Connect with us

News

We won’t fix petrol prices again – NMDPRA

Published

on

Faruk Ahmad

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will no longer fix prices or release templates for Premium Motor Spirit (PMS).

Authority Chief Executive (ACE), Mr Farouk Ahmed, who said this at a news conference in Abuja on Friday, said that market forces would henceforth dictate prices under the liberalised market.

“As far as we are concerned in the NMDPRA, this is not like before when the PPPRA fixes the price; in a deregulated market, it is the market force that dictates the price,” he said.

The News Agency of Nigeria (NAN) reports that the development was sequel to the removal of subsidy on PMS known as petrol.

President Bola Tinubu had in his inaugural speech on Monday said fuel subsidy regime had ended with the commencement of his administration.

Nigeria’s Dangote Refinery Will Transform our Downstream Sector, Says Ghana Petroleum Authority

Ahmed, however, said the market was now open for everybody that would import as far as they met all the requirements.

“So, it is not about the Nigerian National Petroleum Company Limited (NNPC Ltd) alone.

“We put the regulation in place, we make sure quality control is complied with, we make sure the product is there and we give licence to prospective importer.

“We make sure we guide the operations of everyone in the sector whether at the depot or wherever the product is but we will not put a cap to say this is what the price must be,” he said.

Advert

According to Ahmed, the role of the NNPC is to fix prices of the petrol it imported and not take over the responsibilities of the Authority.

“In the case of the NNPC, the organisation is the sole importer at this point. We told the NNPC to recover its costs because they know how much it cost them to import the product and sell it.

“Of course, we also know how much shipping, offshore, ex-depot and ex-pump are. But we cannot tell them to sell at a price because the market is deregulated,” he added.

The NMDPRA boss also disclosed that the Federal Government has officially scrapped petroleum equalisation as well as the national transport allowance.

He said the NMDPRA, the federal government and Consumer Protection Commission (FCCPC) would mount aggressive monitoring of activities in the downstream sector to prevent profiteering by petroleum marketers.

Ahmed further disclosed that marketers are now free to source their foreign exchange anywhere around the world to import petroleum products and recover their costs without impediments.

On where the importers will source their forex from, Ahmed said the CBN would not give dollar to anyone because of open market, adding that anyone willing to import should get the dollars from anywhere to import.

According to him, anyone willing to open a letter of credit from any part of the world can do that to import.

“That marketers can source their forex from anywhere is the beauty of the liberalised market that the NMDPRA has introduced based on the provision of the law”.

Ahmed said that the market would henceforth be modulated to allow the fluidity of prices, adding that though no template spelt out the pricing components of petrol price.

He said that, “based on this, the price would no longer be static rather depend on the international price of the gasoline market.

“This did not imply that marketers could sell at any price”.

According to him, the NMDPRA and FCCPC will collaborate to curb excesses if certain prices were way above the expected profit margin.

“The market structure will dictate the price swings at every point in time,” he said.

Ahmed cautioned against optimism for cheap petroleum products, saying products may not be cheaper because the company would be buying crude oil at the international price.

“Dangote Refinery is a game changer in terms of accessibility. By the time the NNPC refineries and other modular refineries across the country come on stream, Nigeria will be a net exporter of petroleum products,” he said. (NAN

News

Ganduje Hints at Reconciling with Kwankwaso

Published

on

 

By Yusuf Danjuma Yunusa

Former National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Umar Ganduje, has extended an olive branch to his longtime political rival, Senator Rabiu Kwankwaso.

Speaking in an interview with the BBC Hausa Service on Wednesday, Ganduje expressed a desire to mend fences and reunite for the progress of Kano State.

“I am hopeful that very soon we will reconcile with Kwankwaso so we can move forward together. We have shared a political camp in the past and remain brothers,” Ganduje stated.

Emphasizing a departure from past rivalries, he noted that current political realignments in Kano have ushered in a new era of cooperation focused on governance rather than conflict.

Advert

“With the present realignment, the politics of rivalry in Kano may be over. Our priority now is delivering good governance to our people,” Ganduje explained. “If Governor Abba Yusuf succeeds, we all succeed—and if we succeed, he also succeeds. It is vital for all of us to understand this so that the government can thrive.”

Ganduje, drawing from his experience as former APC National Chairman, added that his tenure provided him with deep insight into party operations and conflict resolution mechanisms.

When questioned on whether Governor Abba Yusuf would receive an automatic ticket in future elections, Ganduje acknowledged party conventions while underscoring adherence to established rules.

“I am familiar with the party’s workings. There are rules and there are traditions. The tradition grants a sitting governor the right of first refusal, though this principle does not extend to other positions,” he clarified.

NIGERIAN TRACKER reports that former Governor Abdullahi Umar Ganduje was anointed by his predecessor and long time political associate Senator Rabiu Musa Kwankwaso during the 2015 general elections after which the duo fell out in March 2016 due to some differences that suddenly emerge less than a year into the tenure of Dr Ganduje as Governor of Kano state.

Continue Reading

News

JUST IN: Work Resumes at FCTA Following Court Order Suspending Strike

Published

on

 

By Yusuf Danjuma Yunusa

Normal operations resumed at the Federal Capital Territory Administration (FCTA) secretariat and its affiliated Ministries, Departments, and Agencies (MDAs) on Wednesday, following a ruling by the National Industrial Court of Nigeria ordering the suspension of an ongoing industrial action.

The court, presided over by Justice E. D. Subilim, on Tuesday directed the immediate suspension of the strike embarked upon by workers under the Joint Union Action Committee (JUAC) to allow for continued dialogue.

In response to the ruling, the Minister of the Federal Capital Territory, Barr. Nyesom Wike, called on all employees to return to their posts promptly. While acknowledging the right to lawful protest in a democracy, the Minister emphasized the importance of respecting judicial directives.

Advert

To ensure full compliance, the Acting Head of the Civil Service of the FCT, Mrs. Nancy Sabanti, issued a circular dated January 27, 2026, instructing all Secretariats, Departments, and Agencies to reopen offices and maintain strict staff attendance registers. The circular directed Permanent Secretaries and Heads of Departments, Parastatals, and Agencies to enforce the immediate resumption of duties.

Observations across various FCTA offices and MDAs on Wednesday indicated a substantial level of compliance, with staff present on the premises and engaged in their official responsibilities.

The FCTA administration has reiterated its commitment to constructive dialogue with union representatives and to the continued improvement of staff welfare.

Continue Reading

News

Reps Summons Finance, Agriculture Ministers, Auditor-General Over Agricultural Funds

Published

on

 

By Yusuf Danjuma Yunusa

The House of Representatives Ad hoc Committee investigating Agricultural Subsidies, Intervention Funds, Aids, and Grants Programmes has summoned the Ministers of Finance and Agriculture and Food Security, as well as the Auditor-General of the Federation, to account for expenditure on agricultural programmes between 2015 and 2025.

The summons was issued during a public hearing held in Abuja on Tuesday, where lawmakers demanded explanations regarding funds released for key agricultural initiatives over the past decade.

The committee directed the officials, or their duly authorized representatives, to appear before it on February 3, warning that failure to comply would result in legislative sanctions in accordance with the powers vested in the National Assembly.

In his ruling, the Chairman of the committee, Rep. Jamo Aminu (APC-Katsina), stated that the investigation aims to ensure transparency and accountability in the use of public funds intended to boost food production, support farmers, and enhance national food security.

Advert

“The interventions under review were designed to strengthen our agricultural sector and ensure food security for all Nigerians. However, persistent concerns over food insecurity, rising food prices, and the effectiveness of past programmes have made this scrutiny imperative,” Rep. Aminu said.

The chairman expressed strong dissatisfaction with the Office of the Auditor-General of the Federation for its failure to provide audit reports on several agricultural subsidy and intervention programmes during the specified period.

He emphasized that comprehensive audit documentation is essential for tracking the disbursement, utilization, and outcomes of the funds.

“We cannot effectively conduct this investigation without proper audit records. These funds span a decade and involve critical national programmes. Transparency and accountability in this process are non-negotiable,” he stated.

Earlier in the hearing, Mr. Mohammed Adamu, a Deputy Director from the Office of the Auditor-General, attributed the lack of completed audit reports to insufficient cooperation from the Ministry of Agriculture and Food Security.

According to Adamu, the Auditor-General’s office has repeatedly requested necessary documents related to agricultural subsidies, grants, aids, and intervention programmes but has not received the required information from the ministry.

“The primary source of these documents is the Ministry of Agriculture. Without their cooperation, finalizing the audit process has been challenging,” he explained.

The hearing continues as part of the House’s ongoing efforts to enhance oversight and ensure that public funds are used effectively for national development.

Continue Reading

Trending