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Imminent Fuel Increase as Petrol Landing Cost Rises to ₦1,117 Per Litre

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The landing cost of Premium Motor Spirit, also known as petrol, was N1,117/litre as of Tuesday, July 16, 2024, the Major Energies Marketers Association of Nigeria announced on Wednesday.

MEMAN disclosed this during a webinar with journalists on Wednesday.

The association revealed that the landing cost of diesel was N1,157/litre, while that of aviation fuel was N1,127/litre.

Reports indicate that the N1,117 landing cost of petrol is far above the pump price of the product in Nigeria.

At the moment, filling stations operated by the Nigerian National Petroleum Company Limited and those of the major marketers sell PMS at between N617/litre and N660/litre, while independent marketers sell for N700/litre or more.

NNPC, the sole importer of petrol into Nigeria, has consistently denied subsidising the cost of PMS but refused to disclose the landing cost of the product.

Our correspondent reports that the revelation from MEMAN is almost the first from marketers in the industry as the landing cost appears to have been shrouded in secrecy by the importer of PMS.

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MEMAN’s Executive Secretary, Clement Isong, said the costs were obtained from independent energy price benchmark providers.

The association maintained that it would release similar information regularly to keep the masses informed.

Recently, independent oil marketers accused private depot owners of hiking the ex-depot price of petrol from N630 to N720/litre.

An expert in the energy sector, Prof Wumi Iledare, told our correspondent in an interview that the cost of PMS in Nigeria was far below the international price, considering the price of diesel.

“The gap between the cost of diesel and petrol in Nigeria is much. It is never like that all over the world. That means something is wrong.

“I don’t know if NNPC is paying subsidies or not, but somebody is absorbing the difference. You can call it under-recovery or subsidy, but the price of petrol today does not reflect the market cost of producing a litre of petrol,” he disclosed.

Iledare added that with the current exchange rate, the price of petrol should not be less than 80 per cent of the price of diesel.

Corroborating this, a Professor of Economics at the University of Ibadan and President of the Nigerian Economics Society, Adeola Adenikinju, said, “The current price of PMS is being subsidised by the government. The government buys at higher rates and sells to us at subsidised rates. That is what they call under-recovery.”

The International Monetary Fund recently warned the Nigerian government to remove what it called implicit fuel and electricity subsidies.

In a report published recently by the IMF, the organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the year before.

President Bola Tinubu declared the removal of fuel subsidies during his inauguration on May 29, 2023.

IMF noted, however, that “adequate compensatory measures for the poor were not scaled up promptly and subsequently paused over corruption concerns. Capping pump prices below cost reintroduced implicit subsidies by end-2023 to help Nigerians cope with high inflation and exchange rate depreciation.”

However, the NNPC and the Federal Government have vehemently denied subsidising the current price of PMS

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ADC Leadership Crisis: Federal High Court Adjourns Case Indefinitely   

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By Yusuf Danjuma Yunusa

 

Justice Emeka Nwite of the Federal High Court, Abuja, has again adjourned indefinitely a suit filed by a chieftain of the African Democratic Congress (ADC), Nafiu Bala Gombe, following a request by the plaintiff seeking the transfer of the case to another judge.

 

Justice Nwite adjourned the matter sine die after parties clashed over a letter written by the plaintiff to the chief judge of the Federal High Court seeking the reassignment of the suit.

 

At Friday’s proceedings, counsel for the plaintiff, Luka Haruna, informed the court that the apex court had on April 30 delivered judgment in the interlocutory appeal.

 

Haruna said the Supreme Court dismissed the appeal for lack of merit and also set aside the Court of Appeal’s order staying proceedings in the substantive suit.

 

The lawyer, however, disclosed that the plaintiff had, through a letter dated May 4, 2026, applied to the chief judge of the Federal High Court for the transfer of the case to another judge.

 

He said the letter had already been transmitted to the court registrar and urged Justice Nwite to await the administrative decision of the chief judge.

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The request immediately drew strong opposition from the defence team, which accused the plaintiff of attempting to frustrate the accelerated hearing earlier ordered by the Court of Appeal and upheld by the Supreme Court.

 

Counsel for the first defendant, Realwan Okpanachi, who held brief for Shuaibu Aruwa, argued that the plaintiff had misrepresented the outcome of the Supreme Court judgment.

 

According to him, the apex court partially allowed the appeal and specifically upheld the appellate court’s order directing accelerated hearing of the case.

 

Okpanachi further faulted the plaintiff for allegedly ambushing the defendants with the transfer request.

 

He added that they consider it an attempt to frustrate the order of accelerated hearing granted by the Court of Appeal and upheld by the Supreme Court.

 

The senior lawyer maintained that litigants were not permitted to choose courts or judges to determine their cases.

 

He, however, urged the court to maintain the earlier order adjourning the matter sine die pending the filing of the certified true copy of the Supreme Court judgment.

 

Counsel for the second defendant, Sulaiman Usman, also condemned the plaintiff’s move, describing it as “forum shopping and judge shopping”.

 

Usman told the court that the Supreme Court had commended Justice Nwite “in glowing terms” over his handling of the proceedings.

 

Responding, Haruna faulted the defence for attacking a letter they had not seen, insisting that the plaintiff stood by its application.

 

Justice Nwite subsequently held that the court could not take any decision on the letter without hearing all parties.

 

“Taking a decision or any action in such a letter without hearing from the defendants will amount to a breach of their fundamental right in this suit,” the judge ruled.

 

He added that since the letter was addressed to the chief judge, the trial court could not make any pronouncement on it.

 

“This matter is best adjourned sine die to afford the parties the opportunity to properly file a Certified True Copy of the judgment of the Supreme Court in the interlocutory appeal in the suit, to serve the defendants with the letter addressed to the Honourable Chief Judge, and finally to await further or any directive from the Chief Judge of the Federal High Court,” Justice Nwite said.

 

The matter was thereafter adjourned indefinitely.

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WAEC Opens Registration for 2026 WASSCE for Private Candidates 

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By Yusuf Danjuma Yunusa

 

 

The West African Examinations Council, Nigeria, has announced the commencement of registration for the 2026 West African Senior School Certificate Examination for Private Candidates, Second Series.

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WAEC, in an announcement on its X handle on Friday, said, “Registration opened on Sunday, May 4, 2026, and will close on Thursday, July 31, 2026.”

 

It added that the examination will be conducted entirely as a Computer-Based Examination.

 

The registration fee is set at ₦37,000.

 

Candidates are advised to visit the nearest WAEC office in their state to confirm available examination towns before completing their registration.

 

WAEC encouraged prospective candidates to register early to avoid a last-minute rush and to take full advantage of the computer-based format.

 

The WASSCE for Private Candidates (Second Series) is a special annual examination organised by WAEC for individuals who are not in regular secondary schools, allowing them to register and sit for the examination independently to obtain the certificate.

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NSA Nuhu Ribadu Meets JD Vance to Bolster US-Nigeria Counterterrorism

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By Yusuf Danjuma Yunusa

 

Nuhu Ribadu, national security adviser (NSA), recently met with JD Vance, vice-president of the United States; and Marco Rubio, US secretary of state; over counterterrorism cooperation in West Africa.

 

In a post on X, Secure Nigeria, a social media platform focused on security issues, stated that the meeting reinforced the partnership between Nigeria and the US in combating terrorism across the region.

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The post added that President Bola Tinubu appreciates the partnership and continued support of the US government under President Donald Trump.

 

“@officialABAT is grateful for @realDonaldTrump’s partnership and continued U.S. training and intelligence support as Nigerian forces intensify operations to dismantle terrorist networks, protect Nigerian Christians, and defend all vulnerable communities,” the post reads.

 

“Africa’s largest democracy isn’t wavering. Nigeria stands as a frontline U.S. partner against ISIS, Boko Haram, and rising terror threats across the Sahel.”

 

The platform said both countries remain committed to defeating terrorism and strengthening regional security cooperation.

 

“This fight is winnable, and together, the U.S. and Nigeria intend to finish it,” the post added.

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