News
Subsidy removal: Marketers seek CBN loan to build 30,000 gas stations
Oil marketers have written to the Federal Government over their proposal to build about 30,000 gas stations to cushion the effects of the proposed subsidy removal on Premium Motor Spirit, popularly called petrol.
Nigerians are currently counting down to the June 2023 projected date for subsidy removal, as the call for palliatives to ameliorate the impact of the halt in subsidy is gaining momentum.
There are also projections that petrol may sell for about N750/litre if the Federal Government removes subsidy by June this year.
To help cushion this, oil marketers, in a letter to the Federal Ministry of Finance, also asked the Federal Government to make the Central Bank of Nigeria release the N250bn intervention fund for the National Gas Expansion Programme as loans to vehicle owner to acquire gas conversion kit.
This came as the organised labour stated that it was considering a meeting with the incoming government on subsidy removal date.
In the letter by the oil marketers, dated April 3, 2023, and received by the Federal Ministry of Finance on the same day, the marketer stated that they were ready to deploy gas dispensers to 30,000 filling stations nationwide to cushion the impact of fuel subsidy removal.
The letter, which was signed by the National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, and addressed to the finance minister, read in part, “We are writing to request an audience with you to present a palliative solution to cushion the impact of the removal of the unsustainable petrol subsidy.
“Our partners, Gas Analytics & Solutions Ltd, have an agreement with the independent Petroleum Marketers Association of Nigeria to co-locate natural gas dispensers on our network of over 30,000 filling stations in Nigeria.
“This collaboration with IPMAN presents the most economic and expedient platform to deploy the necessary infrastructure to support a fast national roll-out of CNG (Compressed Natural Gas) for vehicles.”
IPMAN expressed belief that this platform would provide a cushion to Nigerians from the shock of high petrol price once subsidy is removed and would significantly reduce the need for foreign exchange to import petrol.
“Furthermore, CNG emits 30 to 60 per cent less Green House Gases than petrol and diesel, making it more appealing to attracting additional financing from international and regional developmental finance institutions that are disposed to supporting natural gas utilisation projects compared to petrol refineries.
In addition, the Nigeria Midstream Downstream Petroleum Regulatory Authority and the Gas Aggregation Company of Nigeria have set up a joint working committee to provide the permits, approvals, and natural gas feedstock as required.
“What is left is the support of the Central Bank of Nigeria to provide access to the Gas Expansion Fund for vehicles, Keke, and truck owners to access loans to finance the acquisition of natural gas conversion kits,” the oil marketers stated.
IPMAN said it had applied to CBN through the NIRSAL microfinance bank for a partnership to develop a finance scheme for qualified Nigerians to access the gas expansion facility to convert their vehicles and need the support of the federal ministry to conclude with CBN NIRSAL Microfinance Bank.
It said the Gas Expansion Fund was envisaged to support the increased utilisation of natural gas in Nigeria, and access to the funds by qualified vehicle owners would support and justify IPMAN members making the required investment along the natural gas value chain to deliver gas to vehicles.
“Without a large pool of CNG customers, IPMAN will not be able to raise the funds required to setup CNG filling stations.
“We believe that with the support of the Ministry of Finance, IPMAN’s partnership with Gas Analytics will provide a platform that can in a matter of a few months cushion the impact of petrol subsidy removal and significantly reduce the need for foreign exchange to import petrol.
“We request an audience with you to discuss this further and present our proposal. We looking forward to hearing from you soon. Thank you for your time and consideration,” the oil dealers stated through their umbrella association.
In August 2021, the Federal Government claimed to have commenced the implementation of the CBN N250bn intervention fund for the National Gas Expansion Programme.
The then Permanent Secretary, Federal Ministry of Petroleum Resources, Bitrus Nabasu, had stated that the process of receiving applications from potential beneficiaries to access the facility had commenced.
The intervention facility for the NGEP is targeted at stimulating finance to the critical sector and to motivate investment in the gas value chain, and is being funded by the CBN.
Nabasu had stated that the fund was available to finance the establishment of gas processing plants and small-scale petrochemical plants, gas cylinder manufacturing plants, CNG regasification modular systems, automatic conversion kits or components manufacturing plants, CNG primary and secondary compression stations, as well as micro distribution outlets and service centres of liquefied petroleum gas sales.
By Okey Maduforo Awka
The Police Service Commission (PSC) has approved the promotion of the Commissioner of Police in Anambra State, Livingstein Ikioye Orutugu, alongside 12 other Commissioners of Police, to the rank of Assistant Inspector-General of Police (AIG).
The Commission also approved the promotion of 17 Deputy Commissioners of Police (DCPs) to the substantive rank of Commissioner of Police (CP).
In addition, the PSC approved the promotion of 93 senior police officers to their next ranks following their successful performance in the recently concluded written examination and oral interview conducted at the Commission’s Corporate Headquarters in Abuja.
The approvals were granted on July 1, 2026, at the PSC Corporate Headquarters in Abuja as one of the major resolutions reached during the Commission’s plenary meeting held the previous Wednesday.
Recall that CP Orutugu was appointed Police Commissioner and posted to Anambra state from the Zone 13 Police Command more than a year ago.
The Chairman of the Commission, DIG Hashimu Salihu Argungu (Rtd.), mni, while congratulating the promoted officers, urged them to remain truthful, transparent, and accountable in the discharge of their new responsibilities.
He further advised the officers to maintain the highest level of professionalism in the course of their duties, avoid involvement in civil disputes, particularly land-related matters, and remain mindful that there is life after retirement.
“Guard your reputation and integrity. Let your actions speak for you and not against you,” he said.
A founding member of the All Progressives Congress (APC), Mr Osita Okechukwu, has commended President Bola Tinubu for retaining His Excellency Kashim Shettima as Vice President for his second term.
Okechukwu, who is the former Director-General of Voice of Nigeria (VON), gave the commendation in a statement issued on Saturday in Enugu.
The APC Chieftain also advocated for the delegation of greater responsibilities to Shettima in overseeing the nation’s economic affairs.
Okechukwu said he was delighted that after all the speculation, rigmarole and political maneuvering surrounding the issue, President Tinubu graciously retained Vice President Shettima.
“May I commend President Bola Ahmed Tinubu, GCFR, for graciously retaining His Excellency Kashim Shettima as Vice President and humbly request that more powers be delegated to him to oversee economic affairs.
“I am making this humble appeal based on the fact that the economic reforms of President Tinubu have yielded significant gains at the macroeconomic stability level.
“However, hunger and poverty remain pressing challenges, which invariably require the urgent delegation of greater economic responsibilities to the Vice President, given his background in rural development and economic management,” Okechukwu said
The APC Chieftain recalled that the International Monetary Fund (IMF), godfather of neoliberalism and leading advocate of neoliberal economic policies, noted in its 2026 Article IV Consultation on Nigeria that the country requires more inclusive growth.
He quoted IMF as saying “approximately 63 per cent of Nigerians now live below the national poverty line”.
Okechukwu stressed that while the President’s economic reforms had improved key macroeconomic indicators, greater attention must be directed toward translating those gains into tangible improvements in the living standards of ordinary Nigerians.
“Shettima’s academic background in Agricultural Economics, experience in banking, and record in public service place him in a strong position to support efforts aimed at reducing poverty, promoting rural development, and ensuring that economic growth becomes more inclusive,” he added.
A Catholic priest from Nigeria who was on a pastoral mission to the United States of America has taken his own life after the expiration of his visa and following prevailing new visa policy of the USA.
Reverend Father Benjamin Okwy Madu (Father Ben) as he was fondly called by his parishioners, aged 54, took his own life Thursday evening, July 2, 2026 after he reportedly expressed unwillingness to go back to Nigeria because he had fallen in love with the community of Cape Ann, the city of North Shore including the parishioners.
Boston Archbishop Richard G. Henning sent a message to fellow priests confirming that Father Ben took his own life.
Local law enforcement and the Essex County District Attorney’s Office investigated the scene and noted that no foul play was suspected.
“Sincerely, it is not my wish to return home right now, but circumstances beyond my control have warranted that my time in the United States come to an end,” Father Ben wrote.
“My heart is broken, yet my joy remains. I will miss the home I found away from home… I will deeply miss the seaside, where I often drive to after Mass to call my family and hear about their Sundays.” he was reported to have posted a farewell message on the parish newsletter.
Father Ben, a 54-year-old Nigerian national from the Diocese of Abakaliki, had been serving as a beloved hospital chaplain and parish priest on the North Shore of Massachusetts since 2021.
His R-1 religious worker visa was expiring, and he was ordered to return to Nigeria. Just days before his death.
The Boston Globe reported that he had expressed deep fears about what would happen to him upon returning to Nigeria, where clergy frequently face severe perils, including violence and kidnapping
The outbreak is said to have spread across several ISWAP enclaves, exposing worsening sanitary conditions and the dwindling availability of medical care within the insurgents’ camps.
Security analyst Zagazola Makama disclosed the development in a post on X, citing intelligence sources familiar with the situation.
According to the sources, two other ISWAP fighters who contracted the highly infectious disease were allegedly executed by members of the group after efforts to treat them in Kimba village proved unsuccessful.
The incident is believed to reflect the increasingly difficult conditions inside the terrorist camps, where sustained military offensives have disrupted supply routes and severely limited access to medicines, healthcare and other essential resources.
Intelligence sources said the combination of poor hygiene, inadequate medical facilities and mounting operational pressure has left many of the insurgents vulnerable to disease outbreaks.
The sources further disclosed that military commanders have been advised to intensify efforts to intercept medical supplies and pharmaceutical products suspected of being destined for terrorist hideouts. Security officials believe cutting off access to healthcare supplies could further weaken ISWAP’s ability to treat injured or sick fighters and reduce the group’s operational capacity.
While the reports have not been independently verified, the development is seen as another indication of the mounting challenges facing the insurgent group as security forces continue sustained operations across the North-East.
The development was disclosed on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
In a shared post on his verified X handle, Onanuga simply announced that the victims had been released by their abductors.
“Finally, all the kidnapped pupils and teachers in Orire, Oyo have been rescued by our security agencies,” he wrote.
As of the time of filing this report, details surrounding their release, including whether any ransom was paid or the circumstances leading to their freedom, had yet to be disclosed.
The abductions occurred on May 15, 2026, when armed men attacked three schools; Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School, in the Esiele and Yawota communities of Oriire Local Government Area.
No fewer than 39 pupils and seven teachers, including a principal, were taken during the attacks.
During the attack, a teacher, Joel Adesiyan, was killed while attempting to escape.
Another teacher, Michael Oyedokun, was beheaded in the kidnappers’ den.
The terrorists holding the victims had reportedly made a four-point demand before agreeing to free the captives, including the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law.
The Oyo State Government had consistently maintained that no ransom would be paid to secure the release of any victims.
The incident had triggered weeks of public anguish, with the Nigeria Union of Teachers embarking on a month-long strike in the state to press for the victims’ rescue before suspending the action in July.
It also drew federal intervention, with military and police authorities repeatedly assuring Nigerians that operations to secure the victims’ freedom were ongoing.
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