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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.
The lingering leadership crisis rocking the Enugu State chapter of the Nigeria Democratic Congress (NDC) took a dramatic turn on Tuesday as more than 80 party aspirants under the umbrella of the Enugu G80 formally declared their total support for the State Working Committee led by the Chairman, Dr. Johnpaul Anih.
The endorsement followed an extraordinary virtual meeting of the coalition held on Monday, August 3, 2026, where members unanimously resolved to recognize the Dr. Johnpaul Anih-led executive as the authentic leadership of the party in Enugu State.
The G80, described as a coalition of over 80 aspirants drawn from different political blocs within the party, said its decision was reached after a careful review of the circumstances surrounding the leadership dispute and extensive consultations with relevant stakeholders.
According to the communique adopted at the meeting, the coalition concluded that the executive led by Dr. Johnpaul Anih remains the only leadership produced through a valid state congress conducted on May 4, 2026, in compliance with the party’s constitution and monitored by the Independent National Electoral Commission (INEC).
The group maintained that the legitimacy of that congress cannot be displaced by any parallel arrangement or externally imposed structure.
The forum further announced the unconditional endorsement of the Anih-led executive, describing the decision as one driven by justice, equity, constitutional order and respect for internal democracy.
As part of the resolutions, members agreed to dissolve their individual political structures into the Dr. Johnpaul Anih-led leadership in order to build a united and formidable platform capable of strengthening the party across the 17 local government areas of Enugu State.
The aspirants also pledged financial, moral and political support to the State Executive in its ongoing efforts to consolidate the party and defend what they described as the democratic mandate freely given by party members during the state congress.
Addressing the forum, Dr. SKC Ogbonnia, who briefed members on the outcome of recent engagements with Dr. Johnpaul Anih and other stakeholders, urged party faithful to remain united in the interest of the party and the advancement of democratic values.
The coalition disclosed that it would immediately forward an official letter to the National Leader of the party, Senator Henry Seriake Dickson, formally communicating its endorsement while urging the national leadership to respect the outcome of the validly conducted congress and restore constitutional order within the Enugu State chapter.
In the letter signed by the group’s coordinator, Dr. SKC Ogbonnia, NDC Senatorial aspirant for Enugu West Zone, and Chief Charles Solomon Ako, NDC House of Reps aspirant for Igboetiti/Uzouwani federal constituency, the G80 appealed to the national leadership to reaffirm the Dr. Johnpaul Anih-led State Working Committee as the legitimate leadership of the party in Enugu State, reject attempts to create or sustain parallel executive structures and ensure that all party organs recognize the executive produced through the congress.
The coalition also called for the harmonisation of candidates produced by the two factions in line with the Electoral Act and the party’s constitution, insisting that any harmonisation process must be anchored on the executive that emerged from the validly conducted congress.
In a strongly worded warning, the G80 cautioned individuals and groups against actions capable of undermining the unity and stability of the party in Enugu State.
The coalition declared that it would resist every attempt to impose parallel leadership structures, insisting that only executives produced through constitutional processes possess the legal and moral authority to administer the affairs of the party.
The group further maintained that respect for internal democracy remains indispensable to the survival of the NDC, arguing that allowing unelected structures to supersede validly elected executives would erode members’ confidence and weaken the party ahead of future elections.
The latest endorsement adds to growing support for the Dr. Johnpaul Anih-led State Executive, coming barely weeks after party stakeholders, State Working Committee members and local government chairmen unanimously passed a vote of confidence on the leadership, citing its grassroots mobilisation efforts and commitment to strengthening the party in Enugu State.
…2027, The Last Chance To Unite Nigeria, Peter Obi
By Okey Maduforo Awka
Presidential candidate of the Nigeria Democratic Congress ( NDC), Mr Peter Obi has warned that the 2027 general elections is the last time and opportunity to unite Nigeria noting that all hands must be on deck to change what he called the sad narrative of the Nation.
This is coming as the member representing Awka North and South Federal Constituency Prof Lilian Orogbu raises fresh alarm over an alleged plot to use fake security operatives to manipulate the coming elections stating that it would be resisted .
Peter Obi who was at the empowerment scheme convened by Orogbu in Awka Anambra state Capital lamented that NIgeria paints the picture of a meal spoilt by too much salt adding that he has been going about asking for the vote of Nigerians to guarantee the unity of the Country.
“Nigeria is like a meal spoilt by too much salt and a lot has collapsed in this country and wherever you go they tell you to be careful and don’t go there and when people get sick they have no hospitals to obtain treatment rather they go to church to pray because death is by the corner”
“We need leaders who are responsible, who have integrity and I challenge any of my contestants to come up for accessment and I can tell you that non of them is better than me”
“And that is why I have been going about the country asking for the support of Nigerians so that we can restore our country and this is the last chance to unite Nigeria and I want to unite Nigeria and that is why I am in the race for Presidency.
Speaking also Hon Liliana Oby Orogbu warned that the masses would not tolerate any act by some desperate politicians to use thugs dressed in security uniform to manipulate the electoral process adding that the masses would resist such plots .
“We are aware of the plans of some people to manipulate the coming election and we learnt that they are going to use thugs dressed in security uniforms to rig the election but our people have become wiser and it would be resisted .
Also speaking Sen Victor Umeh carpeted those according to him who have been going about campaigning that people should not vote for Peter Obi contending that such persons are not in their right senses .
“When the campaign proper begins we shall come down to Anambra state and the South East to campaign and we shall engage them and let us see why we should not support Peter Obi in the coming election ” he said.
State Chairman of the Nigeria Democratic Congress ( NDC) Hon Ikem Uzoezie described the trio of Obi , Umeh and Orogbu as most qualified for the positions that they are contesting for urging the Anambra electorates to vote massively for them .
The highlight of the occasion was the distribution of refrigerators , power generators , sewing and grinding machines , motorcycles , buses and cars to members of Awka North and South Federal Constituency.
Anthony Adeniyi (Niyi) Adeosun, husband of former Minister of Finance, Kemi Adeosun, has died at the age of 62.
He passed away on Wednesday, August 5, 2026, in Lagos State, according to a statement issued by the Adeosun family on Thursday.
The statement, titled “Announcement of the Passing of Mr Anthony Adeniyi (Niyi) Adeosun,” was signed by Rev. C. A. Adeosun on behalf of the family.
Describing the late Adeosun as a distinguished businessman and devoted Christian, the family said he lived a life marked by integrity, generosity, hard work, and unwavering commitment to God, his family, and his community.
“It is with profound sorrow, yet in total submission to the will of Almighty God, that the Adeosun family announces the passing of our beloved husband, father, and brother, Mr Anthony Adeniyi (Niyi) Adeosun, who was called home to glory on Wednesday, 5th August 2026, in Lagos,” the statement read.
The family said they were drawing strength from their Christian faith during the difficult period and requested prayers as they mourn their “irreplaceable loss.”
Funeral and burial arrangements will be announced at a later date.
Anthony Adeosun is survived by his wife, former Finance Minister Kemi Adeosun, his children, and his siblings, including Kuramo Capital founder Adewale Adeosun.
The family also expressed gratitude to everyone who has offered prayers, condolences, and support, praying that his soul rests in perfect peace.
The Commissioner of Police in Enugu State, Mr Mamman Giwa, has condoled wife, children and family members of late Insp. Ikechukwu Obodo, who died after being knocked down in a hit-and-run motor-pedestrian accident.
Obodo was knocked down in a hit-and-run motor-pedestrian accident along Bissala Road in Enugu on July 5.
Giwa gave the condolence on Wednesday during a visit to the wife of the deceased officer through a delegation led by ACP Oliver Odimega, the Assistant Commissioner of Police, Department of Operations.
The commissioner described the death of the officer, who is a Doctor of Philosophy (Ph.D.) degree holder, as a deeply tragic loss to the Nigeria Police Force, his family, friends and colcolleagues.
He prayed for the peaceful repose of his soul and for God to grant his loved ones the strength to bear the irreparable loss.
The state police boss assured the bereaved family that the command remained committed to ensuring the arrest and prosecution of the fleeing driver.
Giwa noted that the police share in their grief over the painful and untimely loss of the Inspector, whose life was cut short under such unfortunate and avoidable circumstances.
Police preliminary report released by the Spokesman of Enugu State Police Command, SP Daniel Ndukwe, said: “Preliminary investigations indicate that the deceased was travelling to his duty post at about 7p.m.
“The commercial bus conveying him failed to stop at his designated bus stop near Pascan Jake Bus Stop on Bisala Road, dropping him a few metres ahead instead.
“This led to an altercation between him and the bus driver after they alighted and in the process, an unidentified speeding vehicle struck the officer and fled the scene, while the bus driver also drove away immediately.
“Passers-by alerted operatives of the New Haven Police Division, who promptly evacuated the victim to Parklane Hospital, where he was confirmed dead.
“His remains were thereafter deposited in the hospital mortuary for preservation and post-mortem examination.”
He said that contrary to circulating rumours, investigations have not established that the late officer was struck by a government or security convoy vehicle.
Ndukwe, however, said that efforts to identify and arrest the fleeing driver remain firmly on course.
Enugu State Government-owned airline, Enugu Air, on Tuesday, August 4, 2026, signed a strategic partnership agreement with Jands Travel Business School (JTBS), an Enugu-based private travel, leisure and hospitality training institution, to promote Enugu State as a destination for leisure, business, investment and innovation.
The agreement was signed at Ifennia Court, Independence Layout, Enugu, ahead of the 2026 edition of the Domestic Tourism Festival (DTF), organised by Jands Travel Business School.
The three-day festival is scheduled to hold at Amadeo Event Centre, Enugu, from September 4 to 6, 2026, with the theme, “Innovation and Technology for Peaceful Domestic Tourism.”
The event is expected to attract about 2,000 delegates, including more than 300 travel agencies from across Nigeria, tourism boards, airlines, hospitality operators, investors and international guests.
Activities at the festival will include tourism exhibitions, business networking, cultural displays and performances, among others.
Speaking at the signing ceremony, which was attended by representatives of Enugu Air led by its Chief Operating Officer, Ugonna Agubuokwu, and members of the Jands Travel Business School Board of Trustees led by its Chairman, Chief Ben Etiaba, Etiaba described the partnership as an honour and an opportunity to promote tourism and aviation in Enugu State.
He said the agreement went beyond a Memorandum of Understanding, describing it as a shared vision aimed at building bridges between education and industry, tourism and aviation, as well as aspiration and opportunity.
“Tourism has become one of the world’s fastest-growing economic sectors. It creates jobs, stimulates entrepreneurship, preserves culture, strengthens national identity, and contributes significantly to economic growth.
“Yet, for tourism to thrive, it requires reliable transportation, skilled professionals, innovative partnerships and visionary leadership,” Etiaba said.
He said the forthcoming Domestic Tourism Festival would provide an opportunity to celebrate Nigeria’s rich cultural heritage while showcasing Enugu as a destination for leisure, business, investment and innovation.
Etiaba added that the partnership between Enugu Air and Jands Travel Business School demonstrated what could be achieved when government initiatives and private-sector institutions worked together.
He said the collaboration aligned with the vision of transforming Enugu into a leading destination for commerce, tourism, investment and ease of doing business.
According to him, improvements in infrastructure, security and connectivity across the state had created a solid foundation for partnerships that could drive tourism and economic growth.
He also commended Enugu Air for embracing the partnership at an early stage of the airline’s operations, saying its support for tourism and human capital development demonstrated its commitment to the development of Enugu State and Nigeria.
“I am confident that this partnership will become a model of successful collaboration and will contribute meaningfully to the growth of tourism, aviation and economic development in our state and our nation,” he said.
On her part, the Director of Jands Travel Business School, Mrs Chioma Obi, expressed appreciation for the partnership, saying it would help drive the development of tourism, aviation and hospitality in the state.
She said the collaboration reflected the shared commitment of both organisations to promoting tourism, improving connectivity and positioning Enugu as a preferred destination for tourism, business and investment.
Obi noted that the Domestic Tourism Festival, now in its third edition, had become a growing national platform for tourism development, bringing together government agencies, private-sector organisations, travel professionals, investors, academia and development partners.
She said last year’s edition attracted 1,287 participants, while the 2026 edition was expected to draw more than 2,000 delegates, including over 300 travel agencies from across Nigeria, tourism boards, airlines, hospitality operators, investors, media organisations and international guests.
“Enugu Air is more than an airline—it is a gateway to our destination. By becoming the Official Destination Airline Partner of DTF 2026, Enugu Air will help make travel to Enugu easier while connecting directly with hundreds of travel professionals, tourism stakeholders, corporate organisations and decision-makers from across the country,” she said.
Obi added that the partnership would strengthen Jands Travel Business School’s mission of showcasing Enugu’s tourism potential, attracting investment and creating new opportunities for businesses within the tourism value chain.
Also speaking, the Chief Operating Officer of Enugu Air, Ugonna Agubuokwu, expressed delight over the partnership and commended Jands Travel Business School for its efforts to promote tourism.
He assured the organisers that Enugu Air would work to ensure the success of the September festival.
“As an airline, we are honoured to be at this event. We all know what tourism brings to our economy. It promotes growth and development, tells the story of who we are and, above all, generates revenue.
“On the strength of this event, we shall use it as a gateway to showcase our routes and domestic destinations. That is why we are happy to be part of this great event,” Agubuokwu said.
He promised that the September 4–6 festival would be a major success for both Jands Travel Business School and Enugu Air.
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