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We won’t fix petrol prices again – NMDPRA

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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.

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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

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Kano Ex-Deputy Governor Gawuna Joins ADC After Resignation from APC

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By Yusuf Danjuma Yunusa

Nasiru Gawuna, the 2023 governorship candidate of the All Progressives Congress (APC) in Kano State, has formally joined the African Democratic Congress (ADC).

Gawuna, a former deputy governor of the state, received his membership card on Tuesday at his ward in Gawuna, Nasarawa Local Government Area. The event drew a large gathering of supporters and notable political figures, including former Governor Senator Rabiu Musa Kwankwaso, immediate-past Deputy Governor Aminu Gwarzo, and the state ADC chairman, Musa Ungogo.

Speaking after the registration, Gawuna thanked his supporters and party leaders, pledging his commitment to strengthening the ADC in Kano State.

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His defection follows a formal resignation from the APC, which he described as a personal and voluntary decision. In a letter dated March 29, 2026, addressed to his ward chairman, Gawuna expressed appreciation to the APC for the opportunity to serve.

The move also comes after his resignation as Chairman of the Board of Directors of the Federal Mortgage Bank of Nigeria, effective March 31, 2026. His departure from the role complied with a directive by President Bola Ahmed Tinubu requiring political appointees to resign in line with the provisions of the Electoral Act.

Gawuna thanked the president for the trust reposed in him, noting it was an honor to serve in various capacities, including as Pro-Chancellor and Chairman of the Governing Council of Bayero University, Kano.

Political observers view Gawuna’s entry into the ADC as a significant boost for the party, given his political influence and strong showing in the 2023 governorship election, where he secured 890,705 votes.

The development is the latest in a series of political realignments in Kano State ahead of the 2027 general elections, signaling continued shifts in the state’s political landscape.

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JUST IN: Senate Approves Tinubu’s $6 Billion Loan Request

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By Yusuf Danjuma Yunusa

The Senate on Tuesday approved President Bola Tinubu’s request to secure $6 billion in external loans, granting legislative backing for the facilities hours after the Executive formally sought approval to finance critical infrastructure and address fiscal gaps.

The approval followed the consideration of a report submitted by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko (APC, Sokoto North).

In a letter read during plenary, President Tinubu sought approval for two separate facilities: a $5 billion loan from Abu Dhabi Bank to support budget deficit financing and meet existing debt obligations, and a $1 billion loan from UK Export Finance through Citibank London to fund the rehabilitation of the Lagos Port Complex and Tin Can Island Port.

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According to the President, the port rehabilitation projects aim to address longstanding operational challenges, improve efficiency, enhance safety standards, support non-oil trade diversification, and position Nigeria as a regional trade hub.

Senate President Godswill Akpabio referred the requests to the committee for expedited consideration, a directive that culminated in Tuesday’s approval.

The latest borrowing comes amid the Federal Government’s sustained reliance on domestic and external loans to finance budget deficits. Four months ago, the National Assembly approved a separate request to raise N1.15 trillion from the domestic debt market to fund the 2025 budget deficit.

In its report, the Senate Committee on Local and Foreign Debts noted that the 2025 Appropriation Act provides for total expenditure of N59.99 trillion—an increase of N5.25 trillion from the Executive’s initial proposal—highlighting the widening fiscal gap driving the government’s borrowing strategy.

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El-Rufai’s Bail Hearing Adjourned to Wednesday as Security Tightens Around Kaduna Court

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By Yusuf Danjuma Yunusa

The Federal High Court in Kaduna has adjourned the bail hearing for former Governor Nasir El-Rufai until Wednesday, March 31. Justice Rilwanu scheduled the new date after hearing arguments from both the defense and prosecution.

El-Rufai was arraigned by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on a 10-count charge involving the alleged conversion of public property and money laundering. The former governor pleaded not guilty to all charges.

In a separate case, El-Rufai also appeared before a Kaduna State High Court on charges of abuse of office, fraud, and intent to commit fraud. The ICPC filed charge number KDH/KAD/ICPC/01/26 against him and one other defendant, Amadu Sule, from the Kaduna State Development Agency (LEDA).

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According to the News Agency of Nigeria, El-Rufai arrived at the Federal High Court premises at approximately 9:40 a.m. in the company of ICPC officers.

Security was heightened across the Kaduna metropolis ahead of the proceedings. Armed personnel from the police, the Department of State Services (DSS), and the Kaduna State Vigilance Service were deployed to strategic locations. Access to the court was restricted to accredited journalists and court officials, though media representatives were barred from entering the courtroom to cover the proceedings.

Counsel for El-Rufai, Abdul Adamu, declined to comment after the session, stating only that the case “has been adjourned till tomorrow.”

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