News
More trouble for Nigerians as fuel price hike imminent over rise in FX, oil price, Middle East
By Mario Deepromoter
There are strong signals that an increase in the price of Premium Motor Spirit (PMS), also known as petrol is imminent.
The anticipated hike, players note, is primarily driven by a rise in the exchange rate of the dollar to the naira, coupled with escalation in the global price of crude oil.
As these economic factors converge, consumers in Nigeria may soon face higher fuel costs, reflecting the interconnected nature of international markets and local economies.
The naira showed further signs of weakness last week, closing the market at N1,700 from N1,600 to $1, a development that is set to affect retail fuel prices.
Brent, the global benchmark for crude, hit $78.04 per barrel on Sunday, up from $74.05 per barrel on September 23, 2024.
More so, there are concerns that a widening regional conflict in the Middle East could disrupt global crude flows. Market fears are rising over the possibility that Israel might target Iranian oil infrastructure, which could provoke retaliation.
President, Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Mr. Billy Gilly-Harry, told Daily Sun that the hostilities in the Middle East will definitely impact petrol prices in the coming days.
He explained that, at the moment, vessels are changing their routes as a result of the crisis in the Middle East, thereby causing an increase in shipping costs, which will subsequently impact prices.
“As an association, we have taken cognizance of the impact of this crisis on fuel costs, and I can tell you categorically that this will lead to an upward review of fuel prices. Certainly, the landing cost of fuel will go up. But what I cannot say is what that cost will be,” he said.
Chief Executive Officer of Pinnacle Oil and Gas Limited, Mr. Robert Dickerman, said the global market price for any oil commodity is dollar-based and must be converted to naira at the naira/USD exchange rate.
He added that the large majority of price increases we have seen in the past year are not because of government policies, price gouging, or product hoarding, nor are they due to an increase in the price of crude oil, but are due to the fall in the value of the naira.
“Every drop in naira value raises the cost of anything imported or market-priced, whether it is gasoline, manufactured goods, or food,” he said.
Dickerman said Nigeria must address the root of the problem, which is how to restore global confidence in Nigeria’s economy and currency, create foreign investment in jobs and local production, increase tax revenue, and achieve fiscal prudence, saying that is the only way to lower petroleum product prices in Nigeria.
The impending fuel price hike, according to industry observers, may have forced the Nigerian National Petroleum Company (NNPC) Ltd to shut its petrol payment portal against fuel marketers.
Spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Ukadike, said that marketers have more than 2,000 pending tickets for the purchasing of 45,000 litres of petrol, warning that the situation may lead to another round of fuel scarcity nationwide.
“I can’t confirm the price now because the portal is still shut down.
“We have more than 2,000 tickets for 45,000 litres (of petrol). That is 45,000 multiplied by 2,000; you can now know the number of million litres it will be. This is just an estimate; you know I don’t work with NNPCL, and I don’t know what is on their system.”
He added that a 45,000-litre truckload of PMS is around N39.5 million, making N79 billion when multiplied by 2,000.
Some of the marketers at the Apapa depot who spoke in confidence expressed concerns that the development could hamper the fragile fuel distribution chain, leading to shortages in the weeks ahead.
They said any disruption in the fuel supply chain is a potential threat for a fuel crisis and therefore called on all relevant stakeholders to address whatever challenges that may want to rear their ugly heads.
But in a separate reaction, the National Vice President of IPMAN, Mr. Hammed Fashola, in a telephone interview with Daily Sun on Friday, said there is no cause for worry, assuring that as long as the tickets which are already in the custody of NNPC Ltd are being serviced, there would be no disruption.
He maintained that the portal closure against fresh payment by NNPC Ltd was taken in the best interest of the market, saying there was no point in holding on to the business funds of marketers when there was a backlog to clear.
“It is better to allow the funds to be in the hands of marketers to enable them to use it for other things, rather than holding on to it when there won’t be immediate supply.”
In his reaction, the spokesperson of NNPC Ltd, Mr. Olufemi Soneye, who confirmed the shutdown of the portal, assured stakeholders that it would be opened as soon as they clear the backlog.
He said that the portal closure was intended to prevent the company from holding marketers’ funds for an extended period.
“We have a significant backlog to address. The closure is intended to prevent us from holding marketers’ funds for an extended period.
Credit: Daily Sun
News
Obi, Momodu condemn El-Rufai’s prolonged detention
The presidential candidate of the Nigeria Democratic Congress, Peter Obi, and a chieftain of the African Democratic Congress, Dele Momodu, have renewed calls for the release of former Kaduna State governor, Nasir El-Rufai, who has remained in custody since February.
Obi’s media aide, Idris Zekeri, told Saturday PUNCH that the former Anambra State governor had consistently demanded that El-Rufai’s case be addressed through due process.
Zekeri said Obi had been vocal about the former governor’s continued detention, arguing that the courts should establish any allegations against him rather than allowing him to remain detained for an extended period.
He said, “Peter Obi has been one of the most vocal since the issue of El-Rufai’s ordeal started. He has made tweets on it, and we still strongly believe that if there is any case against him, it should be established instead of detaining him unlawfully for an extended period of time without actually dealing with the issue.
“In fact, Obi has had an extensive press conference on this. We strongly believe that no Nigerian should be suffering extended detention without a charge and without his rights being respected.”
El-Rufai has been in the custody of the Independent Corrupt Practices and Other Related Offences Commission since February amid investigations and separate criminal proceedings.
The ICPC has maintained that his detention was authorised by court orders, while El-Rufai has challenged aspects of his continued detention and the proceedings against him.
On Tuesday, the Federal High Court in Abuja reserved ruling on El-Rufai’s no-case submission in the alleged unlawful interception of the telephone communications of the National Security Adviser, Nuhu Ribadu.
The court fixed October 26 for the ruling.
Similarly, his N1bn fundamental rights suit against the ICPC, Inspector-General of Police and Attorney-General of the Federation was adjourned to October 27.
Meanwhile, Momodu, who is the Deputy Director-General of the Atiku Presidential Campaign Council Media and Communications Directorate, criticised the continued detention of the former governor during Friday’s edition of Channels Television’s Morning Brief.
He said El-Rufai’s contribution to the emergence of President Bola Tinubu’s administration should not be overlooked.
“We can all see what he experienced in the hands of a government he helped to midwife. Without former President Muhammad Buhari, Aisha Buhari and Nasir El-Rufai, I am not sure President Tinubu will be in office today.
“But if that is the way they have chosen to treat him because someone desperately wanted a second term and believe that with Nasir around, it might be difficult, God is the ultimate judge,” he stated.
Momodu also welcomed the ADC’s decision to appoint El-Rufai to a role in its political structure despite his continued detention.
He said, “What the ADC has done is to, at least, dignify the man with an appointment. Whether he is able to attend to it or not is immaterial. But I am very happy that the ADC found it very necessary to put him on that list.”
Reacting to allegations that El-Rufai pursued divisive politics, particularly during his tenure as Kaduna State governor, Momodu said the former governor had previously enjoyed the support of the same political establishment now critical of him.
“Barely four years ago, Mallam Nasir El-Rufai was busy campaigning for Asiwaju Bola Tinubu, was he not in government then? Did they find him divisive at the time or is it now that he is not in circulation? They just want to give a dog a bad name to hang it.
“Although in our attitude as human beings, no soul is perfect. But El-Rufai remains one of the most formidable political figures from northern Nigeria, especially in the North-West. Every presidential candidate wants to win in the North-West because without it, there is no way you can win the election.
“The majority of the votes will come from that direction, and that is why Nasir has become a prisoner of conscience. I have no doubt in my mind that if he was still in the good book of the government, he would not go through this ordeal. But we leave everything in the hands of Allah,” he added.
The renewed calls came days after El-Rufai addressed the silence of some former associates, friends and family members over his continued detention.
In a statement titled ‘My Relationships and the Aftermath’ released on his X handle, the former governor said he bore no hatred or resentment towards those who had chosen not to stand by him.
El-Rufai said his support for people and causes over the years had been guided by his Islamic faith, Arewa upbringing, personal values and conscience rather than an expectation of reciprocity.
He said his current circumstances had prompted him to reflect on some of his relationships but stressed that the reflection should not be interpreted as condemnation.
The former governor also said he had no regrets about supporting people or causes when he believed doing so was right, adding that he would not allow the actions of others to change the principles that had guided him.
On perceived injustice, ingratitude or injury against him, El-Rufai said he would not seek revenge.
News
Atiku’s win will end power rotation – Sani
Former Kaduna Central Senator, Shehu Sani, has said an Atiku Abubakar victory in the 2027 presidential election would effectively end the informal principle of rotational presidency in Nigeria.
Sani stated this on Channels Television’s Politics Today on Friday, while reiterating his position that the South should be allowed to complete an eight-year presidential tenure before power returns to the North.
The former lawmaker said the African Democratic Congress presidential candidate had the constitutional right to contest the election but argued that political considerations around power rotation should guide the 2027 contest.
“I never said Atiku should not run. Constitutionally, he has the right to run for any election. But what I said was that the southern part of Nigeria should be allowed to have its eight-year tenure in office, just like the way the North has from 2015 to 2023,” Sani said.
He said southern candidates should be allowed to compete for the presidency in 2027, arguing that power should remain in the South until 2031.
“All the parties; like the ADC now, they’re supposed to field Amaechi. That is what’s supposed to be. The NDC should field Peter Obi, and the APM should field Makinde. Let the South struggle it out and see who wins, and for four years. When the tenure is done by 2031, the North shall have its unchallengeable opportunity to produce leadership of the country,” he said.
Sani acknowledged that rotational presidency was not provided for in the Nigerian Constitution but said political actors should consider the principle in the interest of fairness, equity and national unity.
“It’s very important because we should look at our history where we come from. Some things are not written in our constitution, but in the interest of justice, fairness, equity, and peace, we need to consider all these things here,” he said.
He argued that political power should not be dominated by one section of the country because of population or electoral strength.
Sani cited former President Muhammadu Buhari’s eight-year tenure between 2015 and 2023, saying the South did not mount a serious challenge to his presidency during the period.
“Buhari had his eight years in office; there is no serious challenge from the southern part of Nigeria to his government. And despite all that President Tinubu has faced from 2015 to 2023, he never thought of raising any challenge to Buhari’s presidency.
“So, I think it’s going to be fair to this country and to our political system that when the South has its eight years, the North should have its eight years,” he said.
Sani stressed that his position did not prevent Atiku from contesting the 2027 election.
“About Atiku, the Constitution has not stopped him from contesting the election. He can contest the election, that is my position, and I’m not backing down on it,” he said.
Asked about the implication of an Atiku victory, Sani said it would signal the end of the informal arrangement of rotating the presidency between the North and South.
“If Atiku wins, it means that is the end of rotational presidency in Nigeria. And there is going to be hard and bitter feelings from the Southwestern part of Nigeria or the Southern part of Nigeria.
“I don’t think anyone would like to preside over a country full of hate, animosity, and conflict,” he said.
He added that the political system was already dealing with several crises and argued that a northern president succeeding President Bola Tinubu in 2027 could face opposition in the South.
“Right now, the political system is managing a lot of crises. And I don’t think a Northerner taking over power here will come in with ease and convenience to the people in the Southern part of Nigeria,” Sani said.
News
NANS meets Nasarawa varsity over NELFUND refund
The National Association of Nigerian Students, North-Central Axis, has engaged the management of the Federal University of Lafia, Nasarawa State, over complaints by students concerning delays in the repayment of NELFUND refunds and alleged deductions from beneficiaries’ payments.
The students reportedly complained that they had yet to receive their refunds despite the passage of time, while some beneficiaries allegedly had between N12,000 and N22,500 deducted from their payments.
The Zonal Coordinator of NANS Zone C, Abiola Babatunde, disclosed this in a statement on Thursday, saying the intervention followed a petition by affected students.
Babatunde said the students had also raised concerns over the lack of transparency in the refund process, stressing that the development could not be allowed to persist.
“Students deserve full transparency and prompt payment of funds meant for them,” he said.
The NANS coordinator said the association had consequently engaged the university management to seek clarification and ensure that affected students received their money.
During the engagement, the university Registrar, who represented the Vice-Chancellor, assured the students’ body that the institution had commenced the disbursement of NELFUND refunds to beneficiaries.
The Registrar also assured the NANS delegation that the management was working to ensure that all eligible students received their refunds without further delay.
According to Babatunde, the university management also agreed to address the concerns raised over the alleged deductions from some beneficiaries’ payments.
He said NANS Zone C would continue to monitor the process until all eligible students received their refunds.
“We welcome the commitment of the FULAFIA management and will continue to monitor the repayment process until every eligible beneficiary receives their rightful refund,” Babatunde said.
He added, “Funds provided through NELFUND belong to students and must be disbursed transparently, promptly and without unjustifiable deductions or administrative bottlenecks.”
Babatunde said the association would continue to engage tertiary institutions across the North-Central region to ensure accountability in the implementation of the NELFUND scheme.
“The welfare and financial rights of Nigerian students remain non-negotiable,” he said, adding that NANS would continue to engage institutions to ensure that students received the funds meant for them.
The association urged the university management to ensure that the refund process was concluded promptly and that any deductions found to be unjustified were addressed.
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