Business
Atiku unfolds economic blueprint, proposes $10bn stimulus funds
Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, says he will raise $10 billion as an Economic Stimulus Fund within the first 100 days in office should he win the 2023 presidential election.
He also canvassed the removal of the power generation and distribution from the exclusive to concurrent list to give state and willing investors the right to give energy to whoever they want after generating and not send to the national grid.
Atiku also said he would rather privatise Nigeria’s dilapidated refineries than spend $1.55 billion on their revitalisation .
He revealed this in a statement on Tuesday evening after his speech at the Lagos Chamber of Commerce and Industry (LCCI), Lagos State.
Atiku said, “Within the first 100 days in office, I will create an Economic Stimulus Fund with an initial investment capacity of approximately $10 billion to prioritize support to the MSMEs across all the economic sectors.”
The former Vice President said for Nigeria to improve the nation’s economy, “Larger volume of non-oil exports will earn more foreign exchange for Nigeria, improve our foreign reserves, and help in stabilizing the Naira. All of these will contribute to growth in GDP.”
He also said, “Poverty reduction shall be the centrepiece of our economic development agenda and economic performance shall henceforth be measured by the number of jobs created and the number of people lifted out of poverty.
“Finally, focus on non-debt financing by promoting a private sector-led infrastructure development fund for the financing and delivery of key infrastructure projects.”
He promised to undertake an immediate review of government spending in order to eliminate all leakages arising from subsidy payments.
He spoke on his plans in other sectors, saying, “With its current precarious fiscal position and daunting development challenges, can Nigeria really afford to forego critical investments in education, health, security, etc. and channel scarce resources to subsidising the lifestyles of its elite?”
He promised to “stop all fiscal support to ailing state-owned enterprises. As with subsidy payments, by holding unto these underperforming enterprises, Nigeria is sacrificing investments in critical areas, including water, sanitation, and rural infrastructure. For example, the first phase in the rehabilitation of Nigeria’s refineries is expected to gulp $1.55 billion! I will sell of them.”
He also said his government would “focus on non-debt financing by promoting a private-sector led infrastructure development fund for the financing and delivery of key infrastructure projects.”
He added that his administration would support “the private sector to drive growth. We will establish strong partnership in investing in infrastructure, in creating jobs and income and in the fight against poverty. We will listen to the private sector more.”
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Auto
Carloha Nigeria Unveils Nationwide 6-6-7 Rescue Service, Extends Free Roadside Assistance Beyond Chery Owners
Carloha Nigeria Unveils Nationwide 6-6-7 Rescue Service, Extends Free Roadside Assistance Beyond Chery Owners
Carloha Nigeria, the authorised distributor of Chery vehicles in Nigeria, has launched the CarlohaCare 6-6-7 Rescue Initiative, a nationwide emergency roadside assistance programme aimed at providing prompt and professional support to motorists stranded by vehicle breakdowns on highways and major roads across the country.
The 24-hour rescue service, which is available through a dedicated emergency hotline, reinforces the company’s commitment to enhancing vehicle ownership by ensuring that trained rescue professionals are on standby to respond to emergencies whenever they occur.
The auto firm says motorists in need of assistance can reach the CarlohaCare Rescue Team by calling 07000 667 667, after which a professionally trained crew will be dispatched to provide support.
While response times would depend on location and road accessibility, the company assured that every distress call would receive professional attention.
The rescue programme is the latest addition to Carloha Nigeria’s award-winning CarlohaCare 6-6-7 aftersales package, which earned the company the Most Outstanding Aftersales Car Company award at the Nigeria Auto Journalists Association (NAJA) Awards.
The package offers a six-year manufacturer’s warranty, six years of free scheduled maintenance and a seven-day repair promise.
Under the repair guarantee, customers are provided with a courtesy vehicle if repairs extend beyond seven working days due to parts availability or other qualifying circumstances.
The new rescue initiative now takes that commitment beyond the workshop to the roadside.
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Speaking on the development, Carloha Nigeria’s After-sales Manager, Samson Akinbowale, said the initiative was designed to give motorists greater confidence by ensuring help is always within reach.
“Vehicle breakdowns can occur unexpectedly and often create stressful situations for motorists. With the CarlohaCare 6-6-7 Rescue Initiative, our customers can enjoy peace of mind knowing that a dedicated team of trained professionals is available around the clock to provide prompt assistance whenever they need it,” he said.
Akinbowale added that the programme also includes on-location maintenance support to minimise vehicle downtime for both individual motorists and fleet operators.
Also speaking, the company’s General Manager, Marketing, Felix Mahan, described the initiative as another milestone in Carloha Nigeria’s customer-focused strategy.
“The CarlohaCare 6-6-7 Rescue Initiative is an extension of our vision to provide a superior ownership experience and eliminate the worries that come with vehicle ownership. We want every Chery owner to know that help is always just a phone call away,” Mahan said.
In a move the company described as an industry first in Nigeria, Carloha Nigeria announced that for a limited period, the free roadside rescue service would also be available to owners of non-Chery vehicles, subject to operational capacity. Chery owners, however, will continue to receive priority during periods of high demand.
According to Mahan, the decision reflects the company’s commitment to improving road safety and supporting the wider motoring community.
“We have the team, the trucks and the expertise. When our rescue fleet has spare capacity, it is our responsibility to deploy those resources to keep Nigeria’s roads moving, regardless of the vehicle brand. By extending this service beyond our customers, we are contributing to safer roads and setting a new benchmark for aftersales support in the Nigerian automotive industry,” he said.
Non-Chery motorists requiring assistance can call the same emergency hotline to confirm eligibility at the time of request. The company also advised motorists to follow its official social media platforms and website for updates on service availability and coverage areas.
Beyond emergency rescue and towing, the initiative provides on-location maintenance and technical support for individual motorists and fleet operators, where applicable. Carloha Nigeria said the service is expected to reduce workshop visits, minimise vehicle downtime and give motorists greater peace of mind on Nigerian roads.
Carloha Nigeria Unveils Nationwide 6-6-7 Rescue Service, Extends Free Roadside Assistance Beyond Chery Owners
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Business
Dangote ends naira fuel sales, pegs petrol at $0.779 per litre in major pricing shift
Dangote ends naira fuel sales, pegs petrol at $0.779 per litre in major pricing shift
Dangote Petroleum Refinery has officially transitioned to United States dollar-denominated sales of refined petroleum products, ending naira-based transactions for most products and introducing a new pricing regime expected to significantly influence fuel prices, petroleum marketers and Nigeria’s deregulated downstream oil sector.
Under the new pricing template, which took effect on Monday, July 13, 2026, the refinery fixed the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, at $0.779 per litre. It also pegged the price of Automotive Gas Oil (AGO), commonly known as diesel, at $1.087 per litre, while aviation fuel (Jet A-1) will now sell at $0.942 per litre. Coastal deliveries of petrol have also been priced at $1,044.62 per metric tonne.
The development marks one of the most significant commercial policy changes by the 650,000 barrels-per-day Dangote Refinery, effectively ending the naira-denominated fuel sales introduced under the Federal Government’s naira-for-crude initiative, which commenced on October 1, 2024, to encourage domestic refining, reduce pressure on Nigeria’s foreign exchange reserves and stabilise fuel prices.
In a circular issued to petroleum marketers and customers, the refinery announced that all previously issued naira-denominated Proforma Invoices (PFIs) and Deal Recaps for both gantry and coastal transactions had become invalid following the transition to dollar transactions.
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The notice, signed by the refinery’s Group Commercial Operations, instructed customers not to make payments against any cancelled naira invoices, stating that all future purchases would be settled exclusively in United States dollars.
According to the refinery, the revised pricing structure applies to petrol, diesel and aviation fuel, while Liquefied Petroleum Gas (LPG) remains exempt and will continue under its existing payment arrangement.
Industry experts say the transition reflects changing commercial realities facing the refinery, particularly the increasing use of dollar-denominated crude oil supply contracts.
Sources familiar with the development explained that although the refinery previously sold a substantial volume of its refined petroleum products in naira, a growing percentage of the crude oil it processes is now being purchased in dollars.
The resulting mismatch between procurement costs and sales revenue reportedly exposed the refinery to significant foreign exchange risks, especially amid persistent volatility in global crude oil prices and fluctuations in the naira exchange rate.
One senior industry source said the imbalance had become increasingly difficult to sustain.
“Dangote Refinery is receiving fewer naira-denominated crude cargoes while more crude supplies are being paid for in dollars. Continuing to sell refined products largely in naira created significant exchange-rate exposure that became commercially unsustainable.”
Energy analysts believe the refinery’s latest decision aligns its operations with international petroleum trading standards, where crude oil and refined petroleum products are predominantly traded in US dollars.
They note that the new policy is expected to improve the refinery’s financial stability by reducing exchange-rate losses while enhancing its competitiveness in regional and international export markets.
However, the move is also expected to have important implications for Nigeria’s downstream petroleum sector.
Since independent marketers and bulk distributors will now purchase products in dollars, foreign exchange movements are expected to play a more direct role in determining wholesale fuel prices.
Although the refinery has introduced dollar benchmark prices, industry stakeholders emphasise that Nigerians will continue to buy petrol at filling stations in naira.
Retail pump prices will therefore depend on several variables, including the prevailing naira-to-dollar exchange rate, international crude oil prices, transportation and logistics costs, depot charges, regulatory fees, taxes and marketers’ operating margins.
The policy shift has also reignited debate over the future of the Federal Government’s naira-for-crude programme, which was designed to encourage domestic refining, reduce dependence on imported petroleum products and conserve scarce foreign exchange.
Industry observers say the effectiveness of the policy has weakened in recent months as increasing volumes of crude supplied to local refiners gradually reverted to dollar-based transactions.
Some analysts argue that unless crude oil allocations to domestic refineries are consistently supplied under naira-based arrangements, maintaining naira-denominated fuel sales may become increasingly difficult.
Since commencing commercial production, Dangote Petroleum Refinery has rapidly become Nigeria’s largest producer and supplier of refined petroleum products, significantly reducing the country’s reliance on imported petrol, diesel and aviation fuel.
The refinery has also expanded exports to several African countries, positioning Nigeria as an emerging regional refining hub.
Market analysts believe the transition to dollar pricing further integrates the refinery into the global petroleum market and reinforces the growing influence of international oil prices and exchange-rate stability on domestic fuel costs.
While marketers are expected to adjust to the new commercial framework, economists say exchange-rate management will now play an even more critical role in determining the affordability of fuel for Nigerian consumers.
The latest development underscores the increasing importance of macroeconomic stability, foreign exchange liquidity and crude oil supply arrangements in shaping the future of Nigeria’s deregulated petroleum market.
Dangote ends naira fuel sales, pegs petrol at $0.779 per litre in major pricing shift
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Aviation
Keyamo releases CCTV footage, challenges Peter Obi’s persecution claims
Keyamo releases CCTV footage, challenges Peter Obi’s persecution claims
Minister of Aviation and Aerospace Development, Festus Keyamo, has asked the presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 election, Peter Obi, to publicly apologise to airport officials and pay a ₦25,000 parking fine over an incident at the Nnamdi Azikiwe International Airport, Abuja, warning that the Federal Airports Authority of Nigeria (FAAN) could take further action if he fails to comply within one week.
The minister issued the warning after ordering an internal investigation into Obi’s allegation that officials at the Abuja airport harassed him as part of what he described as political persecution by the Federal Government.
In a statement released on Friday night, Keyamo said the investigation relied on footage from the airport’s 24-hour Closed-Circuit Television (CCTV) surveillance system, which he said captured the entire sequence of events that led to the clamping of the vehicle conveying Obi.
According to the minister, the CCTV footage showed that on Saturday, July 4, 2026, Obi arrived at the domestic wing of the airport at about 8:28 p.m. in a vehicle driven by a police officer.
He said Obi and two other occupants immediately entered the terminal building, while the police officer parked the vehicle in the designated drop-off area before leaving it unattended and entering the terminal, contrary to airport regulations.
Keyamo explained that the drop-off zone is designed only for brief passenger drop-offs and that drivers are required to remain inside their vehicles at all times while using the area.
He said leaving any vehicle unattended within the zone constitutes a security risk and violates internationally accepted airport safety procedures.
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According to the minister, the police driver briefly returned to the vehicle at about 8:32 p.m. to retrieve an item before leaving it unattended again.
He said airport security personnel subsequently clamped the tyres of the vehicle after observing that it had remained unattended in the restricted area.
Keyamo stressed that airport officials who carried out the enforcement action did not know the vehicle belonged to Obi because there was no occupant inside when it was clamped.
The minister alleged that after the police officer discovered the vehicle had been immobilised, he contacted Obi, who then spoke directly with the airport manager and requested that the vehicle be released.
According to Keyamo, the vehicle was eventually released without payment of the prescribed ₦25,000 fine for violating airport parking regulations.
He argued that the matter had effectively been resolved until Obi later publicly alleged that he had been deliberately targeted by airport authorities because of his political status.
“As Minister of Aviation, I felt a moral duty to investigate and authenticate the claim made by Mr Peter Obi that the tyres of his car were unjustly clamped, suggesting a persecution agenda against him by the Federal Government,” Keyamo said.
“Luckily enough, the entire Abuja airport is covered by CCTV cameras operating 24 hours a day.”
The minister maintained that the footage contradicted Obi’s account and showed that airport officials merely enforced established security regulations applicable to every airport user, regardless of status or political affiliation.
He further alleged that Obi used his influence to secure the release of the vehicle without paying the required fine and later attempted to portray the enforcement action as political persecution.
Keyamo therefore demanded that Obi publicly apologise to airport workers whom he said were unfairly accused of victimising the former Anambra State governor.
He also asked Obi to voluntarily return to the airport and pay the ₦25,000 parking penalty.
According to the minister, failure to comply within one week would leave him with no option but to direct the Federal Airports Authority of Nigeria (FAAN) to take appropriate administrative action.
“If these demands are not met within one week, I will be giving the necessary directives to the Federal Airports Authority of Nigeria (FAAN) to take the next steps against him,” he stated.
The controversy began after Obi alleged that airport officials clamped the vehicle conveying him while other improperly parked vehicles were left untouched.
The former Anambra State governor argued that the action reflected selective enforcement and formed part of a broader pattern of intimidation directed at opposition figures.
Obi also expressed concern over what he described as the shrinking democratic space in Nigeria and urged public institutions to remain impartial in carrying out their responsibilities.
As of the time of filing this report, Obi had not publicly responded to Keyamo’s latest statement, the CCTV footage released by the Ministry of Aviation or the minister’s demands for an apology and payment of the parking fine.
The incident has generated widespread debate across political and public circles, with supporters of both men offering differing interpretations of the CCTV footage and the circumstances surrounding the enforcement action.
While some observers argue that airport regulations should be applied equally to every Nigerian without regard to political status, others have called for an independent review to determine whether the enforcement process was carried out fairly and consistently.
The development has further intensified political exchanges ahead of the 2027 general election, with analysts saying the dispute reflects the increasingly charged political atmosphere as parties prepare for the next presidential contest.
Attention is now focused on whether Obi will respond to the minister’s ultimatum or whether FAAN will proceed with any formal administrative measures over the incident.
Keyamo releases CCTV footage, challenges Peter Obi’s persecution claims
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