Author: James Obasi

Private petroleum depots across Lagos and other major fuel trading centres have increased the ex-depot price of Premium Motor Spirit (petrol) to as high as ₦800 per litre, intensifying pressure on fuel marketers and raising concerns over a possible rise in pump prices nationwide. Recent market data indicate that average depot prices climbed sharply within 48 hours. In Lagos, some depots recorded modest increases, while others implemented steeper adjustments. Prices at certain facilities rose from the low ₦700 range earlier in the week to as much as ₦800 per litre by Friday. Other depots sold petrol between ₦780 and ₦800 per litre, reflecting a rapid upward movement. The impact has been more pronounced in Warri, a key petroleum logistics hub, where depot prices increased to about ₦805 per litre within days. Market participants attributed the faster reaction in the area to tighter supply lines and higher transportation costs as marketers reposition supplies in anticipation of possible scarcity. Industry operators linked the price surge to the temporary shutdown of a major domestic petrol production unit, which had previously helped stabilise prices following the removal of fuel subsidies. Importers were reportedly affected by sharp price reductions late last year, forcing many to sell below cost, and are now adjusting prices to recover losses. Market analysts also noted that some depot operators are holding back volumes, anticipating tighter supply conditions that could support higher prices. However, they cautioned that this strategy may be short-lived if domestic supply improves and competition intensifies. Additional pressure on fuel pricing has come from foreign exchange volatility, rising replacement costs, and uncertainty around import schedules. Crude oil prices and the weakening local currency have further compounded these challenges. Depot price movements typically precede changes at filling stations, and sustained increases could push retail petrol prices above ₦700 per litre in several cities. Marketers say higher logistics costs, financing constraints, and exchange rate instability have squeezed margins, making it difficult to absorb depot price hikes without adjusting pump prices. Since the deregulation of the downstream petroleum sector, petrol prices have been driven largely by market forces, including crude oil prices, exchange rates, logistics, and supply availability. While increased local refining capacity had raised expectations of price stability, recent developments have highlighted ongoing vulnerabilities in the supply chain.

The minority caucus of the House of Representatives has established a seven-member committee to investigate claims that the recently signed tax reform laws were altered after being passed by the National Assembly. The committee, chaired by Mr. Afam Ogene, the representative for Ogbaru Federal Constituency in Anambra State, is tasked with examining the controversy surrounding the alleged modifications and recommending appropriate actions in the national interest. The decision followed allegations raised on the House floor by Abdussamad Dasuki, a lawmaker from Sokoto State, who claimed that the version of the tax laws currently gazetted differs significantly from the harmonised version approved by both chambers of the National Assembly. Although Speaker Tajudeen Abbas had previously set up a seven-member panel to investigate the claim, the House later directed the Clerk of the National Assembly to re-gazette the harmonised version of the laws and issue a True Certified Copy to resolve the dispute. Despite calls for the suspension of the new tax regime pending verification, the Federal Government, under the directive of President Bola Tinubu, proceeded with implementation from January 1, 2026. In a statement issued by Minority Leader Kingsley Chinda and three other caucus leaders, the minority caucus explained its decision. “We wish to inform our members that, following consultations with relevant stakeholders regarding the ongoing controversy over alleged unlawful alterations to the tax reform laws passed by the National Assembly and signed by the President, and in light of the executive’s insistence on implementing the tax laws from January 1, 2026, the leadership of the minority caucus has deemed it necessary to establish a seven-member fact-finding committee to thoroughly investigate the matter,” the statement read in part. “As the opposition bloc in the House of Representatives, we have a responsibility to Nigerians to conduct an independent and unbiased inquiry, establish the facts, and uncover the truth regarding these tax laws.” The statement outlined the committee’s mandate, which includes: Obtaining copies of the tax laws as passed by both chambers and assented to by the President. Securing the Federal Government gazette containing the alleged altered version of the laws. Reviewing the official documents to determine whether the laws passed by the National Assembly match the versions signed by the President, and comparing them with the gazetted copies. Recommending to the minority caucus appropriate actions if any violations are confirmed. Other members of the committee are Jonathan Gbefwi, Shehu Fagge, Aliyu Garu, Stanley Adedeji, Ibe Okwara, and Marie Ibikake. The panel has been given seven days to submit its findings to the minority caucus. The Chinda-led caucus reiterated its commitment to pursuing the investigation to ensure accountability and protect the interests of Nigerians. “We remain steadfast in our dedication to safeguarding the rights of citizens. This committee represents one of the steps we are taking to address this controversy, which has generated significant concern. Our goal is to ensure that no segment of the population, particularly the poor and vulnerable, is disadvantaged by these developments,” the statement added.

Tension is building among freight forwarding operators in Nigeria’s maritime sector following the commencement of a new tax regime on Thursday, January 1, 2026. Industry practitioners say some shipping companies have already begun internal consultations over possible increases in freight charges, raising concerns across the logistics value chain. The new tax regime forms part of a wide-ranging overhaul of Nigeria’s tax system by the Federal Government, aimed at simplifying taxation, improving compliance, boosting revenue efficiency, and reducing the burden on low-income earners. The reforms are a key element of the government’s broader fiscal strategy to modernise the tax framework and strengthen the country’s economic competitiveness, with the January 1, 2026 implementation date reaffirmed despite earlier political debate. Commenting on the impact of the reforms on the maritime industry, the Head of Shipping, Air and Terminal Logistics at the National Association of Government Approved Freight Forwarders, Ugochukwu Nnadi, disclosed that at least two shipping companies had held meetings to review their pricing strategies. According to him, the discussions are driven by concerns about the financial implications of the new tax measures and a desire to prepare ahead of full enforcement. Similarly, the Apapa Chapter Chairman of the National Council of Managing Directors of Licensed Customs Agents, Abayomi Duyile, said the tax policy would have a direct effect on freight forwarders’ operations. He explained that most costs associated with cargo clearance such as shipping, terminal, and ancillary charges are documented and would now attract additional tax liabilities, increasing overall operating expenses. Duyile, however, opposed any immediate hike in freight charges, urging shipping companies to delay such decisions until further consultations are held with industry stakeholders later in January. He warned that sudden increases could heighten tensions at the ports, noting that recent fare adjustments have already placed significant strain on operators.

The EFCC recently apprehended several individuals involved in vandalism and brought them, along with the recovered items, to the ministry. Authorities urged Nigerians to protect public infrastructure with the same care they give their personal property, emphasizing that these facilities exist for the benefit of the public. They also encouraged citizens to take responsibility for public assets and report anyone found damaging them to security agencies. In response, the President of the Association of Scrap and Waste Pickers, Lagos State, Friday Oku, stated that the association strongly condemns all acts of vandalism. He further called on the government to formalize the scrap and waste-picking sector by creating a registry of operators and issuing identity cards to legitimate members. Oku added that the association has already begun in-house registration and the issuance of identity cards to members who contribute a small fee, providing a formal means of identification.

The Nigerian Association of Resident Doctors (NARD) has warned that Nigeria may soon experience another nationwide disruption of medical services due to the Federal Government’s failure to implement a previously signed Memorandum of Understanding (MoU). In an urgent appeal addressed to senior medical professionals and respected elders, the association cautioned that the country is approaching a total and indefinite nationwide strike. According to NARD, repeated deadlines for implementing the MoU have been ignored by the Federal Ministry of Health and the Federal Government. The association had earlier suspended an indefinite strike on November 29 after 29 days of industrial action, following the signing of the MoU, which committed the government to address NARD’s demands within four weeks. However, more than a month later, no tangible progress has been made. NARD expressed deep concern over the situation, describing it as a breakdown of trust and good faith in government professional relations. The association noted that resident doctors, who form the backbone of service delivery in Nigeria’s tertiary hospitals, are overworked, overstretched, and increasingly demoralised. The doctors explained that after suspending an initial warning strike, they issued a two-week ultimatum that passed without any meaningful response. This was followed by a 30-day extension as a goodwill gesture, and later an additional seven-day extension none of which elicited action from the government. This sequence of delays ultimately led to the commencement of an earlier nationwide strike, which was suspended only after the MoU was signed with clear timelines. Despite these efforts, NARD stated that there has been no visible or substantive implementation of the agreement, even after the expiration of the agreed timeframe. The association stressed that resident doctors should not be blamed if industrial action resumes, having consistently shown patience, restraint, and commitment to dialogue. NARD warned that failure to honour the MoU could result in a complete shutdown of hospital services, potentially affecting millions of patients nationwide. The association emphasized that repeated neglect of agreed commitments sends a dangerous signal that sacrifice, professionalism, and dialogue are no longer valued. In its appeal, NARD called on respected medical elders to intervene, noting that their moral authority and influence could compel swift government action. The association urged immediate and visible steps to implement the MoU, stating that timely intervention could avert another healthcare crisis, restore confidence, and protect the integrity of the medical profession. As of the time of this warning, the Federal Ministry of Health and Social Welfare had not issued any official response.

The Nigerian Army has arrested 19 suspected oil thieves, dismantled 22 illegal refining sites, and recovered more than 180,000 litres of stolen petroleum products valued at approximately ₦150 million across the Niger Delta. The operations were carried out by troops of the 6 Division of the Nigerian Army in collaboration with other security agencies over a nearly one-month period spanning four states in the region. In a statement issued in Port Harcourt on Monday, the Acting Deputy Director of Army Public Relations, 6 Division, Lt. Col. Jonah Danjuma, said the coordinated operations targeted oil theft, pipeline vandalism, and related criminal activities. He emphasized that troops would continue to dominate the operational environment and deny criminal elements freedom of action. According to the statement, the operations were conducted between November 23 and December 28, 2025, resulting in the arrest of 19 suspects, the destruction of 22 illegal refining hubs, and the recovery of over 180,000 litres of stolen products. Providing details, Danjuma said an illegal refining site was deactivated at Siebu Creek in Ogbienbiri, Southern Ijaw Local Government Area of Bayelsa State, where a reservoir containing more than 75,000 litres of stolen crude oil and a pumping machine were recovered. In Biseni, Yenagoa Local Government Area, several illegal sites were dismantled, leading to the recovery of over 17,000 litres of stolen products. At Okarki waterside in Ogbia Local Government Area, troops intercepted a large boat concealed along the riverbank, loaded with 37 sacks containing 2,775 litres of stolen crude. In Rivers State, troops uncovered 350 sacks holding more than 10,500 litres of stolen crude in Ogale Community, Eleme Local Government Area. Further operations in Ahoada West and Abua/Odual Local Government Areas led to the destruction of multiple illegal refining sites, the tracing of a nine-kilometre hose connected to four large refining ovens, and the recovery of several reservoirs and dugout pits stocked with thousands of litres of crude oil. Danjuma also disclosed that troops foiled an attempt to sabotage a pipeline in Gbonga Forest, Bonny Island Local Government Area, where various equipment used for illegal bunkering was recovered. Additional seizures were made in Okrika, Ikwerre, and Alakiri areas of Rivers State, with over 6,000 litres of condensates recovered. In Delta State, troops intercepted a truck along the Asaba–Benin Expressway while it was discharging about 45,000 litres of diverted petroleum products into a pit. Two suspects were also arrested during separate operations in Sapele Local Government Area, where 104 sacks containing over 2,600 litres of stolen crude were recovered. Patrols around Otorogu Gas Plant in Ughelli South Local Government Area led to the interception of two vehicles conveying 1,475 litres of illegally refined condensates, resulting in two additional arrests. In Akwa Ibom State, troops discovered a stockpile of illegally refined Automotive Gas Oil at a warehouse in Ikot Ntuen Village, Abak Local Government Area, where 20 jerry cans filled with stolen products were recovered. Commending the troops, the General Officer Commanding, 6 Division, Maj. Gen. Emmanuel Emekah, praised their professionalism and urged them to sustain the momentum against economic saboteurs. He also called on residents of the Niger Delta to continue supporting security efforts to protect critical national infrastructure in the region.

The shutdown of the Port Harcourt Refining Company for maintenance has now entered its seventh month, with operations yet to resume. The refinery was initially scheduled to be taken offline for one month, but more than seven months later, it has not restarted fuel production. The Port Harcourt refinery had been declared operational in November 2024 after years of inactivity. At the time, it was announced that the 60,000-barrel-per-day facility had resumed operations following extensive rehabilitation and upgrades, and was running at about 70 per cent of its installed capacity. The refinery was expected to prioritise the production of diesel and low-pour fuel oil, with daily outputs projected at 1.5 million litres and 2.1 million litres, respectively. Plans also indicated that the refinery would produce straight-run gasoline blended into 1.4 million litres of premium motor spirit daily, alongside 900,000 litres of kerosene and additional volumes of fuel oil. It was further projected that about 200 trucks of petrol would be supplied to the domestic market each day. However, about six months after the widely publicised completion of rehabilitation and resumption of operations, the facility was shut down once again. A similar situation occurred at the Warri Refining and Petrochemical Company, which was declared operational in December but closed roughly a month later. Upon assuming office, the new leadership of the national oil company reviewed the condition of the Port Harcourt refinery and concluded that it was operating at a significant loss. It was disclosed that the refinery had been losing between $300 million and $500 million monthly, with less than 40 per cent of the crude supplied being effectively processed. The decision to suspend operations was described as a measure to halt further losses while options for making the refinery commercially viable were explored. Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria has renewed calls for the privatisation of the country’s four state-owned refineries, urging the Federal Government to complete the process transparently by the first quarter of 2026. The association argued that privatisation would reduce the financial burden on the government, improve efficiency, attract private investment and technical expertise, and align the refining sector with global standards. Despite these calls, the sale of the refineries has previously been ruled out by the national oil company’s leadership, which maintains that ongoing technical and commercial reviews are aimed at repositioning the plants as sustainable, revenue-generating assets capable of meeting domestic fuel demand and operating in line with international best practices.

A United States congressman, Riley Moore, highlighted the contrast between deadly Christmas attacks in Nigeria in previous years and US military action this year, noting that American forces targeted Islamist militants rather than allowing another holiday to be marked by bloodshed. Moore wrote on social media that Christians in Nigeria had been killed during the past two Christmas seasons, but this year, the response focused on extremist groups instead. “For the past two Christmases, Christians have been murdered in Nigeria. This year, thanks to @POTUS, Radical Islamic Terrorists were on the receiving end of 12 Tomahawk missiles,” Moore said. He added that the successful strikes on ISIS, conducted in coordination with the Nigerian government, are a first step toward securing the country and ending the attacks on Christian communities. US President Donald Trump confirmed that American forces carried out lethal strikes against Islamic State militants in northwestern Nigeria and vowed that further action would follow if attacks on Christians continued. In 2023, attacks on Christmas Eve in Plateau State reportedly left at least 140 people dead and several others missing in remote villages. In 2024, herdsmen attacked a cluster of five predominantly Christian villages in Benue State on Christmas Day, killing at least 33 people.

The Central Bank of Nigeria (CBN) is taking its reform agenda to the global investment community, projecting policy stability, macroeconomic discipline, and renewed confidence as it seeks to attract sustained capital inflows. Under the leadership of Governor Olayemi Cardoso, the apex bank is advancing a deliberate strategy to restore credibility, strengthen investor trust, and position the economy for long-term, sustainable growth. At a recent engagement with international investors in Washington, D.C., Cardoso reaffirmed Nigeria’s commitment to macroeconomic stability, transparent markets, and predictable policy direction. He emphasised that improved investor confidence would translate into stronger capital inflows, enhanced exchange rate stability, and a buildup of foreign reserves key pillars for sustainable economic expansion. Addressing participants at the US–Nigeria Executive Business Roundtable, Cardoso outlined a reform-driven narrative centred on rules-based economic management, institutional credibility, and the resolve to implement difficult but necessary policy decisions. The forum brought together senior corporate executives, institutional investors, and policymakers to discuss Nigeria’s ongoing economic reset and opportunities for long-term investment. Cardoso stressed that sustainable growth depends on credibility, noting that Nigeria’s reforms are anchored on transparency, discipline, and consistency. He explained that recent foreign exchange reforms have improved price discovery and market transparency, while the adoption of orthodox monetary policy has helped anchor expectations and manage macroeconomic risks in a volatile global environment. He also highlighted the modernisation of Nigeria’s payment systems as a critical component of the country’s investment proposition, noting that efficient, secure, and inclusive financial infrastructure is essential for business expansion, innovation, and financial inclusion. Discussions at the roundtable focused on Nigeria’s macroeconomic stabilisation efforts, regulatory clarity, and opportunities to scale bankable projects across priority sectors such as infrastructure, energy, financial services, agriculture, and technology. Investor concerns around policy consistency and the broader business environment were also addressed. Global investors, participants noted, are increasingly drawn to markets that demonstrate discipline, clarity, and credibility. Nigeria’s reform message, anchored on clear rules and a seriousness of purpose, is gaining traction in an international environment where stability and predictability are highly valued. The CBN’s reform drive follows a series of significant policy shifts initiated in recent years, including foreign exchange market liberalisation, the cessation of central bank financing of fiscal deficits, and fuel subsidy reforms. These measures have been complemented by efforts to strengthen revenue mobilisation and address inflationary pressures. Since the implementation of these reforms, Nigeria’s external reserves have improved, access to foreign exchange through official channels has increased, and the country has regained access to international capital markets. Credit rating upgrades and the commencement of operations at a new privately owned refinery have further strengthened Nigeria’s economic outlook and value-chain positioning in a deregulated downstream market. Currency reforms, including the unification of exchange rates and the clearance of over $7bn in foreign exchange backlogs, have reduced the need for heavy market intervention and improved investor sentiment. Sovereign risk spreads have narrowed to their lowest levels in several years, reflecting renewed confidence in policy direction and macroeconomic management. As part of efforts to deepen policy coordination and manage inflation, the CBN convened the Monetary Policy Forum 2025, bringing together fiscal authorities, lawmakers, private sector representatives, development partners, and academics. The forum focused on improving policy communication, fostering collaboration, and strengthening strategies for managing disinflation. At the forum, Cardoso reiterated the bank’s commitment to price stability, a planned transition to an inflation-targeting framework, and measures aimed at restoring purchasing power and easing economic hardship. He emphasised that managing disinflation requires robust policy tools and close coordination between fiscal and monetary authorities to anchor expectations and maintain investor confidence. The CBN has also introduced new minimum capital requirements for banks, effective March 2026, aimed at strengthening the resilience of the financial system and positioning the banking sector to support Nigeria’s long-term growth ambitions. While acknowledging progress, Cardoso cautioned that achieving macroeconomic stability requires continuous vigilance and a proactive policy stance. He noted that a recent easing of monetary policy followed sustained improvements in inflation trends and was designed to support economic recovery without undermining stability. Investor interest in Nigerian assets has strengthened as the impact of these reforms becomes more evident across key sectors. This renewed confidence was reflected in Nigeria’s recent return to the international debt market, with a successful $2.25bn dual-tranche Eurobond issuance that attracted record demand from a broad base of global investors. The strong subscription underscored growing confidence in Nigeria’s macroeconomic outlook and reform trajectory. Analysts note that improved currency liquidity, greater flexibility for profit repatriation, and moderating exchange rate volatility have contributed to more positive investor sentiment. Following the Eurobond issuance, Nigeria’s external reserves rose to multi-year highs, while the naira showed signs of stabilisation across market segments. Market analysts observe that while recent reforms have been economically challenging, they have improved fiscal transparency, strengthened confidence, and enhanced Nigeria’s standing in global capital markets. Despite the positive momentum, analysts caution that maintaining currency stability, managing foreign currency debt exposure, and sustaining policy consistency will be critical to preserving recent gains and ensuring long-term economic resilience.

In a major fiscal reset aimed at addressing revenue shortfalls, weak capital execution, and overlapping budget cycles, the National Assembly on Tuesday approved a revised N43.5 trillion 2024 Appropriation Act and a reworked N48.3 trillion budget framework for 2025, with the implementation period extended to March 31, 2026. The approval followed extended plenary sessions in both chambers of the legislature, culminating in the passage of the Appropriation Act (Repeal and Re-enactment) Bills for the 2024 and 2025 fiscal years. The bills were transmitted to the National Assembly by President Bola Ahmed Tinubu. In the Senate, the revised budgets were adopted after the consideration of a consolidated report by the Committee on Appropriations, presented by its chairman, Senator Solomon Adeola. Lawmakers said the exercise was intended to realign Nigeria’s budget framework with prevailing fiscal realities, close implementation gaps, and restore discipline to the budgeting process. Presenting the report, Adeola explained that the legislation repealed earlier budget provisions and replaced them with revised figures reflecting revenue constraints, debt sustainability concerns, and emerging national priorities. He stated that the 2024 Appropriation Act was repealed from its original N35.01 trillion and re-enacted with an aggregate expenditure of N43.56 trillion. For the 2025 fiscal year, the earlier N54.99 trillion budget was repealed and replaced with a revised total expenditure of N48.32 trillion. Adeola noted that part of the capital allocation was deferred to the 2026 fiscal year due to funding limitations identified during the budget review process. He said extensive consultations between the legislature and the economic management team informed the decision to revise the budgets, particularly in response to concerns over revenue performance, debt exposure, and implementation capacity. As part of the adjustments, an additional N8.5 trillion was injected into the capital component of the 2024 budget to fund critical security, humanitarian, and economic interventions. For the 2025 budget, N6.67 trillion was removed from capital expenditure and deferred to 2026 to improve execution efficiency and align spending with anticipated revenue inflows. Adeola cautioned against the continued practice of running multiple budget cycles simultaneously, warning that it undermines fiscal discipline, transparency, and accountability. Based on these considerations, the committee recommended approval of the revised N43.5 trillion 2024 budget, the N48.3 trillion 2025 budget framework, and the extension of the 2025 budget implementation to March 31, 2026. The Senate subsequently passed the bills after debate. The House of Representatives also approved the revised budgets after adopting the report of its Committee on Appropriations, following clause-by-clause consideration at the Committee of Supply. The plenary session was presided over by the Speaker, Tajudeen Abbas. A breakdown of the revised 2024 budget shows allocations of N1.74 trillion for statutory transfers, N8.27 trillion for debt servicing, N11.26 trillion for recurrent (non-debt) expenditure, and N22.27 trillion for capital expenditure and development fund contributions. For the revised 2025 budget, N3.64 trillion was allocated to statutory transfers, N14.31 trillion to debt servicing, N13.58 trillion to recurrent (non-debt) expenditure, and N16.76 trillion to capital expenditure. The 2025 budget will remain in force until March 31, 2026. In his communication to the National Assembly, President Tinubu said the revisions were necessary to accommodate previously omitted items and align capital implementation targets with Nigeria’s revenue realities and execution capacity. He noted that persistent weaknesses in the implementation of the 2024 capital budget had constrained infrastructure delivery nationwide. The president explained that extending the 2025 budget timeline would allow Ministries, Departments, and Agencies sufficient time to access and utilise capital releases based on a more realistic 30 per cent implementation benchmark. He added that the revisions form part of a broader fiscal reform agenda aimed at correcting structural weaknesses in the budgeting process, improving planning, strengthening accountability, and delivering better value for public spending.