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Fix refineries, fuel price may hit N1000 Per Litre – Experts to FG
To check the rising price of fuel, they urged the government in the interim to give petrol importers special concessionary FX rate in order to bring in the product at a cheaper rate devoid of intervening variables at the international market.
In the long run, the experts advised government to fix all the local refineries so that petroleum products can be refined locally to meet the country’s needs.
They also advised the Federal Government to ensure that modular refineries are established in the country to argument the shortfall that may arise from the regular refineries.
In addition, they tasked the government on the urgent need to curb oil theft in order to meet the country’s production quota set by the Organisation of Petroleum Producing Countries (OPEC), as doing so will boost the the country’s foreign exchange earnings.
The experts warned that allowing the country’s exchange rate to be determined by the vagaries of market forces could spell doom for the economy since much production is going on for export earnings.
Chief Economist & Partner at SPM Professional, Paul Alaje, said it is correct to assert that the price of petrol could reach N1000 per litre if left unchecked, especially when the price of crude rises and the country has no control over it.
Alaje said: “It is true that Nigerians may have to pay up to N1000 per liter because when we say the forces of demand and supply, it is purely international market that will detect the price. It is not a respecter of what Nigeria is earning or number of poor people in Nigeria. That is why we should be wary of following purely market forces.
“There is a role government has to play in any economy. And that is what the Asian economists have realised and have advocated that there is limitation to what the classical and neoclassical are teaching the public and those in authority; there is danger in market forces.
“We have, therefore, stated that as much as it is important for us to allow the forces of demand and supply to adjudicate prices, including FX, and PMS, it is therefore, also more important for government to intervene because of the large number of poor people that we have in our nation today.
“If it (petrol) goes to N1000 per litre, what does it mean? It means that the support government wants to give to people in terms of N8,000 is even insufficient abnitio as the price of PMS will continue to increase. We know that no matter how much government increase salaries, it cannot be done indefinitely, even the Federal Government income cannot double immediately. That is why it is important for us as a people, to be mindful of the theory that we apply and adopt in our system”.
On his part, Managing Director, SD&D Capital Management Limited, Gbolade Idakolo, agreed with the analyst’s assertion that the price of petrol could rise to N1000 per litre if nothing is done to reign in rising FX rate.
Mr. Idakolo said: “The assertions of the analyst might not be far from the truth if government only relies on private refineries or imported fuel.
“The government needs to speed up the turnaround maintenance of its refineries which will ensure that a large percentage of petroleum products can be refined and sold at a considerable low cost to the people because private refineries would sell at international price in order to maximise profit.
“The government also needs to intervene to stop the free fall of the Naira to the US dollars by injecting more foreign currency into the Importer and Exporter (I & E) window so that it can drive down the exchange rate which has a major impact on the eventual cost of petroleum products”.
Aliyu llias, a financial analyst reacted thus: “It is expected that Nigerians will pay more because two things are the determining factor now. The Naira to dollar is on floating, so anywhere the world moves, we follow them. Another thing is the price of crude oil. If the price of crude oil moves up, instead of Nigeria benefitting, we will pay more for our consumption.
“In the short term, government should intervene by providing special forex for fuel importers. The main solution is for us to have our refineries working. If we have domestic refining capacity, we will not have to import fuel. We should have modular refineries and revisit the issue of forex”.
Managing Director at Dignity Finance and Investment Limited, Dr Chijioke Ekechukwu, identified two major factors driving high cost of petroleum products as the international crude oil price, and the exchange rate. He called on the government to fix the refineries since it cannot influence the oil price.
Dr. Ekechukwu said, “There are two major factors driving the high cost of petroleum products currently. The first is the international crude oil price, and the second factor is the exchange rate.
“We cannot influence the oil price as a country, but we can influence the exchange rate by doing everything within our powers to increase production of oil up to the allowed OPEC quota. We can also reduce oil theft to generate more foreign revenue. That way, supply of foreign currencies will increase and the exchange rate will be reduced.
“We also need to make our refineries work, both government and privately owned refineries. When they work, we don’t have to import petroleum products at exchange rate determined prices”.
Worried by the volatility in the foreign exchange market, Dr Muda Yusuf Director/CEO Centre for the Promotion of Private Enterprise (CPPE), said in spite of the limitations in forex supply, the system needs to be managed in a way that would not undermine investors confidence as this triggers speculation and influences expectations which in turn triggers diverse responses among economic players.
He called for vigilance to prevent questionable capital outflows, speculative assault on Naira, and urged the Central Bank of Nigeria (CBN) to exercise better oversight on forex demands.
Acknowledging that the foreign exchange market is evidently under pressure as a result of a number of factors, he pointed out that there was a curious surge in monetary expansion in the last one month.
Yusuf said: Money supply grew by an unprecedented 15% in one month between May and June 2023. Broad money grew by over N9 trillion, from N55.7 trillion to N64.9 trillion. This surge in monetary growth is unprecedented. Obviously, this must have had an effect on the exchange rate.
The monetary authorities should investigate this drastic growth in money supply and take steps to curb subsequent expansion. Such dramatic growth in money supply poses a significant risk to macroeconomic stability, especially price stability.
He added that transiting from a repressive market environment to a more liberalised market could be a source of market instability. However, there is need for vigilance to prevent questionable capital outflows or speculative assault on the currency.
A free market is not synonymous with complete absence of regulation. Free enterprise has to be complemented with an appropriate regulatory framework to curb illicit financial flows.
It is evident that the frequency and scope of Central Bank of Nigeria (CBN) intervention in the forex market had decelerated compared to first five months of the year.
Recent reports from the CBN indicate a total of $17 billion intervention by the CBN in the forex market in 2022. This is an average of N1.4 billion per month. Since the inception of the present administration, it is doubtful whether we had seen an intervention of up to $1 billion in total. It expected that as the scale of intervention improves, the volatile will be subdued.
And only recently, the government paid $500 million to settle matured debt service obligation on Eurobond. This could also be a constraining supply side factor.
The marginal decline in foreign reserves was also disproportionately amplified by the media. This also created some anxiety which could also have driven speculative activities in the forex market.
On the supply side, he said the trajectory is that there would be an improvement in oil output which would boost forex earnings, adding that the prospects of improved domestic refining of petroleum products in the coming months, will reduce forex demand pressure from importation of petroleum products.
Improved investors confidence will boost Foreign Direct Investment (FDI) and foreign portfolio investments, and other remittances.
CBN should exercise better oversight on forex demands to ensure protection of the market from speculative assault and illicit capital outflows, he stated.
For Squadron Leader Ahamefule Aham Man-Ugwueje, Monday was supposed to be another routine day of duty. Instead, the Nigerian Air Force pilot lost his life in the crash of an ATR-42 aircraft in Igbokoda, Ondo State, barely 16 days after his wedding.
Man-Ugwueje had married Flight Lieutenant Damilola Adekunle on September 19, 2026, in an elaborate ceremony in Abuja.
The couple exchanged vows at the Redeemed Christian Church of God, The Masters Place, Utako, Abuja, before proceeding to the Nigerian Army Conference Centre, Asokoro, for the reception.
Details of the wedding were contained in the couple’s invitation and posts shared by vendors who participated in the ceremony. A videographer, Beejay Creates, also shared footage from the event, identifying the couple as bride Damilola and groom Ahamefule.
Man-Ugwueje, who was identified by the Nigerian Air Force as the co-pilot of the ill-fated aircraft, was among the five crew members and 20 passengers who died in the crash.
The aircraft, NAF 931, was on a routine mission from Benin to Lagos when it crashed in a swampy area around Igbokoda in Ilaje Local Government Area of Ondo State.
The Nigerian Air Force on Tuesday confirmed that all 25 people on board died in the accident and released the names of the victims.
The Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, described the incident as a deeply painful moment for the Nigerian Air Force and the nation, while commiserating with the families, friends and colleagues of the victims.
The Air Force also ordered a comprehensive investigation into the circumstances surrounding the crash.
Man-Ugwueje, whose Facebook profile listed Umuahia, Abia State, as his hometown and Abuja as his current city, was the son of retired Group Captain Man-Ugwueje.
Meanwhile, Ondo State Governor, Lucky Aiyedatiwa, said no survivor was found after security agencies, emergency responders and local residents joined the search for victims at the crash site.
Aiyedatiwa said he was informed of the crash at about 10:30am on Monday after receiving a call from the chairman of Ilaje Local Government Area.
According to the governor, residents across the river from the Nigerian Navy base in Igbokoda heard a loud sound and subsequently saw the aircraft plunge into the swamp.
He said Navy personnel initially exercised caution while trying to determine whether there was a fire or explosion before moving towards the crash site.
“When they noticed that it’s just an accident, they didn’t see any sign of fire. So they moved in, trying to see if they could rescue the people,” the governor said.
Personnel of the local emergency management agency, residents and members of the Amotekun Corps later joined the rescue operation.
However, the search ended in tragedy after authorities confirmed that there were no survivors.
A Nigerian Air Force ATR-42 aircraft on a routine flight from Benin City to Lagos crashed into a swamp in Igbokoda, Ilaje Local Government Area of Ondo State, on Monday after reportedly disappearing from radar shortly after take-off.
The aircraft, with tail number NGR 931, lost communication with air traffic controllers at about 9:13am. A senior air traffic controller, who spoke anonymously, said repeated attempts to re-establish contact with the aircraft failed.
According to the source, personnel around Okitipupa later reported hearing a loud bang suspected to have come from the crash site.
The Minister of Aviation and Aerospace Development, Festus Keyamo, confirmed that the aircraft had disappeared from radar and that all efforts to raise it on radio were unsuccessful.
He later announced that the wreckage had been located near the Naval Base in Igbokoda.
Keyamo said 32 people—25 passengers and seven crew members—were on board.
The Nigerian Air Force confirmed the crash, saying the aircraft was on a routine mission from Benin to Lagos and that search-and-rescue operations had commenced in coordination with relevant authorities.
The crash site, located in a swampy creek, proved difficult to access, with military personnel, emergency responders and local fishermen joining the rescue operation.
Governor Lucky Aiyedatiwa said no survivor had been found as of Monday evening, although the authorities had yet to officially announce a death toll.
The governor said rescuers recovered parts of the aircraft, identification cards and military uniforms from the site.
President Bola Tinubu expressed sadness over the incident and directed the Nigerian Air Force to immediately commence a thorough investigation into the cause of the crash.
Investigators are expected to examine the wreckage, flight path, weather conditions, maintenance records and air traffic control communications. Efforts were also being made to recover the aircraft’s flight recorder, which could provide crucial information about its final moments.
The cause of the crash remains unknown.
Ondo State Governor, Lucky Aiyedatiwa, has disclosed that no survivor has so far been found following the crash of a Nigerian Air Force aircraft in Igbokoda, Ilaje Local Government Area of the state.
Aiyedatiwa made this known during an interview with Channels Television on Monday, saying local residents, security personnel and emergency responders had searched the crash site without finding anyone alive.
The governor said he received information about the incident at about 10:30am after the chairman of the local government contacted him.
According to him, residents living across the river from the Nigerian Navy base in Igbokoda heard a loud sound and subsequently saw the aircraft plunge into a swampy area.
He explained that personnel of the Nigerian Navy initially stayed back to determine whether the crash had triggered a fire or explosion before proceeding to the site.
“When they noticed that it’s just an accident, they didn’t see any sign of fire. So they moved in, trying to see if they could rescue the people,” Aiyedatiwa said.
He added that officials of the state emergency management agency, local residents and personnel of the Amotekun Corps later joined the search and rescue operation.
“But from the information we got, no single life was saved up to this moment. They could not see any living soul that was in that aircraft,” the governor said.
Aiyedatiwa said searchers recovered parts of the aircraft, including pieces of the wings, identification cards and military uniforms, which helped establish that the aircraft was a military plane.
“But they saw the ruins, some of the wreckage from the wings of the aircraft, you know, some ID cards, I was told, and then uniform. That was when they knew it was a military aircraft,” he said.
The governor described the incident as a painful development, noting that the crash occurred not only in Ondo State but also in his home local government area.
“So it’s a sad situation today. And we’re all really, really agreed as a Nigerian. And also it happens in my own state, not just my state, even in my own local government where I’m from,” he said.
Aiyedatiwa expressed sympathy for the military personnel involved, describing them as officers assigned to protect the territorial integrity of Nigeria.
The Nigerian Air Force had earlier confirmed that an ATR-42 aircraft with tail number NGR 931 crashed in Igbokoda while on a routine mission from Benin, Edo State, to Lagos.
Minister of Aviation and Aerospace Development, Festus Keyamo, said preliminary information indicated that 25 passengers and seven crew members were on board the aircraft.
The Nigerian Air Force said search and rescue operations were ongoing following the crash.
“If You Have Evidence Against Stanley Mbam, Charge Him; Otherwise, Release Him” — Oganiru Izzi
A socio-cultural organisation of Izzi extraction, Oganiru Izzi, has challenged Ebonyi State Governor, Chief Francis Ogbonna Nwifuru, to either release the state’s sacked Commissioner for Works, Mr Stanley Mbam, or charge him before a competent court if the government has credible evidence of wrongdoing against him.
The group said the continued detention of the former commissioner without a formal charge raises concerns about due process, constitutional rights and the rule of law.
The leader of Oganiru Izzi, Mr Godwin Mbam, made the demand while speaking with correspondents of National Issue Newspapers at the Crack Department of the Ebonyi State Police Command in Abakaliki.
Mbam condemned what he described as the prolonged detention of Stanley Mbam without allowing a court to determine whether he had committed any offence.
He challenged the state government to produce evidence if it believes the former commissioner committed a criminal offence.
“If there is credible evidence against him, charge him to court and let the court decide. If there is no case against him, he should be released,” Mbam said.
He also appealed to the Ebonyi State Police Command to uphold the Constitution and resist any pressure that could result in unlawful detention.
Vanco Flyover: “We Will Reveal the Full Details”
Mbam also issued a three-day challenge to Governor Nwifuru, declaring that if the former commissioner was not released or charged to court, his organisation would make public what it described as the “full details” of the Vanco Flyover project.
According to him, the proposed disclosure would address issues surrounding the project, including its funding, payments, contractual arrangements and other financial details.
“We will let the world know the full details of the Vanco Flyover and how the funds were utilised,” he warned.
He further challenged the state government to demonstrate transparency by making relevant documents concerning the project available to the public.
“What About the Alleged ₦1.5 Billion Forfeiture?”
The Izzi group also questioned what it described as the selective application of the state government’s anti-corruption campaign.
Mbam referred to allegations involving an account reportedly frozen by the Economic and Financial Crimes Commission (EFCC) and an alleged ₦1.5 billion forfeiture to the Federal Government.
He questioned why, according to him, the governor had allegedly not taken similar action if the facts surrounding the matter warranted it.
Mbam stressed that he was not opposed to the fight against corruption but insisted that any anti-corruption campaign must be comprehensive, transparent and applied equally.
“If Governor Nwifuru wants to fight corruption, let him fight it holistically. Nobody should be targeted while other serious allegations are ignored,” he said.
“If Nwifuru Says He Knows Nothing, We Will Produce the Facts”
Mbam further challenged Governor Nwifuru to publicly state whether he was aware of alleged corruption issues within the Ministry of Works.
“If Nwifuru publicly claims that he is unaware of corruption in the Works Ministry, I will make public the facts available to me. The facts will shock the state,” he declared.
He insisted that the matter should not degenerate into a political vendetta, arguing that the appropriate place to determine criminal liability is a court of law.
According to him, the people of Ebonyi State deserve clear answers concerning the Vanco Flyover and other issues involving public funds.
“Everybody Should Be Subject to the Law”
The Oganiru Izzi leader maintained that the controversy should be resolved through transparency, documentary evidence and due process.
“If there is a case, charge him. If there is no case, release him. The government cannot claim to be fighting corruption while abandoning the principles of justice and the rule of law,” he said.
Mbam warned that failure to address the issues could compel the organisation to make further disclosures concerning the Vanco Flyover and other matters it considers to be in the public interest.
By Our Correspondent
As Nigeria celebrates its 66th Independence Anniversary, the candidate for the House of Representatives seat representing the Ezza South/Ikwo Federal Constituency, Hon. Chief Kevin Tobias Chukwu, has called on Nigerians to remain hopeful and committed to building a better country.
Chukwu, also known as Ochiri Ozua 1 of Amagu Ikwo, made the call in an Independence Day message to Nigerians, particularly the people of Ezza South/Ikwo Federal Constituency and Ebonyi State.
He described the anniversary as not only a moment for celebration but also an opportunity to reflect on the state of the nation and the responsibilities of leaders in building a Nigeria that meets the aspirations of its citizens.
According to him, Nigeria’s journey since independence has been marked by significant challenges, with millions of citizens currently facing economic hardship, while young people continue to search for opportunities and many communities contend with insecurity and uncertainty.
Despite these challenges, the Ebonyi politician said the resilience of Nigerians remained a source of hope for the country’s future.
“I believe in the resilience of our people. I believe in the ingenuity of our youths, the strength of our women, the wisdom of our elders and the determination of ordinary Nigerians who wake up every morning and refuse to give up on this country,” he said.
Chukwu, however, stressed that hope must be matched by responsible leadership, arguing that public office should be viewed as a responsibility rather than a privilege.
He called for leadership that prioritises the protection of lives, creation of economic opportunities, provision of infrastructure, strengthening of institutions and responsible management of national resources.
The candidate also emphasised the need to create an environment where young Nigerians can pursue successful lives within the country and where hard work, merit and enterprise are rewarded.
He said Nigeria had “come too far to surrender to hopelessness,” urging citizens and leaders alike to remain committed to the country’s progress.
“A better Nigeria is still possible, but it will require responsible leadership, accountable institutions and citizens who refuse to give up on their country,” he said.
Chukwu concluded by expressing optimism about Nigeria’s future, declaring: “Nigeria will rise. Nigeria must rise. And together, we must build the Nigeria we deserve.”
He also paid tribute to the nation’s past heroes, praying that their sacrifices would continue to inspire the country.
“May the labour of our heroes past never be in vain,” he said, as he wished Nigerians a happy 66th Independence Anniversary.
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