Nigerians have been exposed to more hardship as oil marketers yesterday increased the price of Premium Motor Spirit, PMS, also known as petrol to N1,300 per litre from N1,050 per litre. This indicates an increase of 24 per cent, following the consistent rise in crude oil prices to $110 per barrel in the international market, amid the Middle East crisis. Also, the…
FOLLOWING the implementation of the Tax Act, banks will start charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026. The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial money…
***To Adopt Model Law on Resource Management The Pan African Parliament (PAP) has commended Nigeria for its remarkable and historic turnaround in the petroleum sector, describing the country’s upstream reforms as a benchmark for the continent. At the conclusion of a fourteen-day special syndicate meeting of West African parliamentarians held in Johannesburg to deliberate on…
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 Federal Government has spent approximately N26.38 billion on the Presidential Air Fleet within the first 18 months of President Bola Tinubu’s administration. This significant expenditure has raised concerns about the high cost of maintaining executive air mobility amidst calls for austerity. An analysis of spending records from Govspend, a civic tech platform tracking government…
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…
