News
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 Nigerian Railway Corporation (NRC) has confirmed the death of three persons following the derailment of the Warri-Itakpe train in Agbor, Delta State.
The corporation disclosed that four coaches left the rail track during the incident, which occurred on Monday, June 8, 2026.
In a statement, the Managing Director of the NRC, Dr. Kayode Opeifa, said emergency response teams and other relevant authorities were immediately mobilised to the scene to manage the situation and provide assistance to affected passengers.
“The Nigerian Railway Corporation (NRC) has confirmed a serious train accident involving the Warri-Itakpe Train Service (WITS) corridor at Agbor, Delta State,” the statement said.
According to Opeifa, rescue and emergency response operations were activated immediately after the accident, and all passengers on board have since been accounted for.
“Sadly, three fatalities have been confirmed at this time,” he stated.
He added that relevant authorities are continuing to assess the full circumstances surrounding the incident, while support is being provided to injured and affected passengers.
“Our thoughts and prayers are with the victims, their families, and loved ones during this difficult time,” Opeifa said.
The NRC urged members of the public to rely only on verified information and official updates from the corporation as investigations into the cause of the derailment continue.
A newly married Nigerian woman who was recently declared missing by her family in Abuja has reportedly left her matrimonial home after discovering that her husband allegedly had two children with different women.
The woman, from Mbabum Community in Ukum Local Government Area of Benue State, had been the subject of a public appeal by her family, who sought assistance in locating her after she allegedly left her husband’s residence in Abuja.
According to a statement attributed to a family representative, Hon. Goshi Peter, the woman married Goshi Bem in March 2026 but left her matrimonial home about two weeks ago and had not returned.
However, in an update shared on Saturday, June 6, 2026, a Facebook user, Tyom Alexander, claimed she had spoken with the woman by phone.
According to Alexander, the woman said she left her husband’s home after discovering that he had two children from different women, information she alleged was not disclosed to her before their marriage.
“I have been able to speak with this woman through the phone number provided by the whistleblower,” Alexander wrote.
“She said her husband didn’t tell her that he had children before their marriage. She only discovered this after they relocated to Abuja.
“The first child is five years old, while the second child is two years old, both from different mothers.”
Alexander further claimed that the woman stated she was safe and still in Abuja, and reportedly warned her husband not to bother searching for her.
“According to her, the man should not bother looking for her as she is doing fine in Abuja,” Alexander added.
“If this is true, then the man has disappointed me. I wait to hear the man’s side of the story.”
As of the time of filing this report, the husband’s response to the allegations had not been made public.
By Okey Maduforo Awka
The fate of Nigerian roads especially the highways appears to be under threat of this year’s rainy season following fears by professionals that the over 200,000 kilometers of roads may collapse by the end of the year .
Deepening this apprehension is the lack of maintenance of those roads which have yearly carried loafs above it’s capacity occasioned by heavy duty trucks and tankers .
Expressing these fears , Consultant Engineer to the Federal government Patience Aningo noted that if urgent steps are not taken this year’s rainy season would spell doom for motorists and other road users across the country.
“Without consistent enforcement of axle load limits, and steady maintenance of our federal highways there strong indications that the country is at the risk of loosing over 200,000 kilometers of roads ”
“Roads require precision from proper compaction to correct layer thickness”
“By then, what could have been addressed with minor engineering challenges would become a huge cost of maintenance”
“The frustrations lies a deeper issue and the persistent failure of roads that should last far longer is compromised by laxity on the part of the authorities concerned”
“The outcomes are sometimes undermined by weak supervision, inconsistent material quality, and cost”
She observed that poor drainage system has also been the bane of the Federal roads in the country.
“Nigeria has one of the largest road networks in Africa estimated at over 200,000 kilometers yet a
One major factor is inadequate drainage”
“Roads are not just paved surfaces; they are engineered drainage
systems, sealing cracks, and timely patching remains underutilized, despite its proven
underlying soil, and accelerates structural deterioration”
“In a country with intense seasonal rainfall, neglecting drainage is one
of the fastest ways to shorten a road’s lifespan.’
“Regulations must be enforced consistently to protect infrastructure investments”
“Similarly, the Abuja–Kaduna Highway remains a critical but vulnerable route, where
pavement distress and operational challenges continue to highlight the strain placed on key compromise
during construction directly reduces durability and increases long-term costs”
“Drainage must be treated as a core design element, not an afterthought which affects Axle load against
what they were originally designed for”
“Heavy-duty trucks often overloaded introduce stresses that affect the roads ”
“Many Nigerian roads now carry traffic volumes and axle loads far beyond routes in the country
and despite ongoing reconstruction efforts, sections have deteriorated quickly ”
“When water is not properly managed, it penetrates the pavement layers, weakens the
This pattern is evident on major corridors such as the Lagos–Ibadan Expressway, one of the busiest in the country “she stated.
Enugu Govt Dismisses Viral UNN Attack Alert, Moves to Track Perpetrator
The Enugu State Government has dismissed as false and misleading a viral social media post alleging an imminent terrorist attack on the University of Nigeria, Nsukka (UNN), assuring students, staff, and residents that there is no credible security threat to the institution.
The government described the post as the handiwork of criminal elements seeking to create panic, fear, and confusion within the university community and across the state.
In a statement issued on Monday, the Commissioner for Information and Communication, Malachy Agbo, said the government had taken note of the viral message warning of a possible attack by individuals described as terrorists and jihadists.
According to him, investigations indicate that the alarm is false and part of a deliberate attempt by criminal elements and their collaborators to undermine public confidence in the state’s security efforts.
Agbo recalled that similar false alerts had been circulated in the past concerning locations such as Holy Ghost, Obollo Afor, Opi, Nsukka, Gariki, Awgu, and other parts of the state. He noted that those behind previous misinformation campaigns often operated anonymously and recycled old videos to create the impression of ongoing attacks.
He added that many of the perpetrators of the earlier false alarms were eventually identified and apprehended by security agencies.
The commissioner disclosed that the state government is already working closely with security agencies to track down those responsible for the latest viral post and ensure they face the consequences of their actions.
Reaffirming the administration’s commitment to public safety, Agbo said the government had continued to invest heavily in modern security infrastructure and technology to strengthen security operations across the state.
He stressed that the protection of lives and property remains a top priority of the administration of Peter Mbah, noting that recent investments have significantly improved the capacity and responsiveness of security agencies operating in the state.
The government therefore urged members of the UNN community, residents of Nsukka, and the general public to remain calm and continue their lawful activities without fear, assuring them that adequate measures are in place to guarantee their safety.
It further reiterated its resolve to sustain efforts aimed at maintaining peace and security across Enugu State while taking decisive action against individuals who spread false information capable of causing public panic.
The Methodist Church Nigeria has honoured the General Manager of the Enugu State Community and Social Development Agency (CSDA), Hon. Monday Diamond Ani, with the prestigious “Apostle of Faith Award” in recognition of his outstanding humanitarian services and contributions to community development.
The award was presented by the Methodist Diocese of Akegbe, Aninri and Awgu Archdiocese (AAA) under the leadership of Rt. Rev. C. Orji, the Methodist Bishop of AAA Diocese, Enugu.
According to the Church, the honour was bestowed on Hon. Ani in acknowledgment of his selfless commitment to community development, social welfare, and humanitarian service over the years. The Church noted that his contributions have transcended political considerations and have positively impacted countless lives across communities.
His consistent humanitarian interventions have earned him the popular title “Odoziobodo”, meaning “one who builds and restores communities.”
Hon. Ani is widely regarded as a passionate advocate for community service, driven by a desire to improve living standards and promote love, unity, and a sense of
belonging among the people. His dedication reflects Christ’s teaching on the greatest commandment—love for God and love for one’s neighbour—placing service to humanity at the centre of purposeful living.
Due to his unavoidable absence, the award was received on his behalf and later presented to him at his office by Dr. Okechukwu Animba, Vice President (South-East) of the Senior Staff Association of Nigerian Universities (SSANU).
Responding to the honour, Hon. Ani expressed profound gratitude to Rt. Rev. C. Orji and the entire Methodist Diocese for recognising his humanitarian efforts. He prayed for God’s continued grace and strength to serve humanity and touch more lives through his work.
He also appreciated his principal, the Executive Governor of Enugu State, Dr. Peter Mbah, for appointing him to lead the CSDA, an agency charged with driving community interventions and sustainable development across the state.
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