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Petrol Price Surge to Deepen Cost-of-Living Crisis as Dangote Refinery Hikes Rates Again

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By Yusuf Danjuma Yunusa

The financial burden on Nigerian consumers is set to intensify following a sharp increase in petrol prices by the Dangote Petroleum Refinery, marking the third adjustment in less than a week.

Effective Monday, the refinery raised the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre. This represents a significant jump of ₦180, or approximately 18.1%, from the ₦995 per litre price announced just last Friday. In a parallel move, the gantry price of Automotive Gas Oil (diesel) was also revised upward to ₦1,620 per litre.

Confirming the development to our correspondent, a senior official at the refinery, who spoke on condition of anonymity due to restrictions on public commentary, stated that the changes have been formally communicated to marketers and depot operators.

“Yes, the gantry prices have been adjusted. PMS is now ₦1,175 per litre while Automotive Gas Oil is ₦1,620 per litre,” the official said. “The market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in.”

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Data from the industry pricing platform, petroleumprice.ng, confirmed that the revised rates have been integrated into depot pricing systems nationwide, effectively resetting the benchmark for downstream marketers.

This latest surge—which has seen gantry prices climb from ₦774 to over ₦1,175 in a matter of days—is already translating to higher costs at the pump. Retail outlets in several states are now selling petrol for approximately ₦1,200 per litre, adding another layer of economic strain on households and businesses.

The increase is expected to trigger a fresh wave of price adjustments across the country. Higher fuel costs invariably lead to increased expenses for transportation, logistics, and production, costs that are typically passed on to consumers. This dynamic threatens to exacerbate Nigeria’s already high cost of living.

The price hikes underscore the challenges facing the Federal Government’s efforts to stabilize the downstream sector. Through the Nigerian National Petroleum Company (NNPC) Limited, the government has been working to secure crude oil supply for the Dangote refinery via third-party international traders in a bid to sustain local refining and, ultimately, moderate prices.

However, officials caution that these interventions may not yield immediate relief for consumers. As the 650,000-barrel-per-day Lekki-based refinery adjusts its prices in response to volatile market realities, Nigerians are left grappling with the immediate consequences of a deregulated market where pump prices are increasingly subject to global and local market forces.

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Idiaye Emerges Edo Assembly Speaker, Alleges Corruption, Poor Leadership Under Ousted Predecessor

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By Yusuf Danjuma Yunusa

The newly elected Speaker of the Edo State House of Assembly, Yekini Idiaye, has said his predecessor, Blessing Agbebaku, was removed by lawmakers over alleged poor leadership and corruption.

Idiaye, who represents Akoko-Edo Constituency I and is a third-term lawmaker, emerged as Speaker on Monday following Agbebaku’s resignation amid moves by lawmakers to impeach him.

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Addressing journalists after Monday’s plenary, Idiaye accused Agbebaku of poor leadership, alleging that his tenure was characterised by corruption and prolonged adjournments.

He said, “The House was inaugurated on the 16th of June, 2023 under the leadership of Agbebaku, and since then we have been passing through a lot of challenges, corruption here and there, adjournment here and there, sometimes for 30 days without a cause. We are not happy with his leadership style. His leadership is poor, and it has been drawing the work of the government backwards.”

Idiaye added, “That is why we removed him. We must encourage our performing governor. He is doing well, anything that will derail or stop our performing governor, we must stop it. That is why we changed him. I can assure all of you that we will do everything possible to support Governor Monday Okpebholo to move this state forward.”

Idiaye’s emergence was also said to have followed the Assembly’s zoning arrangement, which provides that when the governor is from Edo Central Senatorial District, the Speaker should come from Edo North.

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Kano Government Reports ₦996bn Project Portfolio, 867 Completed Across 44 LGAs

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The Kano State Government says it has committed nearly ₦1 trillion to development projects across the state, with more than half of its 1,557 clearly classified projects already completed.

The figures were contained in an international press briefing, by Comrade Nura Maaji Sumaila, Commissioner for Public Procurement, Projects Monitoring and Evaluation. The briefing provided an update on project implementation, geographical distribution, procurement compliance and financial performance under the administration of Governor Abba Kabir Yusuf.

According to the ministry’s project database, the cumulative contract value stands at ₦996.29 billion, while ₦695.20 billion has received No Objection Certificate (NOC) approval and ₦444.75 billion represents payment certificates vetted by the ministry.

Of the 1,557 projects classified by the ministry, 867 projects, representing 55.68 per cent, have been completed. Another 654 projects, or 42 per cent, are ongoing, while 26 projects are at the award stage and 10 are planned and ready for award.

The ministry said some high-value projects are still awaiting the establishment of relevant due-process procedures. They include an approximately ₦113.19 billion mass-housing project at Dawakin Kudu and a ₦22 billion Rural Model City housing project covering the state’s 36 rural local government areas.

According to Maaji the geographical spread of the projects, stressing that government investment is not concentrated in Kano metropolis.

For its analysis, the ministry classified projects into single-LGA, cross-cutting and statewide/other interventions to avoid double-counting projects that serve several local government areas.

The eight metropolitan LGAs account for 598 projects valued at ₦299.36 billion, representing 30.01 per cent of the total contract value. The 36 rural LGAs account for 653 projects valued at ₦287.90 billion, or 28.90 per cent. Cross-cutting projects account for ₦159.50 billion, while statewide and other interventions represent ₦249.54 billion.

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The government said the figures demonstrate substantial investment beyond the state capital, covering rural roads, healthcare facilities, schools, housing, feeder roads and other infrastructure.

 

According to the commissioner Cross-cutting projects account for approximately ₦159.50 billion, or 16.01 per cent of the cumulative contract value. The projects include solar-powered street lighting, wireless solar traffic lights, traffic-management systems, major road expansions, pedestrian bridges, metropolitan road corridors and inter-LGA roads and bridges.

Among the projects identified are the Dakata–Yadakunya Road, Airport Gate–Triumph–Murtala Muhammad corridor, Katsina Road expansion, Airport Junction–Ashton/Club Road corridor, Kura–Kubarachi–Madobi road and bridges, and the Janguza–Durum–Kabo–Karaye road.

The ministry said such projects should not be assessed solely according to the local government in which they are located because their benefits extend across administrative boundaries.

The briefing identified several high-value investments contributing significantly to the state’s overall project portfolio.

These include the approximately ₦113.19 billion mass-housing scheme at Rijiyar Gwangwan in Dawakin Kudu, the ₦24.77 billion Katsina Road expansion covering Fagge and Dala, and about ₦21.90 billion for the Modern Cities infrastructure programme across Dawakin Kudu, Dawakin Tofa and Kumbotso.

The ministry also identified approximately ₦27.74 billion for the Madobi–Yako–Kafin Maiyaki/Kiru Road intervention and about ₦22 billion for prototype mass-housing units under the Rural Model City Project covering all 36 rural LGAs.

 

Beyond project delivery, the ministry said its mandate includes ensuring that public procurement and implementation are subject to appropriate review, monitoring and financial controls.

The ₦996.294 billion cumulative contract sum represents 100 per cent of the portfolio. Of this amount, ₦695.196 billion, or 69.78 per cent, has received NOC approval, while ₦444.747 billion, equivalent to 44.64 per cent of the contract value, represents vetted payments. Vetted payments amount to approximately 63.97 per cent of the NOC-approved figure.

The ministry said the figures reflect the fact that the portfolio includes completed, ongoing, recently awarded and planned projects, making continued monitoring, certification, cash-flow planning and prioritisation necessary.

 

The government said it would continue monitoring ongoing projects, addressing implementation bottlenecks, strengthening certification processes and ensuring that public resources are deployed responsibly and with value for money.

It also reaffirmed commitments to transparency in procurement, monitoring projects from procurement through completion, linking payment certification to verified implementation, and providing objective information to citizens, development partners and the international community.

Nura Iro Maaji said the project portfolio demonstrates interventions across all 44 local government areas, covering urban and rural infrastructure, mass housing, roads, bridges, healthcare, education, climate-resilient infrastructure and traffic management.

 

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BREAKING: INEC Declares Adeleke Winner of Osun Guber Election

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By Yusuf Danjuma Yunusa

The Independent National Electoral Commission (INEC) has declared incumbent Governor Ademola Adeleke the winner of the Osun State governorship election, defeating his closest rival, Bola Oyebamiji of the All Progressives Congress (APC).

Mr Adeleke, the Accord Party candidate, was announced winner by the state returning officer in the early hours of Sunday after a fiercely contested poll across the state’s 30 local government areas.

Mr Oyebamiji, the state’s former finance commissioner, came second, while the African Democratic Congress (ADC) candidate, Najeem Salaam, emerged as the second runner-up.

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A total of 15 political parties contested the election, with 1,906,390 permanent voter cards collected, according to the electoral umpire.

Mr Adeleke, who defected from the Peoples Democratic Party (PDP), under which he won his first election in 2022, had touted his achievements in the state’s economy, infrastructure, pension payments, the health sector, and digital transformation.

INEC announced on Sunday that Mr Adeleke won in local councils, including Oriade, Osogbo, Orolu, Ife Central, Ilesha-West, Ife-North, Ede South, Ifedayo, Boluwaduro, Iwo and Ifelodun.

Mr Oyebamiji won in Ilesha South, Boripe, Irepodun, Obokun, and Atakumosa West.

“Osun is no longer offline. Osun is awake—digitally and economically,” the governor said while highlighting his achievements recently. “We pay what is owed. We respect those who served. This is not politics. This is performance. This is leadership with results. Osun is rising—and we are not turning back.”

Before the election, he repeatedly alleged attempts to disrupt it. He had also vowed to constitute an independent commission of inquiry after Saturday’s governorship election to investigate all reported killings and acts of violence connected with the electioneering.

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