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Dangote, again crashes Petrol Price

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Aliko Dangote

Dangote Petroleum Refinery & Petrochemicals has slashed the price of Premium Motor Spirit (PMS), or petrol, for the second time this month. It has cut N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot). This follows a N60 reduction on February 1.

The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days.

This recent price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos.

In a statement from the first privately owned petroleum refinery in Africa, it was announced that the price adjustment will take effect from Thursday, February 27, and is intended to provide essential relief to Nigerians.

“This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

“It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians. This marks the second reduction of PMS prices in February 2025, following a previous decrease of N60 earlier in the month. Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season,” the statement read.

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The refinery highlighted that previous reductions have positively impacted the overall cost of living, benefiting various sectors of the economy. They also helped ensure that Nigerians did not experience the typical fuel scarcity and price hikes associated with the yuletide season.

Dangote reiterated that its high-quality products, which have become a favourite in both domestic and international markets, will remain available nationwide, particularly through its key partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at market-friendly rates.

“Nigerians will be able to purchase high-quality Dangote petrol at the following prices across our partners’ retail outlets: For MRS Holdings stations, it will be sold for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East regions, respectively.

“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East,” it added.

Dangote Petroleum Refinery assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby boosting the country’s foreign exchange earnings.

The refinery called on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.

“This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it concluded.

Dangote Petroleum Refinery, which has exported its products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia. The refinery has confirmed it holds over 500 million litres of petrol in storage, enough to meet Nigeria’s petrol demand for several days. Additionally, the refining capacity of the 650,000 barrel per day refinery has surpassed Nigeria’s average daily requirement of 385,000 barrels.

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Rep. Abubakar Bichi Employs 100 New Islamic School Teachers in Bichi

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The Federal lawmaker representing the Bichi Federal Constituency, Hon. Abubakar Kabir Abubakar Bichi, has inaugurated 100 new Islamic school teachers as part of efforts to strengthen Islamic education in the Bichi Local Government Area of Kano State.

The inauguration ceremony was held on Sunday, 27 September 2026, and marked the fourth batch of School Teachers employed under the lawmaker’s initiative bringing the total of number of teachers engaged through the programme to 600.

Before their employment, the 100 teachers underwent a special examination conducted at the directive of the lawmaker. Those who obtained the highest scores across the 11 wards of Bichi Local Government Area were selected for the teaching positions.

The lawmaker had previously supported the teachers by paying their monthly allowances as volunteers before formally employing them as full-time teachers in Islamic schools across the local government area.

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Prominent Islamic scholars and dignitaries attended the inauguration ceremony, including Sheikh Habibu Dan Almajiri, Chairman of the Kano State Zakkah Commission; Dr. Nazifi Ishak, former Kano State Commissioner for Religious Affairs; Dr. Zahrau Muhammad Umar, former Commissioner for Women Affairs; and Sheikh Sanusi Sharif Bichi.

Also in attendance were the Chairman of Bichi Local Government Area, Alhaji Hamza Sule Maifata; the Director-General of the APC Campaign Council in Bichi, Alhaji Sani Mukaddas, and the Kano State APC Secretary, Prof. Yusuf Muhammad Sabo.

The Islamic scholars and other dignitaries commended Hon. Abubakar Kabir Abubakar Bichi for his efforts towards improving both Islamic and modern education in the Bichi Local Government Area.

Hon. Abubakar Kabir Abubakar has also previously engaged several youths in various sectors, including healthcare, environmental services, education and other community development activities, as part of his efforts to create opportunities for young people across Bichi Federal Constituency and Kano State.

The lawmaker, who serves as the Chairman of the House Committee on Appropriation, has consistently expressed his commitment to youth development and community empowerment through various initiatives across the constituency.

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FG Seeks Fresh $1.5bn World Bank Loans As Nigeria’s Debt Hits N166.79tn

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By Yusuf Danjuma Yunusa

The Federal Government is in discussions with the World Bank for three new loans worth a combined $1.5 billion, even as Nigeria’s total public debt climbed to a record N166.79 trillion by June 2026.

The proposed facilities consist of three $500 million loans targeting climate resilience, social protection and early childhood development.

The first is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, which would increase its total financing to $1.2 billion. The funds are expected to support land restoration, flood and erosion control, irrigation, water management and other climate-resilience measures across northern Nigeria.

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Another $500 million facility is proposed for the Household Prosperity and Empowerment-Social Protection (HOPE-SP) project. It is designed to support poor and vulnerable households through cash transfers, an improved social registry and stronger social protection systems.

The third $500 million loan would finance the Nigeria Early Childhood Development programme, covering all 36 states and the Federal Capital Territory. The programme aims to improve access to healthcare, nutrition, early learning, childcare, water and sanitation for children aged zero to five.

Meanwhile, figures from the Debt Management Office show that Nigeria’s public debt increased by N14.39 trillion , from N152.40 trillion in June 2025 to N166.79 trillion in June 2026. Domestic debt stood at N91.59 trillion, while external debt was N75.20 trillion.

Nigeria’s debt to the World Bank Group also rose to $20.73 billion by June 2026, accounting for about 38 per cent of the country’s $54.52 billion external debt.

Economist Adewale Abimbola said concessional loans could support development if properly structured and effectively utilised, stressing that the key issue was how the borrowed funds were deployed.

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Report: Nigeria Records N166trn Public Debt

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‎By Yusuf Danjuma Yunusa
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‎The Debt Management Office (DMO) says Nigeria’s total public debt rose to N166.79 trillion as of June 30, 2026.
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‎The DMO published the latest public debt portfolio report on Friday.
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‎The figure represents a 9.4 percent or N14.39 trillion increase from the N152.4 trillion recorded at the end of June 2025.
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‎It also represents an increase of N7.44 trillion or 4.7 percent compared with the N159.35 trillion recorded at the end of the first quarter (Q1) of 2026.
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‎According to the latest report, the debt stock comprises N91.59 trillion in domestic debt, which accounts for 54.91 percent of the total debt stock, and N75.2 trillion in external debt, representing 45.09 percent.
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‎The debt office said domestic debt increased by N11.04 trillion (13.7 percent) from N80.55 trillion recorded in June 2025.
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‎The office said external debt also rose by N3.35 trillion (4.7 percent) from N71.85 trillion in the same period.
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‎According to the DMO, the federal government accounted for N152.77 trillion of the total debt stock, comprising N86.99 trillion in domestic debt and N65.77 trillion in external debt.
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‎On the other hand, states and the Federal Capital Territory (FCT) accounted for the remaining N14.01 trillion — N4.59 trillion in domestic debt and N9.42 trillion in external debt.
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‎In dollar terms, the agency said Nigeria’s total public debt stood at $120.93 billion as of June 30, 2026 — up from $99.66 billion recorded in June 2025.
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‎The DMO said the Central Bank of Nigeria (CBN) official exchange rate of N1,379 per dollar as of June 30 was used to convert the external debt to naira.
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