Business
JUST IN: FG To Meet NLC Today Over Fuel Subsidy Removal
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.
Business
12-years after, US clears Nigerian vessels to land at its ports
Oyetola said that removal of the restriction by the USCG followed years of effort by Nigeria to meet international maritime security standards, particularly through the Nigerian Maritime Administration and Safety Agency (NIMASA).
The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced that the United States Coast Guard (USCG) has removed the Condition of Entry (CoE) imposed on Nigerian vessels from docking at its ports.
The CoE was first imposed in June 2014. Under the restriction, any vessel that had docked at designated Nigerian ports within its previous five port calls was required to meet additional security and documentation requirements before entering US waters.
Oyetola said that removal of the restriction by the USCG followed years of effort by Nigeria to meet international maritime security standards, particularly through the Nigerian Maritime Administration and Safety Agency (NIMASA).
The removal means those extra requirements no longer apply.Four USCG assessments between 2024 and 2026
He pointed to the country’s compliance with the International Ship and Port Facility Security (ISPS) Code as central to the case presented to US authorities.
The USCG carried out four separate assessments of Nigeria’s ports and maritime security framework between March 2024 and April 2026.
The inspections took place in March 2024, April 2024, March 2025 and April 2026. The government said each review recorded measurable progress.
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,404 Sell ₦1,410
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
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
CBN Exchange Rates
US Dollar (USD) ₦1,350.41
Great British Pound (GBP) ₦1,839.13
EURO (EUR) ₦1,574.31
Swiss Franc (CHF) ₦1,681.92
Chinese Yuan (CNY) ₦200.61
West African CFA (XOF) ₦2. 37
West African Unit Account (WAUA) ₦1,836.21
Saudi Riyal (SAR) ₦359.65 South African Rand (ZAR) ₦83.71
Business
Oyede Tasks States To Look Beyond Federal Allocations For Economic Growth
Nigeria must move from an allocation dependent economy to one driven by production, investment and job creation,
The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, has said federal allocations alone cannot guarantee prosperity for states, urging them to develop sustainable sources of revenue and drive economic growth.
The Minister gave the advice during the 2026 National Council on Finance and Economic Development (NACOFED) conference in Owerri, Imo State, yesterday.
Oyedele emphasised the need for states to look beyond federal allocations and develop their productive capacities to achieve sustainable economic development.
He called for stronger fiscal federalism, improved revenue generation and economic diversification to strengthen Nigeria’s resilience to economic shocks.
“Nigeria must move from an allocation dependent economy to one driven by production, investment and job creation,” he stated.
According to him, recent economic reforms , including the removal of fuel subsidy and the unification of the foreign exchange market, have increased tremendously the revenue available for distribution through the federation account.
He said monthly federation account allocation, which was between N300 billion and N600 billion before 2023, is now above N2 trillion.
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