FG Rules Out Return of Fuel Subsidy, Says Market Pricing Will Continue - Newstrends
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FG Rules Out Return of Fuel Subsidy, Says Market Pricing Will Continue

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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele

FG Rules Out Return of Fuel Subsidy, Says Market Pricing Will Continue

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has reiterated that the Federal Government has no plans to reintroduce fuel subsidy, stressing that ongoing economic reforms are anchored on market-based pricing and fiscal discipline.

Oyedele made the statement in Paris, France, on Tuesday during a high-level investors’ meeting attended by President Bola Tinubu, where Nigeria’s economic reform programme and investment opportunities were presented to global financial stakeholders.

He explained that the government also has no intention of introducing price controls on petroleum products, insisting that such policies would distort the economy and undermine efforts to stabilise the downstream oil sector.

The minister said the removal of fuel subsidy remains a key component of Nigeria’s broader fiscal reforms, designed to reduce inefficiencies, improve public spending, and redirect resources toward critical infrastructure and social development.

He noted that recent public debates over rising fuel prices, partly influenced by global geopolitical tensions involving the United States, Israel, and Iran, have renewed calls for subsidy reinstatement, but maintained that the policy direction remains unchanged.

Oyedele added that the current global energy landscape presents opportunities for Nigeria, as many countries seek to diversify energy supply sources and invest in alternative markets amid shifting geopolitical conditions.

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He further highlighted Nigeria’s economic performance under the Tinubu administration, stating that the country recorded strong growth in dollar terms in 2025, which supports its ambition of building a $1 trillion economy by 2030.

According to him, the government is focused on ensuring that reforms translate into real improvements in citizens’ welfare, including job creation, improved infrastructure, and stronger investor confidence.

Oyedele also disclosed plans for the regular publication of financial and economic data on a quarterly basis to enhance transparency and accountability in public finance management.

Speaking at the same event, President Bola Tinubu said his administration’s reform agenda is aimed at achieving macroeconomic stability, inclusive growth, and long-term economic resilience.

He explained that ongoing policy measures are designed to eliminate structural inefficiencies, strengthen fiscal credibility, and create a more stable environment for investment and economic expansion.

Tinubu also reaffirmed his commitment to transparency in the oil and gas sector, alongside a comprehensive security strategy that includes decentralised policing and efforts to disrupt terrorist financing networks.

He added that policy consistency and disciplined execution remain central to ensuring that economic reforms deliver tangible benefits to Nigerians.

The Presidency confirmed that the investor engagement attracted representatives from major global financial institutions, including Citibank, Amundi, BlueCrest, Ninety One, Kirkoswald Capital, Principal Finisterre, Prudential Global Investment Management, and Mesarete Capital.

Several investors reportedly commended Nigeria’s reform direction and expressed optimism about the country’s medium- to long-term economic outlook, particularly in energy, infrastructure, and financial services sectors.

FG Rules Out Return of Fuel Subsidy, Says Market Pricing Will Continue

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Officers Abroad Benefit as FRSC Promotes over 10,000 Personnel in Tech-Driven Exercise 

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Officers Abroad Benefit as FRSC Promotes over 10,000 Personnel in Tech-Driven Exercise 

 

In a major demonstration of its growing reliance on technology, the Federal Road Safety Corps has conducted a nationwide promotion exercise, enabling officers on academic programmes overseas to participate remotely while deploying surveillance cameras and independent observers to ensure transparency.

The promotion exercise, described by the Corps as one of the largest and most technologically advanced in its history, benefited more than 10,000 personnel.

It covered 3,597 Intermediate Rank Officers and 6,408 Junior Officers across the country, according to a statement issued by the Corps Public Education Officer, Deputy Corps Commander Osondu Ohaeri.

The exercise was conducted under the leadership of the Corps Marshal, Shehu Mohammed, and formed part of ongoing efforts to modernise personnel management and ensure merit-based career progression within the organisation.

A major highlight of the exercise was the successful inclusion of FRSC personnel pursuing academic and professional programmes outside Nigeria.

Through the deployment of advanced Information and Communication Technology (ICT) platforms, officers on study leave abroad were able to participate in the promotion process remotely without disrupting their educational activities.

The Corps said the initiative underscored its commitment to ensuring that no eligible officer was denied career advancement opportunities because of geographical location or personal development commitments.

“This development demonstrates the Corps’ resolve to remove barriers to promotion and create an inclusive system that rewards excellence regardless of where personnel are located,” the statement noted.

To guarantee fairness and credibility, the FRSC introduced real-time monitoring mechanisms, including surveillance cameras deployed across all examination centres and independent observers drawn from the Office of the Secretary to the Government of the Federation and the Federal Character Commission.

The exercise commenced on June 14, 2026, simultaneously across the Corps’ 12 Zonal Commands, with representatives of the Corps Marshal overseeing proceedings to ensure strict compliance with established standards.

The FRSC, the technology-driven promotion system eliminated many of the traditional bottlenecks associated with promotion exercises, enhanced operational efficiency, and provided all eligible personnel with equal opportunities to compete based solely on merit, competence, and performance.

The Corps further stated that the successful conduct of the exercise reflected Corps Marshal Mohammed’s vision of building a highly motivated, professional, and future-ready workforce where hard work, innovation, commitment, and excellence are consistently recognised and rewarded.

Under his leadership, the Corps noted, significant reforms have been introduced to improve personnel welfare, strengthen institutional capacity, and leverage technology to enhance service delivery and internal administrative processes.

The FRSC said the promotion exercise has further boosted staff confidence in the organisation’s career advancement system, while encouraging greater productivity, accountability, and healthy competition among personnel.

The Corps described the successful completion of the exercise as another milestone in its drive to institutionalise global best practices and transform the agency into a modern, digitally driven organisation capable of meeting contemporary public service demands.

It maintained that the promotion process reinforced the principle that professionalism, dedication, and outstanding performance remain the primary pathways to career advancement within the Corps, while supporting its broader objective of building a motivated workforce committed to safer roads and improved service delivery for Nigerians.

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Carloha Extends Award-Winning 6-6-7 Care to All New Energy Vehicles 

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Carloha Extends Award-Winning 6-6-7 Care to All New Energy Vehicles 

 

For many Nigerians, the transition to New Energy Vehicles (NEVs) has been held  by a single, nagging qbackuestion: “If something goes wrong, who will fix it?” While the Nigerian market has seen a surge in hybrid and electric models, the promise of innovation has often been overshadowed by the lack of spare parts, soaring maintenance costs, and indefinite workshop stays.
Carloha Nigeria is officially putting those fears in the rearview mirror.
In a landmark move announced at the launch of the all-new Chery Tiggo 9 PHEV, Carloha has extended its award-winning CarlohaCare 6-6-7 package to its entire lineup of New Energy Vehicles. This isn’t just a service plan; it is a total commitment to peace of mind, according to a statement from the auto company.

The statement provides some of the details of the package as follows:

The 6-6-7 Promise: Redefining Ownership
The “6-6-7” package is built on a foundation of reliability that earned Carloha the prestigious *Most Outstanding Aftersales Car Company Award* from the Nigeria Auto Journalists Association (NAJA). It covers:
6 Years Warranty: Long-term protection for your investment.

6 Years Free Scheduled Servicing: Zero maintenance costs for the road ahead.
7-Day Repair Guarantee: If your vehicle isn’t ready within seven days, Carloha provides a courtesy vehicle to keep you moving.

Confidence in Every Charge
“Consumers should be able to embrace the future of mobility with confidence,” said Dexter Li, Marketing Director at Carloha Nigeria.

“By extending this package, we aren’t just selling cars; we are removing the barriers to sustainable transport. We are proving that our NEVs are built for the Nigerian road, backed by a support system that never leaves you stranded.”

By bridging the gap between cutting-edge technology and dependable support, Carloha Nigeria says it is doing more than just selling vehicles—it’s setting a new standard for the Nigerian automotive landscape.

For the forward-thinking driver, the message is clear: the future of mobility is here, and for the first time, it comes with a guarantee you can actually count on, says Carloha.

 

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Why Imported Fuel Landing Cost Is Cheaper Than Dangote Gantry Price — Marketer

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Why Imported Fuel Landing Cost Is Cheaper Than Dangote Gantry Price — Marketer

Why Imported Fuel Landing Cost Is Cheaper Than Dangote Gantry Price — Marketer

The recent debate over why the landing cost of imported fuel is cheaper than Dangote Refinery’s gantry price has finally been addressed by one of the industry’s key stakeholders. Mr Adetunji Oyebanji, former Chairman of the Major Energies Marketers Association of Nigeria (MEMAN) , has explained that the price difference comes down to one critical factor: product specifications.

According to Oyebanji, Dangote’s gantry price is higher because the refinery is producing fuel with higher product specifications intended for export markets. To export products to Europe and the United States, the specifications must meet higher standards than what is required for products imported into Nigeria. Oyebanji pointed out that imported fuel is cheaper because the specification is not the same, though the product specification must still conform to Nigerian law. He explained that the difference in price depends on specifications, and he believes that Dangote is producing higher specification because it has to export, and the export specification to be able to export to Europe and US is a higher standard to what is allowed by import into Nigeria. So by definition, it is cheaper, and while it shouldn’t be, that is what it is. He further noted that import is not allowed on a whole scale, but on certain specifications, and there are also export specifications to places.

Oyebanji argued that the limited import of fuel into Nigeria is another factor keeping prices high. He stated that if the Nigerian government allowed more imports, it would force Dangote to reduce its prices. He explained that allowing more import would force Dangote to reduce price, but because of low import, Dangote, being the dominant in the market, will be the one dictating the price. He emphasized that the only thing that can bring price down is regular competition in the market.

Before the recent reduction in Dangote’s prices, data from MEMAN revealed a significant gap between the cost of imported fuel and Dangote’s gantry price. On June 2, 2026, the landing cost of imported petrol was N1,118.75 per litre, while Dangote’s gantry price stood at N1,250 per litre. The gap was even wider for diesel, with a landing cost of N1,470.38 per litre compared to Dangote’s N1,700 per litre. Aviation Turbine Kerosene (ATK) landed at N1,426.24 per litre, while Dangote’s gantry price was N1,650 per litre.

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Despite the presence of the Dangote Refinery, Nigeria reverted to being a net importer of petrol in May 2026. According to Argus Media, petrol deliveries into Nigeria averaged 57,000 barrels per day in May, while exports stood at 23,000 barrels per day. This development reversed the country’s net export position recorded in March and April, when local supply exceeded imports. Industry data indicated that the increase in imports was largely driven by maintenance activities at the 700,000-barrels-per-day Dangote Refinery in Lekki. The refinery’s Residual Fluid Catalytic Cracker (RFCC) , a critical unit responsible for gasoline production, underwent maintenance during the month, affecting output and creating the need for additional fuel imports. The RFCC unit converts heavy refinery residues into valuable fuels including gasoline, making it one of the most important units in a modern refinery.

The temporary reduction in local production prompted marketers and refiners to source more petrol from Europe, which supplied Nigeria’s entire import requirement in May. Norway emerged as the largest supplier, followed by Italy and France. Data also showed that both the Nigerian National Petroleum Company Limited (NNPC) and Dangote Refinery participated in fuel imports during the period. NNPC imported approximately 11,000 barrels per day, while Dangote accounted for 27,000 barrels per day. The figures underline the unusual situation in which the refinery remained both the country’s largest producer and one of its biggest importers of petrol.

The increase in imports came after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) approved substantial import allocations for the second quarter of the year. On May 6, 2026, NMDPRA issued six Nigerian marketers with new gasoline import licenses, equating to a total volume of 720,000 metric tons, or roughly a fifth of the country’s average Q1 consumption. The licensed companies include Matrix, AA Rano, AYM Shafa, NIPCO, Pinnacle, and Bono. This was a significant policy departure from recent market norms, which had seen NMDPRA heavily regulate foreign arrivals of Nigeria’s main motor fuel in order to support Dangote Refinery.

Dangote Industries recently confirmed that the refinery’s nameplate capacity has been increased to 700,000 barrels per day from 650,000 barrels per day, a move expected to strengthen gasoline production capacity once all processing units return to full operation. The RFCC unit is expected to return to full rates by mid-June after repairs to a flue gas slide gate valve. Market analysts believe the setback may be short-lived, as maintenance schedules and operational adjustments can still create temporary supply gaps that require imports to bridge.

Why Imported Fuel Landing Cost Is Cheaper Than Dangote Gantry Price — Marketer

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