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JUST IN: FG To Meet NLC Today Over Fuel Subsidy Removal

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Federal Government representatives are expected to meet with the leadership of the Nigeria Labour Congress (NLC) today by 2pm over the planned removal of fuel subsidy.

“Government seems to have shown interest in discussion. As at last night, they reached out and we have fixed 2pm today (Wednesday) to commence discussion,” NLC National President, Joe Ajaero, on Channels Television’s Sunrise Daily programme on Wednesday.

“There, all other issues will discussed because you can’t just say there no subsidy and then you are not producing and leave us to the vagaries of the market, to people who want to sell the product they bought for N10 for N100 to maximise profit. If there is no more garri, we must find out what to eat.”

He said the position of Labour has been clear that even if President Bola Tinubu has a good intention, alternatives must be provided.

He said the President should have asked questions and find out the implications of fuel subsidy removal on Nigerians on the streets.

The NLC boss listed the alternatives to include the repair of the nation’s four refineries, provision of transportation of alternatives for the Nigerian workers, amongst others.

“The pronouncement by Mr President is as good as law and if in the process we make a law that is not practicable, the same people that made the law can look at it,” Ajaero said while calling for a review of the President’s pronouncement.

“Does it bring pleasure to us to say subsidy is gone and people start suffering? Is it not part of leadership for us to look at how the suffering of the people can be reduced?” he asked.

Subsidy Removal Only Answer To Make Nigeria Great – IPMAN

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the deregulation of the oil sector and subsidy removal is the only way to make Nigeria great.

“Removing subsidy is the only answer to make Nigeria great,” IPMAN National Public Relations Officer, Yakubu Suleiman said on Wednesday.

On Monday during his inaugural speech at the Eagle Square in Abuja, Tinubu said the era of subsidy payment on fuel has ended, adding that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.

“The fuel subsidy is gone,” Tinubu said, noting that his government would instead channel funds into infrastructure and other areas to strengthen the economy.

The Nigerian National Petroleum Company Limited (NNPCL) has since backed Tinubu on the removal of fuel subsidy.

However, the Trade Union Congress of Nigeria (TUC) said the President cannot unilaterally take a decision on subsidy removal, saying that there was a reason the immediate past administration of Muhammadu Buhari pushed the “sensitive issue” to the new government.

Fuel queues have since resurfaced across the country since the presidential pronouncement as Nigerians forage for the premium product which is now sold from N300/litre and above.

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IEA ratifies Nigeria as an Association Country

In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;  

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Photo: Nigerian Minister of State for Petroleum Resources ( Gas) Ekperikpe Ekpo (left) and the IEA Executive Director Fatih Birol, at the event. Credit: IEA

The Governing Board of the International Energy Agency (IEA) has unanimously agreed for Nigeria to join the IEA Family as an Association country.

“I am thrilled that Nigeria is joining the IEA – it is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks a milestone for global energy governance. I am very thankful to President Tinubu and Minister Ekpo for their trust in the IEA,” said IEA Executive Director Fatih Birol.

Emphasising that Nigeria is home to over 240 million people and one of Africa’s largest economies, Faith Birol  acknowledged that Nigeria is a major producer of oil and natural gas and is one of the continent’s most dynamic renewable energy markets.

“As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides. We look forward to building on our already strong partnership and welcoming Nigeria to the IEA, ” he said

In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;  

“It is an honour for Nigeria to join this leading energy agency and I will take this opportunity to encourage the African continent to embrace the IEA, as we all work together to achieve key development goals including universal energy access and industrialisation.”

The IEA Governing Board’s decision builds on a strong history of engagement and collaboration between Nigeria and the IEA since 2014.

In September 2025, the IEA, Nigeria’s Minister of Petroleum Resources and the African Energy Commission (AFREC) jointly convened a Regional Roundtable on “Turning Methane Pledges into Action”  in Abuja, bringing together energy stakeholders from across the region to advance efforts to reduce methane emissions from the energy sector.

As an Association country, Nigeria and the IEA will work more closely across a wide range of energy issues, including on the Agency’s engagement in sub-Saharan Africa.

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Naira Exchange Rates Monday, July 13

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 427 Sell ₦1,435

GREAT BRITISH POUND (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR)Buy ₦1, 585 Sell ₦1,605

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,379.62

GREAT BRITISH POUND (GBP) ₦1,850.62

EURO (EUR) ₦1,575.66

SWISS FRANC (CHF) ₦1,707.45

JAPANESE YEN (JPN) ₦8. 52

CHINESE YUAN (CNY) ₦203.56

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,871. 05

SAUDI RIYAL (SAR) ₦367.44

SOUTH AFRICAN RAND (ZAR) ₦84.53

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BREAKING: Nigeria Surpasses OPEC Quota at 104%, Hits 74-Month Crude Oil Production High

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Nigeria has recorded a significant milestone in its oil sector, surpassing its OPEC production quota by 4% and achieving its highest crude oil output in nearly six years, according to recent industry data.

The country’s average crude oil production reached approximately 1.53 million barrels per day (bpd) in the latest reported period, exceeding the Organisation of the Petroleum Exporting Countries (OPEC) allocated quota of 1.5 million bpd. This performance marks a strong recovery driven by improved pipeline security, reduced vandalism, and enhanced operational stability across key facilities in the Niger Delta.

Combined with condensates, total output climbed to around 1.7 million bpd, representing the highest level in months and underscoring Nigeria’s position as Africa’s leading oil producer. Industry reports highlight peak daily production hitting as high as 1.86 million bpd during the period, reflecting robust performance with minimal major disruptions.

This achievement ends a prolonged period of underperformance relative to the quota and signals positive momentum in the sector. Month-on-month, production increased by roughly 2.7–2.8%, building on steady gains over recent months. In crude-only terms, the figures represent one of the strongest showings since early 2025.

Stakeholders, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and operators like Pipeline Infrastructure Nigeria Limited (PINL), attribute the gains to better collaboration with host communities, enhanced surveillance of critical infrastructure such as the Trans Niger Pipeline, and government reforms aimed at curbing oil theft.

Experts view the development as a boost for government revenues, foreign exchange earnings, and broader economic stability amid ongoing efforts to attract investment and ramp up capacity toward higher targets. Nigeria has historically produced well above 2 million bpd, and officials remain optimistic about further growth.

The news comes as OPEC+ continues phased adjustments to production levels, with Nigeria demonstrating resilience and compliance-plus performance even as the cartel manages global supply dynamics.

Analysts caution that sustaining this trajectory will require continued investment in infrastructure, security, and upstream activities to fully realize the sector’s potential.

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