News
FG Approves New Petrol Prices: NNPC to Sell at Marketers N86.50k

Federal government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), on Tuesday approved new pump prices of petrol starting from January 1 to March 31, 2016 under a revised pricing template.
Under the new pricing template, the government approved two pump prices – one for the retail outlets of the Nigerian National Petroleum Corporation (NNPC), which will sell at N86 a litre, and another for retail outlets operated by private business concerns in the downstream petroleum sector, which will dispense at N86.50 a litre.
Farouk Ahmed, executive secretary of the PPPRA, disclosed this to journalists in Abuja. He said NNPC was expected to sell petrol at N86 per litre to customers at its retail outlets, while other operators would sell at N86.50k per litre.
He said both open market prices reflect a drop of N1 and 50k respectively from the current official price of N87 per litre, which will no longer obtain after December 31.
Ahmed added that the announcement followed the approval granted by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, for the implementation of the revised template.
Similarly, he disclosed that PPPRA had approved for importation three million metric tonnes of petrol in the first quarter (Q1) of 2016, of which NNPC was granted 78 per cent of the total allocated volume for the period, while 22 per cent would be supplied by other oil marketing companies.
According to Ahmed, the cost elements that were affected by the review of its pricing template for petrol included the traders’ margin which was revised downwards from N1.47 per litre to zero; lightering expenses, from N4.07/litre to N2.00/litre; charges by the Nigerian Ports Authority (NPA), from N0.77/litre to N0.36/litre; jetty throughput charges, from N0.80/litre to N0.40/litre; storage charge, from N3.00/litre to N1.50/litre; bridging fund, from N5.85/litre to N4.00/litre; and ex-depot price, from N77.66/litre to N77.00/litre.
He stated that other elements such as the retailers’ margin were however revised upwards from N4.60/litre to N5.00/litre; transporters’ margin, from N2.99/litre to N3.05/litre; and dealers’ margin, from N1.75/litre to N1.95/litre.
“Accordingly, the ex-depot price of petrol shall be N77.00k per litre, while the pump price shall be N86.50k per litre in line with the prevailing market trend.
“The key thing here is that with the revision, the open market price has come down slightly. The new pump price for private marketers is N86.50k, down from N87 per litre, effective January 1, 2016.
“However, for NNPC imports, because an element of the template which is the financing cost is not captured in the NNPC template, its imports are slightly lower, so NNPC’s price will be N86 per litre, meaning that if you go to NNPC retail stations, you should buy at N86 per litre and N86.50k in other stations,” Ahmed explained.
He noted that the new price regime was being introduced to engender competition and stability in the downstream petroleum sector.
“Another important point is that this is not static, as there will be a quarterly review of the pricing template. However if there is a major shift, the minister may call for a review either upwards or downwards depending on the market.
“But for now, at least for the first quarter, this price remains for three months, from January to March,” he said.
Ahmed further disclosed that there is supposed to be a pricing advisory committee made up of industry technocrats, which would meet from time to time and advise the PPPRA on price movements.
“But the PPPRA will still sit down and do its work while the committee will advise it on any drastic movement in price,” he said.
He also confirmed Kachikwu’s recent statement that there was no subsidy on petrol under prevailing market trends (the prevailing price of crude oil in the international market).
“The open market price is N86.29k, if you do the calculation, that means there is an element of over-recovery and what we will do now is that we will go back to the marketers and bill them for the recovery.
“With regards to NNPC, their arrival is N85.93k but they are selling at N86, so there will also be an element of over-recovery. However, we are comfortable with the numbers,” he said.
Speaking more on the review, Ahmed said: “In order to encourage investments in retail outlets, we slightly increased the provisions in the retailers, transporters, and dealers’ margins.
“In terms of the distribution margins, we have also revised down the bridging fund and increased the retailers, dealers and transporters’ margins.”
On the first quarter import permits, Ahmed did not disclose the identity of marketers selected for the period but stated that the agency had taken into consideration three key factors in selecting them.
These factors, he said included retail outlets ownership; marketers’ performance in previous quarterly allocations; as well as the challenges in sourcing foreign exchange.
He noted that in allowing NNPC to import 78 per cent of the total allocated volume, the agency envisaged that the corporation would have fewer challenges sourcing for foreign exchange while the Central Bank of Nigeria (CBN) would be able to comfortably take care of the foreign exchange demands of other marketers who would import the remaining 22 per cent.
“This measure is to guarantee uninterrupted fuel supply nationwide. Marketers are required to note that there shall be a mid-quarter review of performance where volumes of non-performing marketers including the NNPC shall be withdrawn and reallocated to performing marketers,” Ahmed explained.
He also stated that the NNPC had in previous allocations done up to 111 per cent in product importation to stabilise supply, adding that future allocations shall be based on 100 per cent performance in the first quarter allocation.
Ahmed equally stated that the revised template was built a little bit above the domestic consumption of 40 million litres per day.
He disclosed that the agency was currently verifying for the months of October, November and December marketers’ subsidy claims, after which the Debt Management Office (DMO) would be advised on further action.
PPPRA’s briefing on the new prices of petrol and its revised pricing template came just as the Nigeria Labour Congress (NLC) said it would resist all attempts to remove the subsidy on petrol through the back door.
The body observed that there had been frantic efforts by the All Progressives Congress (APC)-led federal government to hoodwink Nigerians through deception in the planned removal of fuel subsidy.
In a statement released yesterday by the NLC and signed by its General Secretary, Dr. Peter Ozo-Eson, the body maintained that the move by the Muhammadu Buhari-led government to remove fuel subsidy was a replica of the 2012 fuel subsidy crisis, of which many chieftains of APC were the kingpins who led the protest against its removal.
Ozo-Eson said: “In the past few weeks, we have heard discordant tunes from government officials and chieftains of the ruling APC on what the future portends for the price of petroleum products and the management of the subsidy scheme.
“Party chieftains who supported and encouraged the massive protests against subsidy removal in 2012 are now preaching the inevitability of subsidy removal!
“The Minister of State for Petroleum first announced that come next year the price of petrol will revert to N97 per litre and that subsidy will be phased out.
“Two days thereafter, he denied this and stated that what he said was that the price will operate within a band of N87 to N97 and that this did not mean removing the subsidy.
“The same minister now says that the price of petrol will be N86 in January, signifying the deregulation of the sector.
“These vacillations and flip flops are, in our view, designed to confuse Nigerians and pave the way for deregulation of petrol prices through the back door.
“The fact of the matter is that as long as we continue to depend on imported refined products, deregulation and the abandonment of the subsidy scheme will unleash hardship on Nigerians.”
The NLC general-secretary also stressed that the determination of recommended prices of petroleum products was the responsibility of PPPRA.
“By law, the board of PPPRA is made up of stakeholders. None of the contradictory prices the minister is throwing up is a product of the agency.
“Indeed, the board of the PPPRA has not operated for over two years, although we have made repeated demands for the convening of the board.
“We call on the government to be guided by the rule of law, and constitute and convene the board of PPPRA in accordance with the law without further delay.
“This will enable the agency to examine and agree a new pricing template based on the realities of today. Any price unilaterally determined and announced by the minister is in violation of the law.
“In the meantime, we wish to restate our opposition, adopted at our Central Working Committee (CWC) emergency meeting of 22nd December, to any attempt by the government to increase the price of or remove the subsidy on petrol.
“We reiterate our directive to our state councils and industrial unions to commence the process of mobilisation prior to a meeting of the National Executive Committee (NEC) to be convened in the New Year,” he said.
Also speaking to THISDAY on the issue, NLC President, Mr. Ayuba Wabba, expressed great concern over comments credited to an APC chieftain and former governor of Lagos State, Bola Tinubu.
Tinubu had called for the removal of fuel subsidy, a policy he vehemently opposed in 2012 under President Goodluck Jonathan’s administration, ostensibly for political reasons.
Wabba said: “It is a great surprise to hear that Tinubu is calling for the removal of fuel subsidy,” adding that NLC would seriously resist the plan to remove the subsidy.
He held the view that Tinubu’s comments fall flat on the face of the APC campaign, given that the party in different forums had supported the retention of fuel subsidy.
The APC and Tinubu have come under intense criticism over their support for the removal of fuel subsidy, with many describing their new stance as hypocritical, given that Tinubu was believed to be the brain behind the sponsorship of the protests, particularly in Lagos in 2012, against the removal of subsidy.
REVISED PPPRA PRICING TEMPLATE FOR PETROL
COST ELEMENTS OLD (Per Litre) NEW (Per Litre)
Traders’ Margin N1.47 N0.00
Lightering Expenses N4.07 N2.00
NPA Charge N0.77 N0.36
Jetty Throughput N0.80 N0.40
Storage Charge N3.00 N1.50
Bridging Fund N5.85 N4.00
Ex-depot Price N77.66 N77.00
Retailers’ Margin N4.60 N5.00
Transporters’ Margin N2.99 N3.05
Dealers’ Margin N1.75 N1.95
• This template excludes cost and freight charges for importing petrol into Nigeria
News
World Health Summit Regional Meeting Opens in Nairobi, Focuses on Stronger African Health Systems

The 2026 World Health Summit Regional Meeting opened in Nairobi on Wednesday with a strong call for coordinated action to build more resilient health systems across Africa.

The summit, hosted by Aga Khan University in partnership with the World Health Organization (WHO), Kenya’s Ministry of Health, and the Africa Centres for Disease Control and Prevention (Africa CDC), attracted over 2,000 health leaders, policymakers, researchers, and development partners from more than 50 countries.
The meeting is themed: “Reimagining Africa’s Health Systems: Innovation, Integration and Interdependence.”
Speaking at the opening ceremony, Kenya’s President, William Ruto, urged African governments, health institutions, donor agencies, and development partners to move away from fragmented interventions and adopt system-wide reforms anchored on local ownership, strategic investment, and accountability.
Ruto said Africa must reposition itself within the global health architecture by leveraging its strengths and becoming a source of scalable health solutions rather than being viewed solely through the lens of persistent challenges.
“This imbalance is neither sustainable nor tenable. It calls for a decisive shift from fragmented, piecemeal interventions to comprehensive, system-wide transformation backed by coherent strategy, domestic and international financing, and accountable institutions,” he said.
President of the World Health Summit, Prof. Axel Pries, described the Nairobi meeting as a reflection of Africa’s growing influence in shaping global health priorities.
He said the summit was designed to convene leaders across sectors and regions to translate policy discussions into practical actions that strengthen health systems globally.
Also speaking, Prof. Lukoye Atwoli, International President of the World Health Summit Regional Meeting and Dean of Medical College East Africa at Aga Khan University, said the summit marked a shift in Africa’s role in global health governance.
“For too long, Africa has been the subject of health conversations held elsewhere. Today, African institutions, researchers, and policymakers are co-authors of global health policy,” Atwoli said.
President and Vice Chancellor of Aga Khan University, Dr. Sulaiman Shahabuddin, said despite ongoing challenges such as climate change, chronic diseases, inadequate funding, digital inequality, and workforce gaps, Africa’s health sector is increasingly better positioned to integrate systems, deploy technology, and develop talent for quality healthcare delivery.
WHO Regional Director for Africa, Dr. Mohamed Yakub Janabi, said the summit offered an important opportunity to strengthen collaboration and advance universal health coverage through robust primary healthcare systems.
According to him, discussions at the summit are expected to generate a practical blueprint for building a more coherent and integrated health ecosystem across the continent.
Kenya’s Principal Secretary for Public Health and Professional Standards, Mary Muthoni, said global health security must remain a top priority for governments.
“Global health security is not a luxury; it is a prerequisite for national stability. We must move from reactive crisis management to proactive pandemic preparedness,” she said.
Director-General of Africa CDC, Dr. Jean Kaseya, stressed the need for Africa to finance and build resilient health systems at scale to strengthen health security and reduce dependence on external support.
He said the Nairobi meeting provides a strategic platform for mobilising investments, strengthening partnerships, and advancing African-led healthcare solutions.
The summit will feature over 80 sessions focused on health financing, workforce development, digital health innovation, climate and health, and strengthening universal health coverage.
The meeting continues over the coming days with further discussions expected on emerging health challenges and long-term healthcare resilience across Africa.
News
UK Govt Launches Creative Fund to Boost Local Production in Nigeria’s Creative Industries

The UK-Nigeria Technology Hub has launched its Creative Fund, a first‑phase grants initiative designed to address critical technical capacity gaps across Nigeria’s film, fashion, and music industries.

The fund will support the development of local digital production capacity, encourage the adoption of modern creative technologies, and promote the responsible use of Artificial Intelligence (AI), to strengthen Nigeria’s creative value chain.
The initiative directly supports the priorities of the UK‑Nigeria Economic Transformation and Investment Partnership (ETIP) Creatives Working Group launched in March 2025 and the delivers on commitments made during President Tinubu’s State visit to the UK in March 2026. It is designed to ensure that high potential creative projects can access the technical talent, tools, and resources required to produce, scale and complete their work locally.
Funded by the UK-Nigeria Tech Hub, under the UK Government’s Digital Access Programme and implemented by Tech4Dev, the Creative Fund responds directly evidence gathered through the State of the Creative Innovation Ecosystem in Nigeria, study in 2024. Drawing on over 1,700 survey responses, and fieldwork across seven states, the research showed that Nigeria’s creative economy employs approximately 4.2 million people and contributes around US$3 billion to GDP annually.
Despite this scale, the sector continues to face structural constraints – over 80% of practitioners are self-taught, fewer than 10% have access to formal financing, and high-value technical work is routinely outsourced outside the country. The Creative Fund is a direct response to these gaps, and central to the work of the ETIP Creative working Group.
Oyinkansola Akintola‑Bello, Director of the UK‑Nigeria Tech Hub, said: “Nigeria’s creative sector already delivers real economic value, and both governments have committed under the UK‑Nigeria Economic Transformation and Investment Partnership to supporting its growth.
“Through the ETIP Creatives Working Group, we are moving from ambition to action. The Creative Fund is a practical first‑phase intervention that addresses critical gaps in skills, infrastructure, and access to advanced tools, enabling Nigerian creatives to produce and scale high‑quality work locally.”
The Fund will support high-potential creative projects covering three industries; Film, Fashion, Music and will focus on initiatives that demonstrate strong potential for impact, scalability, and job creation.
It will subsidise projects that need to close technical gaps including critical specialists like VFX artists, sound engineers, post-production editors, and design professionals, or the digital tools and resources that make professional-quality work possible locally, for example digital asset management systems, content delivery tools, Digital Rights Management solutions, and AI-driven production technologies. The aim is straightforward; Nigeria’s best creative work should be made in Nigeria.
Abraham Akpan, Tech4Dev’s Country Manager for Nigeria and Sub-Saharan Africa said: “The Creative industries are a core part of the digital economy, bringing together technology, culture and entrepreneurship.
“This Fund is about ensuring that Nigeria’s creative success is underpinned by sustainable local talent and capacity, while deliberately expanding access to tools, skills and finance for those who have been historically excluded. By prioritising women-led enterprises, youth-led ventures, and underrepresented groups, the fund embeds inclusion into every stage of delivery.”
The Fund is open to creative companies, studios, production houses, fashion enterprises, and music labels leading projects with clear technical needs. Applications will be assessed on project quality, its potential for local and international impact, and the applicant’s level of commitment to co-investment.
The initiative also encourages the responsible use of emerging technologies, including artificial intelligence with selected projects expected to explore its application in production, storytelling, and innovation.
Applications are open now and will be accepted on a rolling basis throughout the programme period.
News
Buhari, SSG’s Signatures Forged to Defraud Nigeria of $6.2m in CBN – EFCC

Economic and Financial Crimes Commission (EFCC,) insisted on Monday at the High Court of the Federal Capital Territory that the signatures of late President Muhammadu Buhari and former Boss Mustapha, secretary to the Government of the Federation (SGF), were forged by unscrupulous Nigerians to defraud the country of $6,230,000.

Mr Godwin Emefiele, former CBN governor
Mr Chinedu Eneanya, assistant commander II, EFCC, told the court that five officials of the Central Bank of Nigeria (CBN) moved the money out of the apex bank under the guise that it was meant for the payment of foreign election observers in the 2023 general elections.
The anti-graft agency testified on Monday at the resumed trial of Mr Godwin Emefiele, former CBN governor, on a 20-count charge of criminal breach of trust brought against him by the federal government.
Emefiele is being prosecuted by the EFCC in the charge marked FCT/HC/CR/577/2023.
He is standing trial on an amended 20-count charge bordering on criminal breach of trust, forgery, abuse of office, conspiracy to obtain by false pretence, and obtaining money by false pretence while serving as CBN governor.
Emefiele was, among others, alleged to have knowingly obtained by false pretence the sum of $6,230,000 purportedly meant for international election observers for the 2023 general election.
The EFCC accused him of conferring corrupt advantages on two companies — April 1616 Nigeria Ltd and Architekon Nigeria Ltd.
He, however, pleaded not guilty to the charges during his arraignment.
At Monday’s proceedings, Chinedu Eneanya, who served on the probe panel, was called to testify as the 13th prosecution witness (PW13).
In his evidence-in-chief, the witness told the court that his team was assigned to investigate the matter.
“The investigation revealed that the money, $6.2 million, was removed from the coffers of the CBN for a purported funding of foreign observers for the 2023 elections.”
He told the court that those connected with the movement of the fund were interviewed.
The witness said documents were recovered from the CBN regarding the release of the money.
Eneanya told the court that investigations also revealed that the signatures of the then President, Muhammadu Buhari, and then Secretary to the Government of the Federation (SGF), Boss Mustapha, were forged to collect the money.
He said forensic examination was carried out, which established that the two signatures were forged.
Drama, however, ensued during cross-examination by Mathew Burkaa, SAN, counsel to Emefiele, when the witness admitted that forensic examination was not carried out on Emefiele’s signature despite Emefiele’s claim that his signature was also forged by the culprits.
The witness said five CBN officers signed the internal memo that authorised the release of the money and that none of them is standing trial alongside Emefiele, but were only suspended by the CBN.
The witness told the court that he was not the one who took Emefiele’s extra-judicial statements.
When asked if any of the investigators established that Emefiele received any money, he said Emefiele’s lawyer, Ifeanyi Omeke, said he received money on behalf of Emefiele, but that he did not interview Emefiele on the claim.
Earlier, Emefiele’s counsel had frowned at bringing another Investigating Police Officer (IPO) on the ground that the witness would say the same thing said by two other IPOs.
He also drew the attention of the court to the last proceedings where the EFCC told the court that it was bringing its last witness.
“We understand their strategy. It seems they are ridiculing the court. All the same, we are ready to go on.”
Emefiele, through his counsel, applied for the foreclosure of the EFCC’s case after prosecution counsel, Rotimi Oyedepo, SAN, told the court that he was not sure of bringing two witnesses on April 28.
Oyedepo informed the court that the EFCC was yet to obtain the subpoena from the court and that the witnesses were outside jurisdiction in Benin and Lagos.
When the court asked the prosecution how many more witnesses it intended to call, Oyedepo said two more and mentioned their names as Jim Obessa and CP Eloho Okpozikbo.
The court then asked the prosecution to bring all the witnesses between April 27 and 28.
At this point, Burkaa applied to the court that the EFCC’s case be foreclosed if it failed to bring the two remaining witnesses to court on April 28.
“If the witnesses do not come on April 28, we apply that they should be foreclosed. Justice is both for the prosecution and the defendant.
“This is an antic by the prosecution to put maximum hardship on the defendant. Please let it be on record that the prosecution has severally brought out this scenario,” he said.
Responding, Oyedepo told the court that he was not there to be a clog in the expeditious trial of the case and prayed the court to refuse the application to shut the doors against the prosecution.
Justice Hamza Muazu advised parties to reserve their arguments till their final addresses and directed Oyedepo to go to the court registrar for the signing of the subpoena.
Justice Muazu then adjourned till April 28 for continuation of trial.
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