By Kayode Sanni-Arewa

The opposition All Progressives Congress (APC) has called Rivers State governor, Sir Siminalayi Fubara, to resign from office within 48 hours or be impeached by the State House of Assembly.

Chairman of APC in the state, Chief Tony Okocha, made the call on Monday morning while briefing journalists at his private residence in Port Harcourt, the state capital.

Okocha accused Fubara of insulting President Bola Tinubu, when he attempted to proffer a political solution to the crisis in the state.

He said: “As a political party, we are today advising the governor; there are two options, resign honourably or be impeached. That is the position of the All Progressives Congress. He has disrespected Mr. President and we told him that we cannot be here and have him to disrespect Mr. President.

“The offences are there; the Supreme Court has agreed and even provided us with more evidences. The House of Assembly does not need to set up any committee again to investigate him.

“48 hours is too much to give him as ultimatum. He should just resign honourably.”

By Kayode Sanni-Arewa

Founder of Anap Foundation, Atedo Peterside, says the suspension of Kogi Central Senator, Natasha Akpoti-Uduaghan, by the Senate is an insult to her constituents.

In a post on X on Sunday, the founder of Stanbic IBTC Bank Plc described the suspension of the female lawmaker as disturbing.

“The most disturbing aspect of the Nigerian Senate hullabaloo around Natasha Akpoti-Uduaghan is that the Senate Leadership must be aware that her suspension for six months is ultra vires and also disrespectful to her constituents in Kogi State, but they don’t care,” Peterside stated, pledging that he stands with the female lawmaker amid her ordeal.

The most disturbing aspect of the Nigerian Senate hullabaloo around @NatashaAkpoti is that the Senate Leadership must be aware that her suspension for 6 months is ultra vires and also disrespectful to her constituents in Kogi State, but they don’t care
#IStandWithSenatorNatash

By Kayode Sanni-Arewa

The latest data by the National Bureau of Statistics (NBS) on the foreign trade statistics, said the increase was from N7.51trn recorded in 2023.

The development comes despite current increasing domestic refining capacity, especially at the 650,000 barrels-per-day Dangote Refinery and the ongoing rehabilitation of state-owned refineries.

In December 2024, the Nigeria National Petroleum Company Limited (NNPCL) announced the restart of the 125,000 barrels per day (bpd) Warri Refinery and Petrochemical Company (WRPC), which was approved for rehabilitation in 2021 for $897 million.

The Port Harcourt Refining Company (PHRC), with a total installed capacity of 210,000bpd, recently restarted operations at its old plant, which currently produces 60,000bpd.

Nigeria spent N2.01trn on fuel imports in 2020. By 2021, this figure more than doubled, rising by 126.9% to N4.56trn, indicating a sharp increase in import dependence and global price fluctuations. The upward trend continued in 2022, with import costs jumping by 69.1% to N7.71 trillion, driven by rising crude oil prices and Nigeria’s inability to refine a significant portion of its fuel needs locally. In 2023, petrol import expenditure recorded a marginal decline of 2.6% to N7.51 trillion, suggesting a temporary easing, possibly due to factors such as forex adjustments and lower global oil prices.

However, riding on the back of a 40.9% depreciation of the naira, 2024 saw a 105.3% increase to N15.42 trillion, the highest on record.

Despite the rise in local refining, production remains insufficient in meeting demands, necessitating continuous dependence on importation.

Supply chain inefficiencies, and persistent demand-supply imbalances, Foreign exchange fluctuations, among other factors, have also militated against meeting local demands, as the rising cost of petrol imports continues to strain government finances and consumer purchasing power.

Nigeria operates four national refineries: one in Kaduna, one in Warri, and two in Port Harcourt.