Category: ECONOMY

A United Kingdom–based energy watchdog, Impact Investigators Platform (IIP), has dismissed allegations that the Dangote Petroleum Refinery imported substandard petrol into Nigeria, describing the claims as “technically inaccurate, commercially implausible, and unsupported by verifiable evidence”. In an investigative report signed on Friday by its lead investigator, Raymond Neil, the IIP said its independent assessment of…

  The World Bank has disclosed that a staggering 75.5 per cent of rural Nigerians are now living below the poverty line, reflecting deepening hardship in the country’s hinterlands. This was revealed in the Bank’s April 2025 Poverty and Equity Brief for Nigeria, which paints a grim picture of worsening economic hardship, widening inequality, and…

President Bola Tinubu’s decision to sack Mele Kyari and other board members of the Nigerian National Petroleum Company Limited (NNPCL) was due to concerns over performance and failure to meet key production targets. According to Presidency officials, the former management was “going in circles” and had become part of the problem rather than the solution…

There is anxiety in the downstream arm of the oil and gas sector as operators await the decision of the Federal Government on the naira-for-crude deal between the Nigerian National Petroleum Company Limited and the Dangote Petroleum Refinery. The six-month deal, which started in October 2024, officially ends today, Monday, March 31, 2024. The deal’s…

P’Harcourt refinery: Controversy surrounds NNPCL claim on operation Port Harcourt Refinery The operational capacity of the newly rehabilitated Port Harcourt Refining Company came under intense scrutiny on Thursday. This was following claims that petroleum products loaded from the facility on Tuesday were not newly refined but products stored in the storage tank of the facility…

A group of concerned Nigerian citizens has petitioned the US government to investigate and sanction the Nigerian National Petroleum Company Limited (NNPCL) and its CEO, Mele Kyari, for allegedly violating sanctions on Russian crude oil. In a letter to the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), the group claims that…

A network of community-based organizations (CBOs) in Nigeria, the Coalition of Ethnic Nationalities’ Rights Agenda, the South East Revival Coalition, and Progressive Yoruba Youth for Change have applauded the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, for his efforts and transparency in the distribution of food, fertilisers and other farming inputs across the…

The Central Bank of Nigeria (CBN) Monetary Policy Committee has raised the interest rate by 50 basis points from 26.25% to 26.75%. The Governor of the CBN, Mr. Olayemi Cardoso, announced this at the end of the apex bank’s 296th MPC meeting held in Abuja. The MPC also pegged the Cash Reserve Ratio (CRR) for…

Fuel pump •NNPC mum as dealers insist government still paying subsidy, Reps probe crude shortage •Dangote eyes foreign markets for refinery products, FG meets Kyari, Dangote over dispute With a landing cost of N1,117 per litre for Premium Motor Spirit, popularly called petrol, the monthly subsidy on the commodity has increased to about N707bn, oil…