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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 Senate on Wednesday passed the constitutional amendment bill seeking the establishment of state police across the country, marking a major step in ongoing efforts to reform Nigeria’s security architecture.
The approval followed extensive consideration of the proposal by lawmakers during plenary.
Before the vote, senators abandoned plans to use the electronic voting system after the device developed technical issues, raising concerns about the possibility of some lawmakers being excluded from the exercise.
To ensure full participation, the Senate resolved to adopt a manual voting process in which senators openly declared their positions on the bill.
The motion for the adoption of manual voting was moved by the Senate Leader, Senator Opeyemi Bamidele, and received the support of the chamber.
The passage of the bill represents one of the most significant constitutional reforms considered by the National Assembly in recent years, as advocates argue that state policing will enhance local security and improve responses to criminal activities.
The constitutional amendment will, however, require further legislative processes before it becomes fully operational.
The trial of six men accused of plotting to overthrow the administration of President Bola Tinubu took a dramatic turn on Tuesday after the Federal High Court in Abuja ordered the Department of State Services (DSS) to investigate the alleged leakage of sensitive court evidence to social media.
During proceedings, prosecuting counsel, Rotimi Oyedepo (SAN), informed the court that video recordings already tendered as evidence had surfaced online. He alleged that the materials were published by social media activist Martins Vincent Otse, popularly known as VeryDarkMan, and noted that the activist was present in court during the hearing.
Oyedepo urged the court to investigate how the videos were obtained and made public.
In response, Justice Joyce Abdulmalik directed the DSS to immediately probe the alleged leak. The judge ordered security operatives to determine whether any protected court materials were released in breach of existing witness-protection orders and to identify those responsible.
Justice Abdulmalik ruled that the investigation should proceed alongside the ongoing criminal trial, stressing that neither the defendants nor their legal representatives had admitted involvement in the alleged publication.
Counsel to the six defendants denied any connection to the leaked materials. Some members of the defence team argued that the prosecution should file a formal application supported by an affidavit if it wished to pursue the matter before the court.
The hearing also featured testimony from the prosecution’s fourth witness, identified only as “DDD,” who maintained that the defendants voluntarily made their statements and were neither tortured nor coerced during interrogation.
The witness dismissed claims that the accused were chained while giving statements, stating that they walked into the interview room unassisted. He further told the court that none of the defendants requested the presence of lawyers, family members, Legal Aid Council officials, or a Justice of the Peace before making their statements.
Following the testimony, the prosecution closed its case in the trial-within-trial after calling four witnesses.
The court adjourned proceedings to June 25 and June 30 for the first three defendants to open their defence, while the remaining defendants are scheduled to present theirs on July 1 and July 2.
Justice Abdulmalik also fixed July 20 for a ruling on the defendants’ bail applications.
The six men remain on trial over allegations of participating in a plot to topple the Tinubu administration—claims they have denied and which the court has yet to determine.
News
Good Governance: Nwoye Harps on Prudent Management of Public Funds, Engagement of Competent Hands
A Senior Lecturer at the Institute of Peace, Conflict and Development Studies (IPCDS), Enugu State University of Science and Technology (ESUT), Dr. Ben Nwoye, has emphasized the need for managers of public institutions, especially government-owned establishments, to prioritize prudent management of resources and the engagement of competent personnel.
Nwoye also stressed that placing qualified and capable individuals in positions of responsibility remains one of the surest ways to achieve good governance and sustainable development in any society.
The former Chairman of the All Progressives Congress (APC) in Enugu State and current Deputy National Chairman (South) of the party made the remarks on Monday during a good governance facility tour to the remodeled Government Technical College (GTC), Enugu, alongside PhD students of IPCDS.
He commended Enugu State Governor, Dr. Peter Mbah, for the transformation of GTC Enugu under the leadership of Dr. Amaka Ngene, Chairman of the Science, Technical and Vocational Schools Management Board (STVSMB), noting that the institution has been transformed from a dilapidated facility into a modern learning centre.
According to Nwoye, the visit was aimed at assessing the progress made since a similar tour of the school in 2025.
He described education as the bedrock of national development and stressed the need for governments to continue investing heavily in the sector.
“The massive transformation that has taken place at GTC Enugu would not have been possible without prudent management of resources and the appointment of capable leadership,” he said.
“When we first visited, what we saw were merely buildings and classrooms without teachers or students. We were also shown videos and photographs depicting the terrible state of the institution before the intervention of the Enugu State Government.
“Today, barely a year later, we have returned to see whether the state-of-the-art facilities have become functional, and we are impressed by what we have seen. There are teachers, students, and fully operational departments.
“This success is largely due to the quality of leadership driving the school board. The desired transformation has truly taken place, and this goes beyond politics. It is about commitment, competence, and prudent management of public funds.”
Nwoye noted that the beneficiaries of the reforms are young people whose lives are being positively impacted through quality education and vocational training.
“We must commend Governor Peter Mbah for providing the enabling environment and resources needed to achieve this. More importantly, we must acknowledge the efforts of the Board Chairman, Dr. Amaka Ngene, who has driven the entire process.”
He added that practical examples such as GTC Enugu provide valuable learning opportunities for students studying governance and leadership.
“The challenge in our country is not the absence of laws but our failure to implement them. Previous boards allowed this institution to remain in a deplorable condition. What we are seeing today demonstrates what is possible when competent individuals are entrusted with leadership responsibilities.”
Nwoye expressed satisfaction with the outcome of the tour, stating that his students were impressed by the level of transformation witnessed across the institution.
“It is gratifying because when we teach governance principles in the classroom, we can now point to practical examples where those principles are being applied successfully. Sustainable development can only be achieved when education is treated as a priority,” he said.
Speaking during the tour, Dr. Ngene attributed the board’s achievements to a fortified database system, zero tolerance for corruption, truancy, and absenteeism, as well as a commitment to accountability and efficiency.
She also praised Governor Mbah for his commitment to education, describing the ongoing reforms as an education revolution in Enugu State.
According to her, the state’s investment in education has surpassed the UNESCO recommendation of 15 to 20 per cent budgetary allocation to the sector.
“Over the last three years, Enugu State has consistently allocated an average of 23 per cent of its budget to education, reflecting the governor’s commitment to human capital development,” she disclosed.
During the facility tour, the visiting students inspected several functional departments, including the automobile repair workshop, welding and fabrication unit, computer laboratory, garment-making section, and hospitality and catering department.
The facilities provide practical vocational training for senior students, equipping them with employable skills and entrepreneurial opportunities for the future.
Dr. Ngene maintained that Governor Mbah’s administration has demonstrated the impact of good governance through strategic investments in education and human capital development, adding that the results are already evident across the state.
With the successful conclusion of the Enugu North Senatorial District by-election, the Enugu State Structures for Signage and Advertisement Agency (ENSSAA) has announced plans to commence a statewide enforcement exercise against unauthorized outdoor advertisements across the state.
The Agency said the operation would target illegally displayed posters, billboards, political campaign materials, banners, and other outdoor advertisements erected without the approval and requisite permits of ENSSAA.
In a statement issued on Monday by the General Manager of the Agency, Mr. Francis Aninwike, ENSSAA said the enforcement exercise would be carried out across Enugu metropolis and all the local government areas of the state in accordance with the provisions of the ENSSAA Law 2016, which regulates outdoor advertising and signage in Enugu State.
Aninwike explained that the Agency deliberately suspended the enforcement exercise in recent weeks to allow the Enugu North Senatorial District by-election to be concluded and to avoid giving political coloration to what is essentially a long-overdue regulatory exercise aimed at restoring order, sanity, and environmental aesthetics within the state’s outdoor advertising space.
He stressed that no individual, political party, candidate, organization, or business is permitted to erect, display, or paste advertisements, including political campaign materials, without first obtaining the approval of the Agency.
According to him, political parties, candidates, and other stakeholders are advised to immediately regularize their advertisements and obtain the necessary permits before displaying campaign materials or other outdoor advertisements in any part of the state.
The General Manager noted that the proliferation of unauthorized advertisements constitutes a violation of the law, contributes to visual pollution, defaces public infrastructure, and undermines the beauty of the environment.
He emphasized that the enforcement exercise is neither targeted at any individual nor directed against any political group.
“This enforcement exercise is not targeted at any individual or political group. It is a routine regulatory action aimed at ensuring compliance with the law and maintaining a clean, orderly, and aesthetically pleasing environment across the state,” Aninwike stated.
To ensure a smooth and peaceful operation, ENSSAA said it has secured armed police escorts for its enforcement teams. The exercise will be conducted daily between 8:00 a.m. and 6:00 p.m.
The Agency urged members of the public to comply with extant regulations and refrain from obstructing officials carrying out their lawful duties.
Aninwike reiterated ENSSAA’s commitment to sanitizing the outdoor advertising sector, enforcing compliance with relevant laws, and ensuring that outdoor advertisements across Enugu State conform to approved standards.
The application is open from June 15 and will close on June 30, 2026, according to a notice published by the U.S. Embassy and Consulate in Nigeria.
The programme, coordinated by the Public Diplomacy Section of the U.S. Mission through EducationUSA Nigeria, is designed to assist academically outstanding Nigerian students with leadership potential in pursuing higher education in the United States.
According to the mission, the initiative supports access to U.S. higher education while advancing “American leadership, commercial diplomacy, and the shared economic interests of the United States and Nigeria.”
It added that the 2026 cohort aligns with the Freedom 250 celebration, marking 250 years of American leadership, innovation and democratic values.
The statement read, “Freedom250 marks 250 years of American leadership, innovation, and democratic values, and the OFP 2026 cohort will advance these priorities by preparing globally competitive talents aligned with U.S. economic and strategic interests.”
The mission said the programme also reinforces U.S. priorities on “secure, lawful, and well-managed student participation” in American higher education institutions.
It stated, “The program reinforces U.S. priorities on secure, lawful, and well-managed student participation of U.S. higher education systems, ensuring participants understand and uphold the proper use of student visas and full compliance with U.S. immigration regulations.”
It noted, “Priority consideration will be given to the highest-performing students whose academic profiles and career trajectories align with U.S. strategic interests in STEM, AI, and critical emerging technologies.”
The Opportunity Fund Programme provides financial support for essential upfront application costs, including standardised testing fees, application fees and other related expenses.
To qualify, applicants must demonstrate academic excellence, leadership potential, a clear intention to pursue post-secondary education in the United States, notable achievements, research capability, and a commitment to visa compliance and responsible participation in U.S. exchange programmes.
The statement further stressed that participants would be expected to maintain high ethical standards throughout the programme.
It said, “Participants are expected to uphold the highest standards of integrity, compliance, and accountability, including adherence to all U.S. visa regulations.
Apply here: EducationUSA Nigeria Opportunity Fund Program (OFP) 2026 – U.S. Embassy and Consulate in Nigeria
The United States Mission in Nigeria has opened applications for the 2026 cohort of the EducationUSA Nigeria Opportunity Fund Programme, inviting qualified Nigerian students seeking higher education opportunities in the US to apply.
The application is open from June 15 and will close on June 30, 2026, according to a notice published by the U.S. Embassy and Consulate in Nigeria.
The programme, coordinated by the Public Diplomacy Section of the U.S. Mission through EducationUSA Nigeria, is designed to assist academically outstanding Nigerian students with leadership potential in pursuing higher education in the United States.
According to the mission, the initiative supports access to U.S. higher education while advancing “American leadership, commercial diplomacy, and the shared economic interests of the United States and Nigeria.”
It added that the 2026 cohort aligns with the Freedom 250 celebration, marking 250 years of American leadership, innovation and democratic values.
The statement read, “Freedom250 marks 250 years of American leadership, innovation, and democratic values, and the OFP 2026 cohort will advance these priorities by preparing globally competitive talents aligned with U.S. economic and strategic interests.”
The mission said the programme also reinforces U.S. priorities on “secure, lawful, and well-managed student participation” in American higher education institutions.
It stated, “The program reinforces U.S. priorities on secure, lawful, and well-managed student participation of U.S. higher education systems, ensuring participants understand and uphold the proper use of student visas and full compliance with U.S. immigration regulations.”
It noted, “Priority consideration will be given to the highest-performing students whose academic profiles and career trajectories align with U.S. strategic interests in STEM, AI, and critical emerging technologies.”
The Opportunity Fund Programme provides financial support for essential upfront application costs, including standardised testing fees, application fees and other related expenses.
To qualify, applicants must demonstrate academic excellence, leadership potential, a clear intention to pursue post-secondary education in the United States, notable achievements, research capability, and a commitment to visa compliance and responsible participation in U.S. exchange programmes.
The statement further stressed that participants would be expected to maintain high ethical standards throughout the programme.
It said, “Participants are expected to uphold the highest standards of integrity, compliance, and accountability, including adherence to all U.S. visa regulations.
Apply here: EducationUSA Nigeria Opportunity Fund Program (OFP) 2026 – U.S. Embassy and Consulate in Nigeria
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