News
Low crude supply mars Naira-for-Crude Scheme
By Kayode Sanni-Arewa
There is a raging concern that the Naira-for-Crude initiative, which ensures local refineries receive crude oil in Naira and sell refined products to marketers in the local currency, may be threatened over inadequate crude supply to domestic refiners, findings by Daily Trust have shown.
Daily Trust reports that President Bola Ahmed Tinubu had directed the sale of crude oil to Dangote in naira as part of move to bring down the cost of premium motor spirit (pms) otherwise known as petrol.
In October 2024, the Federal Executive Council (FEC) approved that 450,000 barrels intended for domestic consumption be offered in Naira to Nigerian refineries, with the Dangote Refinery acting as a pilot project.
Under the scheme which commenced in the first week of October 2024, the NNPCL was expected to supply 385,000 barrels of crude oil to the 650,000 bdp Dangote Refinery located in Ibeju-Lekki Lagos.
However, findings showed that there has been a consistent low supply of allocations to Dangote Refinery, forcing it to resort to importation.
Official documents reviewed by our correspondent revealed that while Nigeria’s crude oil production has marginally increased, exceeding 1.8mbpd, there has been a sharp decline in the volume of crude allocated to the Naira-for-Crude scheme.
The document revealed that for February 2025, the scheme has been allocated only four cargoes, and for March, just two cargoes totalling 950,000 barrels (1.9 million barrels in total for the month). This represents an allocation of 61,290 barrels per day – far below the 385,000 bpd target under the scheme.
The Dangote refinery is set to receive 12 million barrels of crude oil from the United States, as local supply constraints have hindered its bid to attain full refining capacity of 650,000 barrels per day.
Amidst this challenge, it was learnt that the Nigerian National Petroleum Corporation (NNPC) Limited and allied marketers continue importing petroleum products into the country, spending over N5 trillion on importing Premium Motor Spirit (PMS) and diesel (AGO) within 110 days.
An oil and gas expert in the public sector, who spoke on the condition of anonymity warned that the Naira-for-Crude initiative might be undermined and threatened the potential for improving energy security in Nigeria.
He emphasised that these products, paid for entirely in Naira, are crucial to the government’s efforts to stabilise and strengthen the currency.
“The refineries pay fully for these products at international rates, but in Naira. The Dangote Petroleum Refinery and other domestic refineries then sell to marketers in Naira, thus eliminating currency or forex risks and reducing reliance on the dollar for domestic transactions.
By aligning domestic transactions with Naira payments, the government is effectively reducing Nigeria’s dependency on the US dollar, particularly in the oil sector, where a large portion of Nigeria’s foreign reserves has traditionally been spent on oil imports,” he explained.
He added that, “undoubtedly, its success is a testament to the visionary leadership of President Bola Tinubu and the Federal Executive Council, who, despite persistent opposition, have ensured its successful implementation. This initiative, which is critical to Nigeria’s ongoing economic reforms, must not be derailed”.
Importation continues despite local refineries
According to the motor tanker vessels report from the Nigerian Ports Authority, a total of 2,846,499.41 metric tonnes of PMS and 791,619.00 metric tonnes of diesel were imported between October 1 and December 31, 2024.
In addition, a total of 342,199mts of PMS and 146,866mts of AGO were imported into the country between January 1 and 29, 2025.
This equates to the importation of over four billion (4,276,044,567.81) litres of PMS and over one billion (1,103,658,360) litres of diesel within 121 days, using a conversion factor of 1,341 litres per metric tonne for PMS and 1,176 litres per metric tonne for AGO.
At an average landing cost of N940 per litre for PMS and N920 per litre for AGO, Nigeria has spent over four trillion Naira (N4.019 trillion) importing petrol and over one trillion Naira (N1.015 trillion) on diesel imports during the period.
This continued importation despite the huge local refining capacity is targeted at crippling local refineries, especially the Dangote Petroleum Refinery, another source said.
Oil and gas expert, Dr. Ayodele Oni in a chat with our correspondent noted that despite improved crude oil production, the forward sale arrangements had made it difficult for the NNPC to fulfill obligations to the local refiners.
He stated that the divestment by the IOCs is also responsible for the challenge, saying there must be improved production to sustain the naira for crude scheme.
The expert however stated that it is strange that Nigeria continues to import so much despite the increased refining capacity through Dangote Refinery, Aradel, and the recently revived government-owned refineries.
A source at the Dangote Refinery who spoke on the condition of anonymity explained that in line with its commitment to serving Nigerians and keeping prices affordable, the refinery continues to sell products to marketers in Naira, while absorbing logistics costs to ensure uniform pricing across the country.
“The Refinery generously assumes equalisation status, which only the government does undertake. This has been met with enthusiasm by our partners, such as MRS, Heyden, and Ardova. The Petroleum Products Retail Outlet Owners Association has entered into an agreement with the refinery to distribute its PMS nationwide at a uniform price across all its filling stations,” he said.
The Chief Spokesperson of the NNPCL, Mr. Olufemi Soneye could not be reached for comment yesterday on the challenges in fulfilling the obligations to the local refiners. Calls and text messages to him were not answered as of the time of filing this report.
News
Uzodinma Wants To Become Senate President But Wike Is Not Supporting Anyone From Southeast – APC Chieftain Reveals
All Progressives Chieftain, Tajudeen Olesin, has said the personal ambitions, especially by Imo State Governor, Hope Uzodinma and Kwara State Governor, Abdulrahman Abdulrasaq, were responsible for the face-off with Minister of the Federal Capital Territory (FCT), Nyesom Wike.
Kwara, some aggrieved APC leaders, including Olesin and some other members of The Otoge Progressives, have declared support for Wike’s Rainbow Coalition.
In an interview with Punch, Olesin claimed that Uzodinma was planning to become the Senate President in 2027, while Wike was supporting the return of the current Senate President, Godswill Akpabio.
According to him, Wike has vowed not to support any candidate from the Southeast if Bola Tinubu is returning as President.
He said, “What is happening is that Imo State Governor, Hope Uzodinma, wants to become the Senate President in 2027, whereas his governorship will finish by 2028. He plans to resign and give the governorship seat to his deputy, become a senator and contest for the position of Senate President.
“But Wike said he couldn’t support somebody from the South-East. If Asiwaju is coming back as the President, let the Senate President, Godswill Akpabio, come back as well. That is why Uzodinma and the Kwara State Governor are fighting Wike.”
However, Special Adviser on Party Affairs to the Kwara governor, Mashood Alaka, alleged that Wike’s Rainbow Coalition was aimed at building a political structure that could position him for the 2031 presidential race.
Alaka said Wike was using the coalition and his support for Tinubu’s re-election to build alliances with politicians across party lines, particularly governors, ahead of the next presidential cycle.
He also questioned Wike’s rationale for supporting Tinubu for the presidency while backing opposition candidates for the National Assembly.
Alaka argued that Wike should either remain in the PDP and operate as a member of the opposition party or formally join the APC if he intended to work within its political structure.
According to him, the APC was capable of securing Tinubu’s re-election without Wike’s coalition.
He said, “What Wike said to the APC governors, especially Mallam AbdulRahman AbdulRazaq and Governor Hope Uzodinma, is out of order. He is a former governor and he knows how things work.
“The whole coalition thing is to mislead the APC into believing he is for them. Everybody knows that he has his own ambitions and is trying to get some of the governors to his side in 2027 ahead of 2031, so that he can be well-positioned to contest for the presidency.
“If you want to stay in the PDP, stay in the PDP. If you want to work with the APC, work with the APC.
“If truly he is supporting Mr President, he shouldn’t be fielding candidates for the National Assembly. If Mr President wins and his party is in the minority at the National Assembly, it is going to be an issue at the end of the day.”
The National Chairman of the All Progressives Congress, APC, Nentawe Yilwatda, has congratulated four candidates of the party who emerged victorious in Saturday’s legislative bye-elections across four states.
Yilwatda, in a congratulatory message, said the victories reflected the confidence reposed in the APC and its candidates by the electorate.
The four APC candidates declared winners are Kallamu Usman MaiJama’a of Gombe/Kwami/Funakaye Federal Constituency in Gombe State, Husseini Datti of Dawakin Kudu State Constituency in Kano State, Okolosi Ator of Udu State Constituency in Delta State; and Yakubu Ali of Disina State Constituency in Bauchi State.
He commended the candidates, party leaders, state chapters, campaign teams and voters for their commitment to the democratic process.
Yilwatda also praised the Independent National Electoral Commission, INEC, security agencies and other stakeholders for their roles in the conduct of the elections.
His message reads in full: “To our victorious candidates, this victory is a call to service. I urge you to remain humble and committed to delivering purposeful representation to your constituents,” he said.
“I warmly congratulate the four APC candidates who emerged victorious in the five legislative bye-elections conducted by INEC on Saturday, 19 September 2026.
“My congratulations go to: 1. Hon. Kallamu Usman MaiJama’a of Gombe/Kwami/Funakaye Federal Constituency, Gombe State, Hon. Husseini Datti of Dawakin Kudu State Constituency, Kano State, Hon. Okolosi Ator of Udu State Constituency, Delta State and Hon. Yakubu Ali of Disina State Constituency, Bauchi State.
“These victories reflect the confidence placed in our candidates and the APC by the electorate. I commend our candidates, party leaders, state chapters, campaign teams and, most importantly, the voters for their commitment to the democratic process.
“I also commend INEC, the security agencies and all stakeholders for their roles in the conduct of the elections.
“To our victorious candidates, this victory is a call to service. I urge you to remain humble and committed to delivering purposeful representation to your constituents.
“On behalf of the APC National Working Committee, I congratulate our candidates and the entire APC family across the four states.
“Together, we remain united and committed to building a stronger APC in the service of Nigerians.”
News
Its Your Father That Is A Comedian – Odumeje Fumes At Those Calling Him A Comedian Instead Of A Pastor
Popular Nigerian cleric, Prophet Chukwuemeka Ohanaemere, popularly known as Pastor Odumeje, has reacted to people who describe him as a comedian rather than a pastor.
Odumeje made the comment in a video shared online, where he appeared to warn those who repeatedly refer to him as a comedian.
“Day day I will apprehend those of you calling me a comedian instead of a pastor ehhhh,” he said.
The statement has since generated mixed reactions from internet users, with some questioning the blend of comedy and religious preaching in Odumeje’s public appearances.
One user argued that there should be a clear distinction between religious preaching and entertainment, writing:
“At some point, the line between preaching and entertainment has to be respected. When almost every serious message about God is delivered through jokes, theatrics and comedy, it becomes difficult to tell whether the focus is truly on the Gospel or on entertaining the audience.”
The commenter, however, acknowledged that humour can be part of communication but maintained that religious messages should remain focused on their spiritual purpose.
The reactions reflect the differing views among social media users about Odumeje’s distinctive style of preaching and public presentation, with some viewing his humour as part of his personality while others believe it sometimes overshadows his religious message.
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