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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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Nigeria, Türkiye Strike Defence Deal for Major Military Training Facility to Boost Security

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By Yusuf Danjuma Yunusa

Nigeria and Türkiye have agreed to establish a major military training facility in Nigeria as part of a defence partnership aimed at strengthening the country’s security architecture.

The agreement was reached during bilateral talks between Nigeria’s Minister of Defence, Christopher Musa, and his Turkish counterpart, Yasar Guler, on the sidelines of the Antalya Diplomacy Forum 2026.

According to a statement on Sunday by the Ministry of Defence’s Chief Information Officer, Queeneth Iheoma-Hart, the planned training centre will serve as a long-term hub for capacity development, with Nigeria already identifying a suitable coastal location for the permanent facility.

She said a temporary site is also expected to be provided to kick-start operations.

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Under the arrangement, Nigerian Armed Forces personnel will undergo specialised training in areas such as Special Forces operations, counterterrorism, intelligence integration, counter-drone and counter-IED operations, as well as United Nations pre-deployment exercises.

The statement partly read, “The Minister of Defence, General Christopher Gwabin Musa (retd.), led a high-level Nigerian delegation to productive bilateral talks with the Turkish Minister of Defence at the Antalya Diplomacy Forum 2026.

“The delegation included the Chief of the Air Staff, the Chargé d’Affaires of the Nigerian Embassy, the Defence Adviser and senior officials from the Ministry of Defence and the Nigerian Embassy in Türkiye.

“Training and capacity development: Türkiye proposed structured, scalable training programmes for Nigerian Armed Forces in areas including Special Forces operations, counterterrorism, intelligence integration, counter-drone and counter-IED operations, and UN pre-deployment training.

“Immediate deployment of an initial cohort to Türkiye was agreed, alongside Turkish language instruction and participation in field training exercises.

“Both parties agreed to establish a major military training facility in Nigeria as a long-term centre of excellence; Nigeria will provide a temporary training site and has identified a suitable coastal location for permanent infrastructure.”

Beyond training, she said the partnership includes provisions for technology transfer, defence industry collaboration, and co-development of military capabilities.

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Ex-Governor Shekarau Joins APC for Third Time, Cites PDP’s Challenges

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By Yusuf Danjuma Yunusa

A former Kano State Governor, Sen. Ibrahim Shekarau, has dumped Peoples Democratic Party, PDP, for All Progressives Congress, APC.

Available records show that he is joining the party for the third time since its formation.

Mr Shekarau announced the decision while addressing supporters at his Mundubawa residence in Kano on Sunday.

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The two-term former governor said that the decision followed wide consultations with his political group and after weighing so many options.

“We took the decision after wide deliberations and weighing several options which include joining the APC after realising that PDP is facing so many challenges.

“We cannot align with ADC, a party filled up with people of personal interests, a party struggling to gain its feet,” Mr Shekarau said.

He called on his supporters to formally resign their PDP membership from their wards and go to their APC leaders on how to register with the party in order to meet the deadline for registration.

Mr Shekarau is expected to communicate the date he will be leading his teeming supporters to visit his Giginyu ward in Nassarawa Local Government Area of the state to carry out his APC party membership registration.

The APC National Chairman, Nentawe Yilwatda, had, on April 8, visited Kano to plead with Shekarau to join the party and work for its victory in the 2027 general elections.

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JAMB Arrests Two, Parent over Result Falsification

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By Yusuf Danjuma Yunusa

The Joint Admissions and Matriculation Board has announced the arrest of two candidates and a parent for falsifying 2026 Unified Tertiary Matriculation Examination results using Artificial Intelligence and other electronic tools.

The disclosure came as the board released scores for 632,788 candidates who sat the examination on Thursday, April 16.

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JAMB spokesperson, Fabian Benjamin, in a statement, said the suspects were apprehended for manipulating official SMS result notifications to fabricate or alter scores with the intent to deceive others, including parents and guardians.

“Currently, two candidates and one parent are in custody for engaging in result falsification using AI and other electronic means,” the statement read.

Benjamin warned that such conduct constituted a serious criminal offence and that the board would pursue all culpable persons to the full extent of the law.

He also cautioned candidates against tampering with result messages from JAMB’s official SMS platforms, 55019 and 66019.

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