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Fuel prices may fall as FEC renews naira-for-crude deal
They also stated that a major player in the sector, Dangote Refinery, is anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the forthcoming price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement, announced on Wednesday.
The official, however, couldn’t project the expected amount as the price at which the government will sell its products remains unclear.
This was as the National Publicity Secretary of Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, emphasised the need for greater involvement of other local refiners in the initiative, stressing that broader participation would enhance the economic benefits and strengthen the impact of the deal.
On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.
It said the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.”
The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.
The meeting was attended by Edun, the Chairman of the Implementation Committee; the Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service, Zacch Adedeji; the Chief Financial Officer of Nigerian National Petroleum Company Limited, Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals.
Also present were representatives of Dangote Petroleum Refinery and Petrochemicals, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Ports Authority, Afreximbank, and the Secretary of the Committee, Hauwa Ibrahim.
As part of moves to reduce the strain on the US dollar and guarantee price stability of petroleum products, the FEC in July 2024 directed the national oil company to sell crude oil to Dangote Refinery in naira and not in United States’ greenback for an initial phase of six months.
The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024 to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.
However, in March, Dangote refinery said it had temporarily halted the sale of petroleum products in naira. The refinery said the decision to halt sales in naira was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.
Immediately after the announcement, private depot owners effected an increase in loading cost and effectively raised pump price from around N860 to about N960 per litre, making consumers pay at least N70 more than what it used to cost them to buy a litre of the premium commodity days earlier.
But in a fresh update on Wednesday, the committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.
The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty, enhancing local refining capacity, and stabilising the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.
The ministry explained that this policy is structured to foster energy security and encourage investment in domestic refining infrastructure.
While acknowledging that the transition involves complexities, the government admitted that existing challenges are being systematically addressed.
“As with any major policy shift, the committee acknowledges that implementation challenges may arise from time to time.
“However, such issues are being actively addressed through coordinated efforts among all parties. The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the statement concluded.
Commenting, industry players said the resumption of Naira-denominated crude sales would reduce the strain on the US dollar and guarantee the price stability of petroleum products.
The IPMAN national publicity secretary, in his expert opinion, welcomed the recent development, noting that it reflects the President’s willingness to listen to stakeholders, which is a positive sign for the country’s energy sector. He said the deal was always expected to be implemented.
“With this new decision taken by the government, I also believe earnestly that just with the complaint of marketers crying of huge losses caused by a sudden drop in price. Their plea is also yielding fruit.”
He added that with the positive development and recent fall in the price of crude, the 650,000 is poised to reduce its loading price downward before the end of the current week.
“I believe that from now till the end of the week, the Dangote refinery will come up with a new price. They can’t complain of having old stock because that is not the best practice internationally.”
On his part, CORAN national official Eche Idoko welcomed the news that the policy would be permanent but urged the government to ensure its full implementation, particularly in its inclusion of all local refineries.
Idoko described it as one of the most effective strategies of the current administration to stabilise the local economy amid recent global economic challenges.
He said, “CORAN welcomes the idea of the new information on the continuation of the naira for crude policy as we have always maintained it is one of the most potent policy of this administration in trying to stabilise the local economy and in the event of recent happenings in the global economy. It has become more expedient to pursue this policy as it seems to protect the emerging refining industry in Nigeria.”
However, CORAN pointed out that the pilot phase of the policy, which was initially extended only to Dangote refinery, fell short in certain areas. The group noted that the total allocation earmarked for the naira-for-crude initiative was not fully implemented during the pilot phase, which raised concerns.
“We hope that in this new phase, the remaining five refineries that are refining in Nigeria would be included, and more importantly, this crude would be made readily available for them, so that we can maximise the advantage that comes with refining locally, especially when everyone is moving towards self-dependence and self-sufficiency in production,” Idoko added.
The Petroleum Products Retail Outlet Owners Association of Nigeria shared the same opinion, requesting that all refineries be allowed to benefit from the naira-crude deal instead of restricting it to Dangote Refinery.
The National President of PETROAN, Billy Gillis-Harry, stated this in an interview with one of our correspondents on Wednesday.
He said, “We are delighted and we congratulate the President and the Federal Executive Council for looking into what should make Nigeria better. As far as we are concerned, the naira-for-crude is a critical component of how Nigeria’s economic growth will fare. So, PETROAN is very happy about it. We hope it will be well implemented with all the i’s dotted and the t’s crossed.
Gillis-Harry said Nigeria could run a better economy with the policy and ignore the tariffs of the United States President, Donald Trump.
“Let us give the benefit of the doubt to the Federal Government, the Ministry of Petroleum Resources, the Ministry of Finance, and all the members of the technical committee to come up with what is needed to ensure that we run a better economy and give a bluff to America with all this noise that has been coming from Donald Trump. If we are running our economy by ourselves, we do not need to bother about him. And that is what PETROAN will always advocate for, that we run our internal economy efficiently and grow our economy robustly to ensure that Nigerians live well above the poverty level,” he said.
The PETROAN boss added that crude oil should be sold to other refineries in naira to give Nigerians affordable fuels.
“The policy is for every refinery. To my knowledge, it is not only for one refinery. It is for all refineries in Nigeria – NNPC refineries, Azikel in Bayasa, Edo refinery in Benin, Niger Delta refinery in Ahola, Walter Smith in Owerri, and other refineries that are coming up, including BUA refinery. So, it is not selective. It is for all refineries, to my knowledge. And that is what we advocate, that it should be implemented in every refinery so that all refineries will sell to us at an affordable price and ensure that there is energy security,” he added.
He maintained that price fluctuation would be a continuous exercise until an average is observed.
“We cannot wake up and say our price will be like this, so that price will come down based on the economic environment,” he added.
While commending Tinubu for the initiative, he appealed to him to address the hunger in Nigeria.
“We congratulate the government. Anybody can say what they want to say, but we believe President Tinubu has good intentions for this country. What we are watching is that there is hunger in the land, there is a lot of suffering, and those things need to be addressed very drastically and very quickly, too.
“Those people who are hungry don’t listen. We do not want any errors. So, we still ask Nigerians to be patient and be enduring, and let all of us make collective sacrifices to ensure that this country becomes a greater one,” he submitted.
The Vice President of IPMAN, Hammed Fashola, described the move as a good development.
“It is a good development; it is what we have been telling the government that it should be sustained because it would bring a lot of benefits and make the price stable. Once that happens, the price of fuel will come down, and this is good for Nigeria.
Fashola said the naira has been losing its value since the Dangote refinery cancelled the naira-for-crude deal, saying that was why the price of fuel remained high in Nigeria despite the crude price crash.
He said Nigerians should expect a drop in fuel prices, adding that the suspension of the policy caused the surge in prices after the Dangote refinery halted the sale of petrol in naira.
“Now that the naira policy has been restored, we expect a reverse in the price,” Fashola said.
The Federal Government has announced 150 as the minimum cut-off mark for admission into universities and nursing schools across the country.
The decision was reached during the policy meeting on admissions organized by the Joint Admissions and Matriculation Board (JAMB) with stakeholders in the education sector.
According to the government, candidates seeking admission into universities and nursing institutions are expected to score at least 150 in the Unified Tertiary Matriculation Examination (UTME) to qualify for consideration.
The meeting also reviewed admission guidelines for polytechnics, colleges of education, and other tertiary institutions as part of efforts to maintain standards in the nation’s education system.
Stakeholders at the meeting urged institutions to ensure transparency and fairness in their admission processes while advising candidates to strictly adhere to admission requirements.
Rt. Hon. Barr. Sunday Cyriacus Umeha has continued to distinguish himself not only as a grassroots politician but as a sound parliamentarian who clearly understands the true essence of legislative representation and public service.
Since emerging as the Member representing Ezeagu/Udi Federal Constituency in the House of Representatives, Umeha has consistently demonstrated capacity, vision, and commitment both on the floor of the National Assembly and within his constituency.
Unlike many politicians whose promises disappear after elections, Rt. Hon. Umeha has steadily transformed his campaign mantra, “Go and Verify,” into practical realities visible across communities in Ezeagu and Udi Federal Constituency.
From road construction to solar-powered streetlights, classroom projects, healthcare interventions, agricultural empowerment, scholarships, boreholes, and youth development programmes, his stewardship has remained rooted in service delivery and measurable impact.
Observers say one of the strongest qualities that separates Umeha from many lawmakers is his deep understanding of parliamentary responsibilities. Through strategic bills and motions, he has continued to show that representation goes beyond rhetoric and political appearances.
Among several notable legislative efforts, he sponsored bills seeking the establishment of a Federal College of Entrepreneurship and Skill Acquisition in Ezeagu/Udi Federal Constituency, reforms in the education sector through the abolition of levies in public basic schools, mandatory insurance protection for NYSC members, and the establishment of a National Football Academy.
He also sponsored motions addressing critical national concerns, including the investigation into the gruesome killing of Nigerians by soldiers in Enugu State and the urgent completion of the Karshi/Apo Road project in Abuja to ease traffic congestion.
Political analysts note that these interventions reflect a lawmaker who understands that effective representation must combine constituency development with strong legislative advocacy.
Many constituents equally commend him for remaining faithful to the promises he made during his campaigns. Across the constituency, residents point to completed and ongoing projects as evidence that the lawmaker has not reneged on his commitments to the people.
Beyond governance and legislative duties, Rt. Hon. Umeha also played significant roles in efforts aimed at restoring sanity, stability, and internal cohesion within the Labour Party before his eventual defection to the APC.
Sources within the political space in Enugu State revealed that Umeha consistently pushed for peace, unity, and institutional order within the party during periods of internal crisis and leadership disagreements. His interventions were said to be driven by the desire to protect the interests of party members and preserve the integrity of the platform.
However, following prolonged internal challenges and unresolved structural issues within the Labour Party, the federal lawmaker eventually moved to the All Progressives Congress (APC), a decision many political observers described as strategic and inevitable.
Despite the political transition, supporters insist that his focus has remained unchanged — delivering quality representation, empowering constituents, and sustaining developmental projects across Ezeagu/Udi Federal Constituency.
For many residents, Rt. Hon. Barr. Sunday Cyriacus Umeha represents a rare blend of grassroots leadership, legislative competence, humility, and political responsibility.
And across the constituency, the verdict from many communities remains simple:
“He promised, and he delivered.”
Today, Friday 8 May 2026, Chief Sir Paul Chukwuma (Onwa Umueri) laid his beloved sister, Late Mrs Christiana Amaka Okeke to rest in a solemn but dignified ceremony.
A large number of family and friends gathered in Ogboji in Orumba South Local Government Area for her burial.
It was a solemn yet beautiful celebration of a life well lived, one marked by grace, resilience, and strong family values. The Funeral Mass was officiated by His Emience, Cardinal Peter Ebere Okpalaeke, The Catholic Bishop of Ekwulobia Diocese.
In a heartfelt family tribute, Chief Sir Paul Chukwuma shared that her sister “it is indeed well with your soul and has gone to rest with the Lord,” expressing profound grief over the irreplaceable loss of a beloved sibling who played a significant role in their family. He prayed for God to grant her His mercy and reward her with Beatic Vision. He opined that they as a family will continue from where she stopped. Our Hope in God and Believe in the resurrection of the dead and communion of the saints will spur them on as they continue to place all their hopes in God who made Heaven and Earth.
The Funeral and Burial Ceremony was graced by notable dignitaries including Her Excellency Senator Dr Iyom Uche Ekwunife, APC State Chairman, Most Distinguished Senator Emma Anosike, Chief Uzoma Igbonwa (Okeife Alor), YPP Deputy Governorship Candidate 2025 Governorship Election, His Excellency, Chief Uzu Okagbue, Former Nigeria Ambassador to Burundi, His Excellency, Ambassador Elijah Onyeagba (Ozonkpu Ike Enuguwu-Ukwu N’Umunri, Dr Oby Orah, Executive Director FAAN, Prof Charles Esimone, Former Vice Chancellor Unizik, Chief Hon Raph Okeke, Barr CJ Chinwuba, Hon Chizo Obidigwe, Hon JC Okeke (Deputy Chairman ,APC Anambra State, chief Anthony Obiazie (Ichie Ide), Onwa Lento Aluminium.
Others are The Vice Chancellor of Benue State University and Members of the Governing Council, the Rector Anambra State Polytechnic,Dr Njideka Rita Chiekezie, Hon Obi Henry APC State secretary, Hon Ify Nwachukwu (Ada Onowu), Prof Jaja Nwanegbo, and several other respected leaders from the political, traditional, and religious communities.
Late Mrs Christiana Amaka Okeke died after Major Brain Tumour Surgery in Germany, aged 44 years. May the soul of Late Mrs Christiana Amaka Okeke rest in perfect peace, and may God grant the entire Chukwuma of Umueri and Okeke family of Ogboji, the strength and comfort to bear this irreparable loss.
*Videos and Photos Speak:*
*(C) Paschal Candle.*
By Okey Maduforo Awka
Gubernatorial candidate Mr John Nwosu and running mate of the African Democratic Congress ADC in Anambra state Chief Ndubuisi Nwobu have stated that despite the deoature of Mr Peter Obi, and Alhaji Rabiu Musa Kwankwaso,the party is still intact and would run it’s full course in the 2027 general election.
The duo however lamented that the deoature of Obi is indeed painful but was quick to add that the party must forge ahead .
He said as leaders, Obi and Kwankwaso and other key chieftains of the ADC who suddenly left to the Nigeria Democratic Congress (NDC) would have waited to resolve the problems the ADC is facing when it mattered most rather than taking a swift to another fold.
Chief Nwobu bared his mind and feelings of other stakeholders of the ADC while briefing newsmen shortly after the ADC Anambra Leadership Consultative Meeting held on Friday in Awka the state capital.
He noted with nostalgia that the candidate of the Labour Party (LP) during the 2023 general elections, Mr. Peter Obi could have shown restraint and commitment in the ADC even in face of the party’s plethora of litigations pending before different courts than leaving it unceremoniously with others.
He vowed that despite the development, leaders and members of the State chapter of the ADC are resolute to take the full circle of the electoral battle ahead of next year’s general elections and would get to it to successfully.
Accorisng to him, the National leadership of the party was not given the opportunity to settle down even less than 24 hours before the supreme Court judgment on Thursday last week when news about the detection of those who left the party rented the air waves up till Friday and Saturday same week and finally on Sunday when the news was finally blown to the entire world.
Nwobu disclosed that the opposition ADC in the state at the moment parades about nine House of Representatives and six State House of Assembly aspirants who have bought nomination forms to contest the 2027 elections while more have indicated interest to join the epical race.
The ADC stalwart further maintained that all those who indicated interest to contest the various positions are greatly prepared to run the race with high morals.
“We feel pains that these people left the party (ADC); definitely it’s going to affect the gains of the party. There’s no point saying every other thing. That having been said I am telling you that those who remain in the party are resolute and prepared to run the course.
He said the ADC Anambra Leadership Consultative Meeting reaffirm loyalty and support to the National leadership under David Mark as national chairman and Rauf Aregbesola as the National Secretary.
Nwobu who was flanked by Hon. Christian Okeke, Ven. Chris Orajekwe and Arch. Afam Moma, Samuel Ikefuna, and Reginald Akunekwe and Ben Chuks Nwosu said “the state leaders reaffirm loyalty and support of the ADC Anambra state to the National leadership headed by Senator David Mark and His Excellency Rauf Aregbesola.”
“The meeting resolved to commend the founding chairman of the ADC Chief Ralph Okey Nwosu for the exemplary show of representing the ADC platform as an umbrella body for the coalition and his selfless role In navigating the coalition to it’s fruition.”
“And we wish to affirm that the ADC’s best is from Anambra state and Anambra state will not be found wanting in the efforts of the party to achieve success during the 2027 general elections,” he said.
“For our brothers who has moved on tp other platform, we wish them well. I look forward to a day we will all join hands together to salvage this country,” Nwobu stated.
He explained further that no new leadership has been Inaugurated in Anambra,adding that that it’s unnecessary for somebody to say he or she has resigned as the party is still contending on issues of offices, conduct of Congresses at the Federal High court.
Chief Nwobu stated that the Inauguration of officials elected at Congresses across the states would be made on the 11th of this month.
By Chinedu Sabastine
The Enugu State Government, in partnership with the South Sahara Social Development Organisation (SSDO), has intensified efforts to strengthen domestic resource mobilisation (DRM) as part of broader strategies to boost climate finance and promote responsive budgeting.
The initiative aligns with the administration’s climate policy framework, which emphasises sustainable development, a green economic transition, and improved fiscal planning.
This was disclosed during a two-day stakeholders’ dialogue on domestic resource mobilisation for climate-responsive budgeting held at Sylvia Hotel, Independence Layout, Enugu and funded by ActionAid Nigeria.
Speaking at the event, the Deputy Director of Climate Change in the Ministry of Environment and Climate Change, Nnamdi Arum, said the state has integrated climate considerations across its projects and programmes.
According to him, while Enugu continues to benefit from international funding support, deliberate steps are being taken to strengthen internally generated resources for climate initiatives.
“Climate change has been prioritised across ministries in Enugu State. Most projects are now designed with green considerations in mind,” Arum said.
He commended Governor Peter Mbah for appointing Prof. Chukwumerije Okereke as Special Adviser on Climate Change, noting that his leadership has helped translate climate policies into actionable programmes.
Arum added that the government is actively engaging diverse groups, including youths and persons with disabilities, to ensure inclusive climate policy development.
On funding gaps, he acknowledged that despite progress, external support remains crucial particularly in the agricultural sector to enhance food security and affordability.
In his remarks, Research Policy Officer with SSDO, Okechukwu Ajah, said the dialogue aimed to bridge the gap between policy formulation and implementation.
He noted that although Enugu has domesticated its climate policy and action plan, challenges such as weak inter-ministerial coordination and the absence of clear climate budget tagging persist.
“Many agencies still operate in silos, and there is no distinct climate imprint in budgeting across ministries. This affects ownership and effective implementation of climate policies,” Ajah said.
He expressed optimism that the engagement would yield practical, implementable recommendations, stressing the need to move from theory to action.
Ajah also highlighted the importance of youth inclusion in climate discussions, describing young people as critical stakeholders in shaping sustainable futures.
One of the participants, Chidera Ekoh, described the dialogue as insightful, noting that it provided practical knowledge on addressing climate challenges.
“Climate change is already impacting our economy. This programme has equipped us with the knowledge to prioritise challenges and mobilise resources effectively,” Ekoh said
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