Reverse hike in petrol price pending court verdict, SERAP tells Tinubu – Newstrends
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Reverse hike in petrol price pending court verdict, SERAP tells Tinubu

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Reverse hike in petrol price pending court verdict, SERAP tells Tinubu

Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu “to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the second increase in petrol prices in one month, pending the hearing and determination of the suit before the Federal High Court, Abuja challenging the legality of the powers of the NNPCL to increase petrol prices.”

SERAP had last month filed a lawsuit against the president and NNPCL “over the failure to reverse the apparently unlawful increase in the pump price of petrol, and to probe the allegations of corruption and mismanagement in the NNPCL.”

In the open letter dated 12 October 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “The latest increase in petrol prices makes a mockery of the case pending before the Federal High Court, and creates a risk that the course of justice will be seriously impeded or prejudiced in this case.”

SERAP said, “One of the fundamental principles of the rule of law is that it applies to everyone, including presidents and CEOs of public institutions.”

According to SERAP, “It is in the public interest to keep the streams of justice clear and pure, and to maintain the authority and integrity of the court in the case.”

SERAP also said, “Allowing the Federal High Court to hear and determine the case would be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law.”

The letter, read in part: “SERAP notes that since assumption of office in May 2023 you have repeatedly promised, including in your inaugural speech, that ‘Nigeria will be impartially governed according to the Constitution and the rule of law.’”

“Increasing petrol prices while the Federal High Court case is pending would prejudice and undermine the ability of the court to do justice in the case, damage public confidence in the court, prejudice the outcome of the case, as well as impede the course of justice.”

“We would be grateful if the recommended measures are immediately taken following the receipt and/or publication of this letter, failing which SERAP shall consider contempt proceedings and/or other appropriate legal actions to compel your government and NNPCL to comply with our request in the public interest.”

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“If not immediately reversed, the latest increase in petrol prices would seriously undermine the integrity of the Nigerian Constitution and have serious consequences for the most vulnerable and disadvantaged Nigerians and the public interest.”

“Protecting the right to a judicial recourse and due administration of justice is of utmost importance, being the cornerstone of an ordered society.”

“The only way in which SERAP can have a fair and effective access to justice in this matter is to allow the court to decide, one way or the other, on the merits of the case before it.”

“Reversing the latest increase in petrol prices would allow the court to render a decision on the central issues in the case, and protect the applicant’s rights and interests.”

“The latest increase in petrol prices while the Federal High Court case is pending constitutes an interference with the right of SERAP to fairly and effectively pursue a judicial challenge to the decision by your government and NNPCL regarding the first increase in petrol prices.”

“According to our information, the Nigerian National Petroleum Company (NNPC) Limited recently increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.”

“The retail price of petrol was increased from N897 to N1,030 per litre. This is the second increase in one month, and followed the increase in September from N600 to N855 per litre, and in some instances above N900 per litre.”

“The two increases followed a scarcity caused by the reported refusal by suppliers to import petroleum products for the NNPCL over a $6 billion debt.”

“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Nigerian National Petroleum Corporation (NNPC) failed to remit over USD$2 billion and N164 billion of oil revenues into the Federation Account. The Auditor-General fears that the money may have been diverted into private pockets.”

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“The NNPCL reportedly failed and/or refused to remit N151,121,999,966. The NNPCL without any justification deducted the money from the oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR) now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”

“The NNPCL has failed to account for the missing public funds. The Auditor-General wants the money recovered and remitted into the Federation Account.”

“The NNPCL also failed to remit USD$19,774,488.15 collected as government revenue to the Federation Account. The Auditor-General wants the NNPCL to account for the money, recover and remit it into the Federation Account, and to hand over those suspected to be involved to the ICPC and the EFCC.”

“The Nigerian Petroleum Development Company (NPDC) Ltd also reportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.”

“The Auditor-General wants the public funds fully recovered and remitted into the Federation Account and for those suspected to be responsible for the missing public funds to be handed over to the ICPC and the EFCC.”

“SERAP last month filed a lawsuit asking your government and NNPCL challenging the lawfulness of the increase in the pump price of petrol, and the failure to probe the allegations of corruption and mismanagement in the NNPCL.”

“Joined in the suit as Respondents is the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN. The suit number FHC/ABJ/CS/1361/2024 was filed at the Federal High Court, Abuja.”

“Increasing petrol prices would compromise the interest of the Applicant in the Federal High Court case filed against your government and the NNPCL, as the second increase in one month directly touches on the central issues and the legality of the first increase, which the court is set to determine and rule upon.”

“The core of the principle of judicial independence is the complete liberty of the judge to hear and decide the cases before them on the basis of facts and in accordance with the law, without any improper interference, direct or indirect.”

Reverse hike in petrol price pending court verdict, SERAP tells Tinubu

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Trump Adds Nigeria to List of Countries Facing US Entry Restrictions Over Security Concerns

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U.S President Donald Trump

Trump Adds Nigeria to List of Countries Facing US Entry Restrictions Over Security Concerns

President Donald Trump on Tuesday signed a Proclamation further restricting entry to the United States for nationals from countries identified as high-risk due to “persistent and severe deficiencies in screening, vetting, and information-sharing” that threaten U.S. national security and public safety. Nigeria is now included among 15 additional countries newly subject to partial travel restrictions.

The announcement, published on the White House website in a fact sheet titled “President Donald J. Trump Further Restricts and Limits the Entry of Foreign Nationals to Protect the Security of the United States”, outlines the rationale for the move. It comes after Trump previously declared Nigeria a “country of particular concern” on October 31, 2025, citing alleged persecution of Christians.

The Proclamation maintains full restrictions on nationals from the original 12 high-risk countries—Afghanistan, Burma, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen—and adds five more: Burkina Faso, Mali, Niger, South Sudan, and Syria. Countries previously under partial restrictions, Laos and Sierra Leone, now face full restrictions.

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The 15 newly restricted countries, including Nigeria, Angola, Senegal, Tanzania, Benin, The Gambia, Malawi, Mauritania, Zambia, and Zimbabwe, are subject to partial limitations, with exceptions for lawful permanent residents, visa holders, diplomats, athletes, and individuals serving U.S. national interests. Case-by-case waivers remain possible.

The White House fact sheet emphasized that the measure is aimed at preventing the entry of foreign nationals for whom the U.S. lacks sufficient information to assess security risks, ensure cooperation from foreign governments, enforce immigration laws, and support national security and counterterrorism objectives.

Trump was quoted saying, “It is the President’s duty to take action to ensure that those seeking to enter our country will not harm the American people.” The proclamation reflects ongoing efforts to restore travel restrictions on countries deemed a threat to American security and encourage compliance with vetting standards.

The fact sheet also highlighted specific challenges, including fraudulent or unreliable civil documents, high visa-overstay rates, terrorist activity, and non-cooperation with U.S. authorities, as reasons for country-specific restrictions. Meanwhile, Turkmenistan, previously restricted, has improved cooperation, resulting in partial lifting of its visa ban.

This latest travel restriction Proclamation underscores the Trump administration’s focus on border security, national safety, and stringent immigration vetting.

Trump Adds Nigeria to List of Countries Facing US Entry Restrictions Over Security Concerns

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Revealed: Why Buhari Withheld Support for Osinbajo’s Presidential Bid

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Yemi Osinbajo and Muhammadu Buhari

Revealed: Why Buhari Withheld Support for Osinbajo’s Presidential Bid

Fresh insights from a new biography reveal why former President Muhammadu Buhari did not support the presidential ambition of his former Vice President Prof. Yemi Osinbajo. The disclosure sheds light on the dynamics of the 2022 All Progressives Congress (APC) presidential race and Buhari’s silence during the contest.

According to the book, From Soldier to Statesman: The Legacy of Muhammadu Buhari, written by Dr. Charles Omole, Buhari reportedly declined to back Osinbajo because he had no personal relationship with him. The former president was quoted as saying, “I don’t know Osinbajo from anywhere, I met him only through President Bola Ahmed Tinubu.”

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The biography notes that Buhari was also reportedly surprised by Osinbajo’s decision to contest against Tinubu during the APC presidential primaries, which Tinubu eventually won to become the party’s candidate.

Osinbajo is widely seen as a political protégé of Tinubu, having served as Attorney General and Commissioner for Justice in Lagos State during Tinubu’s governorship. He later became Buhari’s running mate in the 2015 general election, forming an eight-year federal administration.

Despite their years in government together, Buhari’s remarks suggest that his relationship with Osinbajo remained largely formal and politically arranged, rather than personal, explaining his decision to withhold support during the 2022 APC presidential contest.

The biography, recently presented at the Presidential Villa, offers a deeper look into Buhari’s political relationships and decision-making during his tenure and beyond.

Revealed: Why Buhari Withheld Support for Osinbajo’s Presidential Bid

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Senate Backs ₦54.46trn 2026 Budget, Cuts Oil Price Benchmark to $60

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Senate Backs ₦54.46trn 2026 Budget, Cuts Oil Price Benchmark to $60

The stage is set for President Bola Ahmed Tinubu to present the 2026 Federal Government budget following the Senate’s approval of the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).

The Senate, during plenary, approved a total ₦54.46 trillion 2026 budget, endorsing key fiscal and macroeconomic parameters despite concerns over a massive revenue shortfall recorded in 2025.

Under the approved framework, capital expenditure was pegged at ₦20.131 trillion, recurrent expenditure at ₦15.265 trillion, statutory transfers at ₦3.152 trillion, and Sinking Fund at ₦388.54 billion.

Lawmakers also approved an oil price benchmark of $60 per barrel, revised downward from the executive’s proposed $64.85, alongside projected aggregate revenue of ₦34.33 trillion, a fiscal deficit of ₦20.13 trillion, borrowings of ₦17.88 trillion, and debt service obligations of ₦15.52 trillion.

Other approved assumptions include crude oil production of 1.84 million barrels per day, inflation rate of 16.5 per cent, exchange rate of ₦1,512 to the dollar, and GDP growth rate of 4.68 per cent for 2026.

The approval followed the consideration of a report presented by the Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa (APC, Niger East). The committee recommended downward adjustments to oil price benchmarks in response to global geopolitical tensions and volatility in the international oil market.

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The Senate also sustained projections for crude oil output, exchange rates and inflation for 2026–2028, citing the Central Bank of Nigeria’s stabilisation policies and ongoing economic reforms. Lawmakers expressed optimism that tax reforms would drive economic growth and improve revenue performance.

The committee further urged the Federal Government to implement a National Scanning Policy under the National Single Window of the Nigeria Revenue Service (NRS) to boost revenue assurance, reduce leakages, enhance transparency and strengthen national security.

Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that the Federal Government recorded a significant revenue shortfall in 2025, with actual inflows estimated at ₦10.7 trillion against a projected ₦40.8 trillion.

Speaking before the House of Representatives Committees on Finance and National Planning, Edun attributed the shortfall largely to weak oil and gas revenues, especially Petroleum Profit Tax (PPT) and Company Income Tax (CIT) from oil companies.

Despite the revenue gap, Edun said the government met key obligations, including salaries, statutory transfers, and debt servicing, through prudent treasury management.

He cautioned against rigid expenditure commitments tied to oil revenue projections, urging flexibility in spending plans amid recurring revenue underperformance.

Also speaking, Minister of Budget and National Planning, Atiku Bagudu, said the MTEF/FSP emerged from broad consultations and balanced conservative revenue assumptions with ambitious targets aimed at improving agency performance.

Chairman of the House Committee on Finance, James Faleke, stressed the need for critical scrutiny to prevent bloated budgets and ensure fiscal decisions that would move Nigeria’s economy forward.

Senate Backs ₦54.46trn 2026 Budget, Cuts Oil Price Benchmark to $60

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