The loading cost of Premium Motor Spirit (petrol) and other refined petroleum products at the depots increased on Monday.

It was gathered that marketers raised petrol and diesel prices at depots by N43 or 4.74 per cent due to the rising crude oil prices.

Recall that the cost of Brent, the global benchmark for crude, reached $79.76 per barrel on Sunday.

This current situation indicates that filling stations nationwide may adjust their pump prices to reflect the higher costs of refined products.

Data obtained while analysing petrol price movements at loading depots on Monday showed that Swift depot increased its loading price to N950 per litre from N907 last Friday.

Wosbab Depot increased its price to N950 from N909, while Sahara Depot made a similar change to N950 from the N910 it sold a litre of petrol last Friday.

Also, a private depot, Shellplux, increased its loading costs to N960 from N908. Chipet Depot asked retailers to pay N960 per litre to receive products. It sold at N908 per litre last week Friday.

Nipco Depot increased its price by N38 from N912 to N950 while the Matrix Warri Depot increased its cost from N925 per litre to N945.

It was also gathered that marketers who picked products from the Dangote refinery and resell to other retailers increased their costs to N923 per litre despite picking products from the refinery at N899 per litre.

For diesel, some loading depot prices including Stockgap depot increased its price from N1,080 to N1,150. Ibeto Depot approved an increase from N1,050 to N1,150 per litre. Sahara Depot sold its product at N1,150 from N1,045 last week.

Nipco Depot increased its price to N1,150 from N1,120 while Optima Depot approved a N72 increase to N1,120 per litre from N1,048.

The average increase in depot prices for PMS stands at approximately 7-10 per cent while AGO prices have surged by 5-10 per cent, depending on the depot and location.

Reacting in an earlier interview, an oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products.

Jeremiah, who is the Chief Executive Officer of petroleumprice.ng, said, “It implies that there is a possibility of increased fuel prices, particularly diesel prices.

“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process.”

Another marketer, Bayo Adelaja said, “Depot rates have escalated sharply, and this is directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks,” he noted.

With depot rates showing no signs of stabilising, the coming weeks may bring further adjustments, emphasising the need for long-term strategies to mitigate the impact on consumers and the economy.

The Federal Government has increased the daily feeding allowance for prison inmates from N750 to N1,125, a step seen as a bid to improve the welfare of those in custody.

During his inaugural meeting with senior officers from the rank of controllers of prisons, the Acting Controller General of the Nigeria Prisons Service (NPS), Sylvester Ndidi Nwakuche, acknowledged the increment but emphasised the need for further improvements.

“You will agree with me that inmates’ feeding rate has been graciously increased by Mr. President from N750 to N1,125 per inmate per day. While it is not yet ‘Uhuru,’ I will continue to press for improved rate,” he said.

To ensure proper implementation, Nwakuche revealed that monitoring teams from the NPS national headquarters had been deployed to oversee inmates’ feeding.

He urged senior officers to support the teams, describing the task as a national duty.

Nwakuche stressed that the Service existed to serve inmates and committed to prioritising their welfare.

“Our efforts in reforming and rehabilitating inmates will also involve expanding classrooms, upscaling vocational skills centres, and fostering public-private partnerships to guarantee sustainability.

He added that vulnerable groups, including pregnant women, nursing mothers, babies, and physically challenged inmates, would receive special attention.

“Let me also reiterate here that the management of vulnerable persons in prisons, persons such as pregnant women, babies, nursing mothers, physically challenged etc, will be favourably taken care of,” he said.

Addressing prison overcrowding, Nwakuche outlined plans to address the challenge of prison overcrowding, disclosing that 48,932 inmates were awaiting trial as of January 6, 2025.

He also called on officers to collaborate with state chief judges, attorneys-general, and commissioners of police to address the backlog of cases.

He stated, “At present, our statistics as of Monday, January 6, 2025, showed that 48,932 inmates in custody are awaiting trial persons, ATPs.

“I intend to interface with the Attorney-General of the Federation and Minister of Justice, the Inspector General of Police, and other prosecuting agencies and critical stakeholders to fast track the trial of these inmates, especially those on non-bailable offences, such as armed robbery, murder and others that constitute over 60% of awaiting trial persons ATPs.

“Meanwhile, I want to urge you to relate with your state chief judges, attorneys-general, commissioners of police to further address the challenges,” he said.

Further, Nwakuche highlighted the potential of non-custodial measures and early release mechanisms in reducing the number of inmates.

“I implore you to reach out to the state chief judges, attorneys-general of your states, and other stakeholders to cash in on this; some of them need to be educated on this,” he urged.

Tackling security challenges, Nwakuche issued a stern warning to officers about prison security, emphasising the importance of preventing escapes, riots, and attacks.

“The consequences of such grievous offences are severe and should be avoided at all costs. You have been warned. Take this message to staff under you,” he stated.

He directed officers to resume quarterly inspections of prison facilities immediately and ensure regular weekly searches.

He also emphasised the need to report weak structures and other urgent issues requiring attention.

The National Assembly Joint Committee on Finance has given revenue-generating agencies 48 48-hour ultimatum to appear or risk being withdrawn from government funding for 2025 operations.

It decried their failure to honour invitations for their 2025 budget defence and their revenue-generating profile.

The agencies include the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), the Federal Inland Revenue Service (FIRS), the Nigerian Postal Service (NPS), and the Nigerian Railway Corporation (NRC).

Others are the Nigerian Civil Aviation Authority (NCAA), Standard Organisation of Nigeria (SON), Tertiary Education Trust Fund, Oil and Gas Free Zones Authority and the National Agency for Food, Drug Administration and Control (NAFDAC).

The Nigerian Copyright Commission, National Insurance Commission, National Pensions Commission, National Space and Research Development Agency, and the Nigerian Metrological Agency are also included.

The rest are the Nigerian Agricultural Insurance Corporations, Airspace Management Authority, Nigerian Content Development and Monitoring Board, Nigerian Liquefied Natural Gas Limited, Transmission Company of Nigeria, Bank of Industry (BoI), and Nigerian College of Aviation Technology, Zaira.

Speaking during the second day of the revenue profiling exercise, Chairman of the Senate Committee of Finance, Senator Sani Musa (APC-Niger), said President Bola Tinubu, while presenting the 2025 budget to the National Assembly, mandated all ministers and heads of agencies to appear to defend their respective budgets before the Assembly.

According to Senator Musa, members of the National Assembly had to cut short their Christmas holidays to attend to the national assignment.

“But to our dismay, a lot of agencies have refused to honour our invitations to appear before us, for us to scrutinise their performances in 2024 and look at their 2025 projection, if it is justifiable.

“These agencies have refused to honour the Joint Committee’s invitation.

“So, by virtue of the constitutional powers given to the Joint Committees on Finance of both the Senate and the House of Representatives, we are given the chief executives of these agencies 48 hours within which to appear before this Joint Committee.

“Failure to do that, the Committee will not hesitate to recommend to the Appropriation Committee to withhold any appropriation to these agencies.

“If these agencies are self-funded, we will also request both the Minister of Finance and the Accountant General of the Federation to withhold their funding,” he said.

Chairman of the House Committee on Finance, James Faleke (APC-Lagos State), said the essence of the budget defence exercise was to boost revenue generation and cut down on borrowing.

“If these agencies refuse to appear before us, the needful will be done by the National Assembly,” he said.

The Senate adjourned plenary till January 28 to enable heads of ministries, departments and agencies (MDAs) to defend their allocations in the N49.7trillion 2025 Appropriations Bill before its relevant committees.

The Senate’s resolution to suspend plenary for two weeks followed a motion moved by the Deputy Senate Leader, Senator Ashiru Oyelola.

Senators approved the motion when it was put to voice vote by Senate President Godswill Akpabio.