Connect with us

News

FG Blames Forex Problems for N145 Petrol Price

Published

on

Petrodollar is Source Corruption, War in Nigeria.jpg
Kindly share this post

Federal government, yesterday, hiked the price of Premium Motor Spirit (PMS), also known as petrol, directing marketers to sell at between N135 and N145 per litre.

The government claimed the move became necessary because extreme difficulties faced by importers in sourcing foreign exchange.

While the Independent Marketers Association of Nigeria (IPMAN), commended the federal government on the new pump price of petrol, the factions of the Nigeria Labour Congress (NLC), rejected the increase and vowed to resist it alongside its civil society allies, calling on government to revert the hike to avoid a nationwide mass protest and industrial unrest.

But the Petroleum Products Pricing Regulatory Agency (PPPRA), the agency responsible for determining products prices in the oil sector, said the decision to allow marketers fix the price within the new price band of N145, became imperative in the face of extreme difficulties faced by importers in sourcing foreign exchange.

According to the PPPRA, to meet the consumption demand of the country, importers will henceforth be permitted to source for their foreign exchange requirements from secondary sources.

In the statement signed by Mrs. Sotonye Iyoyo, acting executive secretary, the PPPRA said with immediate effect, the new price band for PMS shall be at a maximum of N145 per litre, noting, however, that NNPC retail stations on the outskirts of major cities were advised to sell at a price lower than N145 per litre.

She said: “We are conscious of the difficulties that Nigerians have been going through in the last few months, and to ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics, thereby ensuring fair value to all citizens.”

Elsewhere, Dr. Ibe Kachikwu, minister of State for Petroleum Resources, told newsmen at the State House yesterday the increase in the price was the only way out of the exorbitant prices of between N150 to N250 which Nigerians are subjected to at filling stations across the country.

He stated that the new policy would lead to improved supply and competition and eventually drive down pump prices, as experienced with diesel.

In addition, he argued that the increased price would also lead to increased product availability and encourage investments in refineries and other parts of the downstream sector, while it would also prevent diversion of petroleum products and set a stable environment for the downstream sector in Nigeria.

 He, however, stated that Federal Government had articulated many social protection programmes in the 2016 budget to cushion the effect the hike might have on Nigerians.

Reacting to the increase, the Ayuba Wabba faction of the NLC vowed to resist it alongside its civil society allies, calling on government to revert the hike to avoid a nationwide mass protest and industrial unrest.

On its part, the Joe Ajaero faction, equally rejected the hike, warning that there would be massive resistance by organized labour jointly to ensure that this further injury and hardship on Nigerians does not stand.

 

         


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

News

UK–Nigeria Skills and Schools Trade Mission Concludes with Strong Foundations for Education Partnership

Published

on

Kindly share this post

A high-level UK delegation has concluded a week-long skills and schools trade mission to Nigeria, marking a significant step forward in education and skills cooperation between the two countries.

Running from 19-23 April 2026 across Abuja and Lagos State, the mission brought together leading UK private schools, skills providers, and education institutions with Nigerian partners, schools, and the Honourable Minister of Education Dr Tunji Alausa.

The mission follows the high profile and well received state visit to the UK in March, which also included education engagements.  Supported by the UK’s Department for Business and Trade (DBT), the mission forms part of its new International Education Strategy, under which Nigeria has been identified as one of five priority education markets, spearheaded by Professor Sir Steve Smith, who is looking forward to visiting the country again this year.

The mission focused on in-country delivery of education, the establishment of world-renowned UK schools in Nigeria, and the development of skills and Technical and Vocational Education and Training (TVET) systems aligned with industry demand.

In Abuja, the delegation met with Nigeria’s Honourable Minister of Education, Dr Tunji Alausa, securing strong political backing for UK–Nigeria education partnerships and set the groundwork for ongoing institutional collaboration across both schools and skills.

In Lagos, delegates engaged further with potential partners and investors. In both cities the delegation was thrilled to visit local British curriculum schools and colleges to further enable them to experience first-hand the teaching and learning environment.

British Deputy High Commissioner, Jonny Baxter, said: “The UK and Nigeria share a deep and longstanding relationship, and opportunities in education are one of its most exciting frontiers.

“This mission has demonstrated the strong appetite on both sides to deepen collaboration in education and skills.”

“By bringing together UK schools and skills providers with Nigerian partners and policymakers, we are laying the foundations for even more long-term partnerships that support Nigeria’s education priorities, strengthen skills aligned to industry needs, and create opportunities for sustainable, in-country delivery as well as positioning Nigeria as the regional hub for high quality education.”

DBT Head of International Education, Sarah Chidgey, said: “This mission is a perfect example of the International Education Strategy being put into action, building on multiple two-way visits and the UK and Nigeria’s warm relationship. It has been heartening to see all the progress in UK Nigeria education collaboration since my first visit to Nigeria, as part of a wider delegation, in 2022.”

DBT’s mission concluded with a strong pipeline of follow-up activity, including targeted one-to-one meetings, MoU discussions, and agreed next steps between UK and Nigerian counterparts.

 


Kindly share this post
Continue Reading

News

Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

Published

on

Kindly share this post

President Bola Tinubu has requested Senate approval for a $516.3 million foreign syndicated loan to fund key sections of the Sokoto-Badagry superhighway, a cornerstone of his Renewed Hope Agenda.

Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

Tinubu

 

In a letter read by Senate President Godswill Akpabio during Thursday’s plenary, Tinubu invoked Sections 16 and 21 of the Debt Management Office Act, 2011, to secure financing via Deutsche Bank AG for Sections 1, Phase 1A, and 1B. The 1,000-kilometre project will span Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, linking Illela to Badagry and boosting trade, connectivity, and goods movement.

The nine-year loan, with a three-year grace period and interest at SOFR plus 5.3 per cent, includes a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The Federal Government will provide over ₦265 billion in counterpart funding for land acquisition and infrastructure.

Akpabio referred the request to the Senate Committee on Local and Foreign Debts for a one-week turnaround report. He endorsed the borrowing, stating it advances road safety and national integration.

The highway aims to cut travel times and stimulate economic corridors, with the Federal Executive Council already approving the plan.


Kindly share this post
Continue Reading

News

Karex, World’s Top Condom Maker to Hike Prices due to Iran war

Published

on

Kindly share this post

Karex, world’s largest condom maker, plans to raise prices by up to 30 percent due to supply disruptions linked to the Iran war.

Karex, World's Top Condom Maker to Hike Prices due to Iran war

This means that safe sex could get more expensive if the war continues to disrupt global supply chains, according to Goh Miah Kiat, CEO, Karex.

Kiat told old Reuters that rising freight costs and shipping delays have increased demand and forced the company to pass costs to customers.

Broader supply chain issues and higher oil prices could impact many everyday products that rely on petrochemicals.

“The situation is definitely very fragile, prices are expensive… We ​have no choice but to transfer the costs right now to ⁠the customers,” Goh told Reuters.

Karex joins a growing list of companies that are bracing for supply chain disruptions amid the ongoing war in Iran.

Based in Malaysia, Karex produces condoms, personal lubricants, gloves, medical catheters and probe covers.

The company manufactures male latex condoms including ONE, Trustex, Carex and Pasante, and it can produce over 5 billion condoms annually. Karex also exports to more than 130 countries, according to its website.

“We’re seeing a lot more condoms actually sitting on vessels that have not arrived at their destination but are highly required,” Goh said.

 


Kindly share this post
Continue Reading

Trending