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Nigeria to export petroleum products by Dec, says NNPCL

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Nigeria’s oil industry will join the big league in December when it becomes a net exporter of refined petroleum products.

Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer (GCEO), Mele Kyari, said yesterday that ahead of this, the Port Harcourt Refinery will go into full operation and petrol supply from next month.

According to him, the Warri and Kaduna refineries will follow suit by December.

On Sunday, Alhaji Aliko Dangote said the Dangote Refinery will pump petrol in commercial quantity also from next month.

These are expected to bring relief to Nigerians.

Kyari spoke when he appeared before the National Assembly Joint Committee on Finance.

He was part of the Federal Government’s finance team that shared ideas with the lawmakers on how the Executive is tackling the myriad of economic challenges.

Yesterday, the National Bureau of Statistics (NBS) put the June headline inflation rate at 34.19 per cent, pushed up by the 40.87 per cent food inflation.

Other members of the economic team at the parley led by the Coordinating Minister of the Economy Mr. Wale Edun were: Budget/National Planning Minister, Senator Atiku Bagudu; Minister of State for Petroleum Resources, Senator Heineken Lokpobiri; Central Bank of Nigeria (CBN) Governor, Dr Yemi Cardoso, represented by Deputy Governor (Economic Policy) Muhammad Abdullahi and Federal Inland Revenue Service (FIRS) Chairman, Mr. Zacch Adedeji.

Edun and Abdullahi joined the meeting during the closed-door session.

Relying on emerging indicators in the energy and gas sector, the NNPCL boss told the committee that Nigeria will become a net exporter of refined petroleum products by December.

Kyari told the committee that the Port Harcourt Refinery will start production early next month, adding that this will be followed by the one in Warri and Kaduna Refinery latest by December.

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CBN: 60 newly recruits staff laments three years of waiting without engagement

The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.

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• CBN Governor, Olayemi Cardoso

A group of newly recruited staff of the Central Bank of Nigeria (CBN) have cried out over delayed posting and onboarding into various positions since August 28, 2023.

The Guardian reported that according to the employees, the Apex Bank issued the offer, which was followed by an acceptance copy and instructions to resign from their previous places of work, where applicable, as part of documentation.

“We all tendered resignation letters to our former employers at that time to enable us to proceed with the CBN process,” one of the affected employees, Emmanuel Linus Dabo, who spoke on behalf of others,, told newsmen on Monday.

According to him, the application process started in April 2023, where their resumé were submitted to the Headquarters of CBN, and after some time, they received emails from the Human Resources Department for interview and aptitude tests.

“We did a medical examination at the bank’s medical clinic, where a code was given to individual applicants before we could access the hospital.

After the interview and medical and aptitude tests, the successful applicants were contacted by the HR manager to come to CBN Headquarters in Abuja to pick up their offer letter. We filled the acceptance letter without delay,” he said.

He further stated that there was a series of e-mails from the Human Resources office requesting that they forward their credentials for the online documentation, including their acknowledged resignation letters from their previous employers…

The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.

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KPMG, NRS settle rifts over new tax laws

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.

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KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives

However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique, noting that KPMG does not understand the laws.

The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.

In a statement on Monday, the NRS said that Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.

” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.

“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”

The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.

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IMF to release January 2026 World Economic Outlook update on Monday

The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.

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The International Monetary Fund (IMF) will release its January 2026 World Economic Outlook (WEO) Update on Monday, January 19, 2026.

The report will be presented during a press conference hosted at the National Bank of Belgium in Brussels.

The press conference is scheduled for 10:30 a.m. The Brussels time and will be streamed live via the IMF website and Press Centre, allowing journalists to participate both in person and virtually.

The IMF’s economic assessment will be presented by Pierre-Olivier Gourinchas, Economic Counselor and director of the Research Department; Petya Koeva Brooks, deputy director of the Research Department; and Deniz Igan, Division Chief, Research Department.

The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.

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