News
Nigeria’s petrol imports jump by 55%, hit N2.52tn in nine months
The cost of Premium Motor Spirit, also known as petrol, imported into Nigeria from January to September this year surged by 55.56 per cent to N2.52tn from the N1.62tn spent in the same period of 2020.
The development came amid the Federal Government’s plan to remove subsidy from petrol by February next year.
Already, oil marketers have begun plans to resume importation of the PMS as soon as the government deregulates the downstream sector of the petroleum sector in the first quarter of 2022.
Petrol’s N2.52tn import bill for the first nine months of this year is 47.37 per cent and 25.37 per cent higher than what the amount country spent on PMS imports in the whole of 2019 and 2020 respectively, data obtained from the National Bureau of Statistics show.
Buoyed by the rally in global oil prices, the jump in the country’s petrol import bill comes amid growing concerns over the shortage of foreign exchange in the country.
Nigeria relies wholly on imports to meet its fuel needs as its refineries have remained in a state of disrepair for many years despite several reported repairs.
The country spent N2.01tn on petrol imports in 2020, compared to N1.71tn in the previous year.
Petrol imports gobbled up N1.05tn in the third quarter of this year, up from N782.46bn in Q2 and N687.74bn in Q1, according to the NBS data.
The data also showed that petrol topped the list of products imported into the country in Q3, accounting for 12.52 per cent of the total amount spent on imported products, up from 11.26 per cent in the previous quarter.
It was reported on Tuesday that the Nigerian National Petroleum Corporation put the amount spent on subsidising petrol from January to October 2021 at N1.03tn.
The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged at N162-N165 per litre despite the increase in global oil prices.
The Federal Government had in March 2020 removed petrol subsidy after reducing the pump price of the product to N125 per litre from N145 following the sharp drop in crude oil prices.
The NNPC, which has been the sole importer of petrol into the country in recent years, has been bearing the subsidy cost since it resurfaced.
The corporation supplied a total of 6.3 billion litres of petrol in the first four months of 2021, according to data collated from its monthly reports.
“The corporation has continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the nation,” it said in its latest monthly report.
Oil marketers, experts blame naira devaluation, crude oil price, smuggling
Top officials of two marketers’ associations, who spoke with our correspondent in separate interviews, attributed the surge in petrol imports to oil price rally, smuggling of petrol to neighbouring countries and naira devaluation.
The international oil benchmark, Brent crude, which tumbled to as low as $22 per barrel last year, rose to a high of $85.43 per barrel on October 22 this year.
In May, the Central Bank of Nigeria devalued the naira to N410.25 per dollar. The CBN had kept the official exchange rate at N379/$1 since August 2020, when the naira was devalued for the second time last year from 360 per dollar. It was first devalued to 360/$1 in March 2020 from 306/$1.
The Executive Secretary/Chief Executive Officer, Major Oil Marketers Association of Nigeria, Mr Clement Isong, said, “In 2020, we had COVID with all the lockdown, so I imagine that volume this year would be more than that of last year. The second point is that last year, the price of crude was very low; this year, it has been rather high. Last year, it went as low as $20 per barrel; this year, it has gone as high as $80.
“Finally, the exchange rate of the dollar to the naira was significantly lower than what it is this year. I have no doubt that smuggling has continued. Last year, the price of petrol came down in Nigeria, but it remained at N350, N360, N380 and N400 in the neighbouring countries.”
The National Operations Coordinator, Independent Petroleum Marketers Association of Nigeria, Michael Osatuyi, lamented that the inability of the country to produce petrol locally.
“We are 100 per cent import-dependent, but a country that imports 100 per cent is in a big problem,” he said, adding that the Dangote refinery would come to the country’s rescue when it comes on stream.
“Our products are smuggled to all the neighbouring countries because they are cheaper. If we don’t deregulate the downstream oil sector and crude oil price continues to go up, Nigeria’s petrol imports figure will double next year because,” he said.
In a related development, Nigeria, Africa’s largest oil producer, produced 1.44 million barrels per day in November, a rise of 70,000 bpd from the previous month, as output from Bonny Light and Erha fields rebounded, according to the latest S&P Global Platts survey.
This was, however, still 210,000 bpd below the November quota given to Nigeria by the Organization of the Petroleum Exporting Countries as the country’s output continued to be under pressure from technical and operational issues.
OPEC and its allies boosted crude oil production by 500,000 bpd in November, with 80 per cent of the increase attributed to five members – Saudi Arabia, Russia, Iraq, Kazakhstan and Nigeria, the survey found.
OPEC’s 13 countries pumped 27.85 million bpd, up 300,000 bpd from October, while Russia and eight other partners produced 13.86 million bpd, up 200,000 bpd, the survey found.
The collective OPEC+ output of 41.71 million bpd was the group’s highest in 19 months, but still 4.15 million bpd below what it pumped in April 2020, when Saudi Arabia and Russia launched an oil price war.
This comes as some of the coalition’s members like Angola, Malaysia, Nigeria and Equatorial Guinea still struggle to pump as many barrels as they had promised due to natural declines and disruptions.
The 19 members with production quotas under the OPEC+ accord were a combined 520,000 bpd below their allocations for the month, bringing compliance to 112.31 per cent from 113.21 per cent in October, the survey found.
Saudi Arabia was once again the biggest mover in the month, adding 100,000 bpd to an oil market still sensitive to demand uncertainties.
Former Vice President Atiku Abubakar and former Minister of Transportation Rotimi Amaechi on Thursday submitted their nomination forms at the party’s national secretariat in Abuja.
Atiku, in a post on his X handle on Thursday, said his presidential bid represents a broader movement aimed at restoring national prosperity and rebuilding Nigeria.
Amaechi, on his part, pledged to turn the country around within four years if elected, arguing that competence, experience and performance—not ethnicity or political sentiment—should determine the 2027 contest.
Their declarations come as the ADC continues to attract high-profile politicians ahead of the next general elections, amid intensifying political realignments across the country.
Speaking after submitting his form at the ADC national headquarters in Abuja, Atiku wrote, “The march to restore prosperity and better days to our beloved nation took a firm and decisive step forward today at the national secretariat of our great party, the African Democratic Congress.”
The former vice president said the movement transcended politics and was focused on national renewal and hope.
“This is more than a political journey; it is a national movement rooted in hope, renewal, and the collective resolve to save Nigeria from despair,” he stated.
He also called on Nigerians across ethnic, religious and regional divides to support the movement.
“I call on all Nigerians, regardless of region, faith, or background, to join us in this noble cause. Together, we will restore the promise of our nation and bring good times back again,” he added.
On his part, Amaechi pledged to transform Nigeria within four years if elected in the 2027 general election.
Amaechi made the promise shortly after submitting his nomination forms, where he also took a swipe at the administration of President Bola Tinubu, blaming it for the country’s worsening economic hardship.
The former Rivers State governor said the 2027 election should be based on competence, experience and performance rather than ethnic or regional sentiments.
“What Nigerians should do is assess all of us who are running for office based on our records.
“Nearly everybody who is running for the office of the president has served Nigeria in one way or another. Let this be a referendum. If you have performed, whoever has outperformed the other, vote for the person,” he said.
Amaechi argued that his years in public office had prepared him for the task of leading the country, citing his tenure as governor and later as Minister of Transportation under the late President Muhammadu Buhari.
“The next thing is, who is capable of delivering the votes? Who is capable of beating the incumbent? Who has the experience? I believe I am the most experienced.
“I am young, I am the most experienced, and I believe I have the capacity.
“Go back to Rivers State and see what I have done. Go back to the Ministry of Transportation and see what I have done, and assess it and see whether I can turn the country around. And I will, in four years, turn the country around,” he declared.
Amaechi, who served as governor of Rivers State from 2007 to 2015, was a key figure in the formation of the All Progressives Congress and later served as Director-General of President Buhari’s 2015 campaign.
As Minister of Transportation between 2015 and 2023, he oversaw major railway projects, including the Abuja-Kaduna and Lagos-Ibadan rail lines, although critics questioned the rising debt associated with some of the infrastructure projects.
Speaking on the state of the nation, the former minister criticised what he described as the growing hardship under the Tinubu administration, saying Nigerians were bearing the brunt of economic policies that had worsened living conditions.
“Nigerians should vote for merit, not vote for those who say, ‘I’m from this place’ or ‘it is our turn.’
“It is the ‘Emilokan’ mentality that brought us here. It is our turn that brought us here. Now Nigerians are suffering,” he said.
By Okey Maduforo Awka
Movement For Actualization Of A Sovereign State Of Biafra (MASSOB) has declared May 30th Biafran Day celebration stating that the Sit-At-Home Order is voluntary for all Biafrans .
This year’s celebration is to mark the 59th year anniversary of Biafra declaration by General Chukwuemeka Odumegwu Ojukwu on 30th May, 1967
According to the Spokesman of MASSOB Comrade Edeson Samuel nobody is going to be forced to observe the Sit At Home Order adding that it is optional to all Biafrans.
“MASSOB in the spirit of true Biafrans and brotherhood among Biafra agitators and Biafrans in general have declared 2026 commemoration of Biafra Anniversary ceremony with sit at home exercise in Biafra land for sober reflection”
“MASSOB declares that all markets, public, private motor parks, schools, banks, and other public business premises shall remain closed from 6 am to 4 pm on 30th May, 2026”
“It is a mark of appreciation and acknowledgement of the numerous sacrifices and prices our fathers, mothers, brothers and sisters rendered for Biafra during the three years war of genocide against Biafra by the British backed Nigeria”.
The body further recognizes the contributions of the leader of Indigenous People Of Biafra IPOB Mazi Nnamdi Kanu towards the Biafran emancipation demanding for his unconditional release.
“MASSOB is also using the Biafra declaration anniversary to show solidarity to our brother, Mazi Nnamdi Kanu who is wrongly imprisoned for the sake of Biafra”
“We demand his immediate release and call for justice for all Biafrans who have been unjustly detained or persecuted”
Edeson further reiterated that the celebration is annual activity that has never been a threat to security law and order noting that it has already been non violent.
“The call for stay at home has been our annual and recalling measures and steps for effective civil disobedience ceremonial exercise”
“MASSOB reminds the people of Biafra that this exercise has always been the life wire of the Biafran struggle which boomed the potency and acceptability of the non violence Biafra self determination struggle.
“The request for closure of Markets, public/private motor parks, schools and other public business premises is a one day mandatory exercise that Biafrans shall stand, it is a mark of respect and love for our fatherland.
“Biafrans shall not be compelled, pressurized or forced to observe the stay at home exercise.
“MASSOB and other pro Biafra agitators will not molest, compel or intimidate anybody to observe the stay at home exercise as all our members shall stay indoors in observance of the great day of Biafra.”
“There shall be no physical demonstration, street march, procession or any other public functions in Biafra land on May 30th 2026”
The body stated that it is aware that there would be heavy presence of security operatives urging Biafrans to conduct themselves well and peaceful in order not to engage themselves is a senseless face off with the personnel .
“MASSOB knows that there will be heavy presence of armed Nigeria Army, Mobile police, DSS operatives and Civil Defence in major cities of Biafra land during our annual Biafra Day Anniversary Celebration”
“They are all signs of jittery, fear and cowardice of Nigeria state over Biafra”
“No amount of security intimidation, mesmerization, killings, detention, oppression, incarceration etc will ever stop the will power of an indigenous people for self determination. the use of force can never stop the inflow of the spirit of Biafra” he said.
By Okey Maduforo Awka
The Igbo Community Association FCT and the Ohaneze Ndigbo have commenced massive mobilization of over 1.2 million Igbo residents living within the Federal Capital Territory (FCT) to participate in the ongoing Continuous Voter Registration (CVR) exercise.
The mobilization is targeted at ensuring that eligible Igbo citizens utilize the registration window opened by the Independent National Electoral Commission (INEC), running from May 11 to July 10.
The association strongly warned against voter apathy, urging the 1.2 million Igbo residents in Abuja to arm themselves with their Permanent Voter Cards (PVCs) as a critical tool for political representation and socio-economic survival.
“Today, the most powerful weapon in the hands of the Igbo person is the PVC and the absolute ability to vote on election day. Our PVC is the new ‘Ogbunigwe’—the ultimate defensive tool for our future”
According to the duo of it’s President General Engr Ikenna- Elis Ezenekwe and the Secretary General Mazi Chinwoke Onah ;
“We will no longer be fooled by reckless calls to boycott elections or abstain from registration; doing so is simply shooting ourselves in the foot.”
The leadership emphasized that Ndigbo represents a massive, foundational voting bloc across Nigeria.
The group noted that any upcoming national demographic census tracking tribal distribution will firmly validate that the 1.2 million Igbo residents and the broader Igbo populace constitute the largest voting bloc in Nigeria.
To ensure the success of this mobilization grid, the association is making a direct appeal to major political stakeholders and leaders of Igbo extraction resident in Abuja.
Specifically, the group called on Hon. Ben Kalu, the Deputy Speaker of the House of Representatives, to lead the cause of getting the Igbo political leaders in Abuja to join this very important exercise.
Continuing the Association noted that;
“To eliminate barriers to registration, the Igbo Community Association FCT is establishing localized assistance centers and a dedicated citizen helpline”
“The 1.2 million Igbo residents who require support with online pre-registrations, biometric capture locations, profile corrections, or PVC transfers are urged to reach out immediately”
The Igbo Community Association FCT is the apex socio-cultural body representing the interests, welfare, and cultural heritage of over 1.2 million Igbo residents living within Nigeria’s Federal Capital Territory. The association works in tandem with national bodies like Ohanaeze Ndigbo to promote unity, civic responsibility, and progressive representation for Ndigbo on the national stage.
Findings m also revealed that the disbursements, made into the Presidential Air Fleet naira transit account operated by the Presidential Air Fleets (State House), were recorded in eight separate transactions across three months of June, July and December 2025, with the bulk of the transfers concentrated in July, when four transactions totalling N2.43bn were made in the space of a week.
A breakdown of the transactions shows that N1.285bn was disbursed on June 12, followed by N430m on July 24, N1.28bn on July 25, N92m on July 29, and N626m on July 31.
In December, three further disbursements were recorded. They include N9m on December 18, described in the GovSpend database as “Presidential Air Fleet forex transit funds,” N343.9m on December 30 and N90.9m on December 31.
Four of the eight transactions carry no accompanying description, listed simply as “None,” a pattern consistent with previous disbursements to the transit account.
Most disbursements to the Presidential Air Fleet transit account are labelled “Forex Transit Funds,” typically funds allocated for foreign exchange requirements to facilitate international transactions, covering expenses related to operations outside the country, including fuel purchases, maintenance or services in foreign currencies.
The new figures add to a growing cumulative spend that has accelerated significantly since Tinubu assumed office.
At least N26.38bn was spent on the operations of the Presidential Air Fleet from July 2023 to December 2024, with N14.15bn disbursed in 2024 alone.
The Presidential Air Fleet’s total budget allocation stood at N17.32bn in 2025, declining to N14.70bn in 2026.
The reduction was driven mainly by decreased capital expenditure.
Engine overhaul projects across the fleet consumed N4.58bn in 2024, N8.65bn in 2025 and N6.05bn in 2026, bringing the three-year aggregate to N19.27bn.
Since 2017, under the Buhari administration, budgetary allocations for the fleet have shown a growing trend, with one exception in 2020, rising from N4.37bn in 2017 to N20.52bn in 2024, a 370 per cent increase in running costs over seven years.
In an interview with our correspondent, the General Secretary of the Aviation Round Table, Olumide Ohunayo, had blamed the meteoric rise on the age of some of the aircraft in the fleet and the declining value of the naira, as well as the “commercial use” of aircraft by the Nigerian Air Force.
Ohunayo explained, “The cost will definitely increase over the years because, for one, this issue of the naira against the dollar.
“As the naira keeps falling to the dollar, we will see a rise in cost because most of the costs of training crew and engineers and replacing aircraft parts are all in dollars.
“Also, some of these aircraft are not new. The older the aircraft, the higher the cost of maintenance and operation.
“Lastly, during these past years, terrorism and insecurity have increased in Nigeria, which has also affected the cost of insuring the aircraft.”
The episode had prompted the House of Representatives Committee on National Security and Intelligence to recommend the procurement of two new presidential aircraft.
In August 2024, the official Boeing 737 business jet for the President was replaced with an Airbus A330 purchased for $100m through service-wide votes.
The nearly 15-year-old plane, an ACJ330-200, VP-CAC (MSN 1053), is “spacious and furnished with state-of-the-art avionics, customised interior and communications system,” Tinubu’s Special Adviser on Information and Strategy, Mr Bayo Onanuga, said, adding “it will save Nigeria huge maintenance and fuel costs, running into millions of dollars yearly.”
From February through July 2025, the President flew a San Marino-registered BBJ (REG: T7-NAS).
Sources who spoke to one of our correspondents confirmed that the primary aircraft had been flown to South Africa to change its colours to reflect the office of the President. It was flown back in July 2025.
The Presidential Air Fleet comprises a fixed-wing fleet that includes the Airbus ACJ330-200, a Gulfstream G550, a Gulfstream G500, two Falcon 7Xs, a Hawker 4000 and a Challenger 605, three of which are reportedly unserviceable.
The rotor-wing fleet includes two Agusta 139s and two Agusta 101s, operated by the Nigerian Air Force under the supervision of the Office of the National Security Adviser.
The CEO of Centurion Security Limited, John Ojikutu, argued that the disbursements for the air fleet operations were justified considering all related expenses.
“That’s not a big deal. If they are going for repair, particularly for C-checks. It’s always around that range.
“They will fly it abroad, buy fuel, catering, and hotel bills are also involved; pilots will fly it back, and the figure likely includes far more than the direct cost of repairing the aircraft,” Ojikutu explained, adding that the figure likely includes far more than the direct cost of operating the aircraft.
The Presidency did not respond to inquiries on the nature of the specific disbursements captured in the recent data.
As of the time of filing this report, calls to the Special Adviser to the President on Information and Strategy, Bayo Onanuga, went unanswered.
In an earlier interview with our correspondent, Onanuga had argued that the costs of maintaining the air fleet are not for the President but in the interest of Nigerians.
“It’s not President Tinubu’s plane; it belongs to the people of Nigeria, it is our property…the President did not buy a new jet; what he has is a refurbished jet, but it is a much newer model than the one President Buhari used.
“Nigerians should try to prioritise the safety of the President. I’m not sure anybody wishes our President to go and crash in the air.
“We want his safety so that he can hand it over to whoever wants to take over from him,” Onanuga said.
Source: PUNCH
President of the Dangote Group, Aliko Dangote, has revealed that the company rejected attempts by the Nigerian National Petroleum Company Limited to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.
Dangote disclosed this during an interview with Nicolai Tangen, stating that the decision was taken because the refinery plans to go public and allow more Nigerians to own shares in the facility.
According to him, the national oil company had sought to acquire additional equity in the multi-billion-dollar refinery, but the proposal was turned down.
“We are the ones that said no; we want to now spread it and have everybody be part of it,” Dangote said.
The refinery, located in Lekki, Lagos, is valued at about $20bn. In 2021, NNPC acquired a 7.25 per cent stake in the plant for $1bn, with an option to increase its ownership to 20 per cent by June 2024. However, the company later decided against purchasing the remaining shares.
Dangote had earlier clarified in 2024 that the NNPC’s actual ownership in the refinery was 7.2 per cent and not the widely reported 20 per cent, explaining that the oil company failed to pay the balance required under the agreement.
“The agreement was actually 20 per cent, which we had with NNPC, and they did not pay the balance of the money up until last year,” he had said.
Dangote also identified government policy inconsistency as one of the biggest risks facing businesses in Nigeria, alongside the possibility of civil unrest.
“The other biggest risk is government inconsistencies in policies,” he stated.
Findings further showed that petrol supply from the refinery rose significantly in the first quarter of 2026, reaching about 3.18 billion litres, while fuel imports dropped sharply to 965.52 million litres within the same period.
The average domestic ex-depot petrol price from the refinery between January and March 2026 stood at about ₦1,000 per litre, indicating that the refinery supplied over ₦3.2tn worth of petrol into the Nigerian market during the review period.
The refinery has also reportedly benefited from rising global tensions involving the United States and Iran, with disruptions in the oil market boosting exports of refined petroleum products.
Speaking on the company’s investment strategy, Dangote said future investors in the group’s businesses, including cement, petrochemicals, fertiliser and refining, would receive dividends in dollars because most of the company’s revenue now comes from exports.
“What we are announcing is that when you invest in any of our businesses going forward, we guarantee to pay you a dividend in dollars because we are very well into exports. Eighty per cent of our revenue will be in dollars,” he said.
Dangote also recounted how he sold his luxury properties in the United States and the United Kingdom to focus fully on industrial development in Nigeria.
“When I decided to go into the industry, I sold all my properties in the US and the UK. I wanted to really sit in Nigeria and concentrate,” he said.
He explained that his business philosophy is driven by identifying products Nigerians heavily import and producing them locally through backward integration.
According to him, the refinery project received financial backing from several institutions, including Afreximbank, Africa Finance Corporation, Zenith Bank, Access Bank, United Bank for Africa, Standard Bank and Standard Chartered.
Meanwhile, former NNPC spokesman, Olufemi Soneye, had previously explained that the company reduced its intended refinery stake to channel funds into compressed natural gas projects.
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