) indicated that the local currency traded at an official rate of ₦1,329.5138 per $1 on Friday. This reflects a slight shift from the previous day’s rate of ₦1,328.6687 per $1 recorded on Thursday. Meanwhile, at the parallel market, the naira closed the week trading at ₦1,390 to the dollar.
Key Highlights:
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Official vs. Parallel Rates: While the CBN official rate hovered around ₦1,329.5138/$1, street and parallel market rates closed slightly higher at ₦1,390/$1.
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Market Variances: Actual rates offered by commercial banks and Bureau de Change (BDC) operators may fluctuate based on transaction margins, as well as prevailing supply and demand dynamics.
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Future Outlook: Market watchers and participants continue to closely track forex inflows, greenback demand, and upcoming CBN policy adjustments to gauge the naira’s trajectory.
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