Welcome

Tag: Nigeria Economy

  • Dangote Refinery Exports Jump 770% as NNPC Hits Five-Year Trading Peak

    Dangote Petroleum Refinery has recorded a sharp rise in jet fuel exports, surging by about 770 per cent over two years, as global demand and supply disruptions reshape the aviation fuel market.

    Latest shipment data shows exports climbed to 158,000 barrels per day in April 2026, up from about 18,000 bpd in April 2024.

    Europe, Africa Drive Growth

    The refinery’s expansion has been driven largely by increased demand from Europe and African markets.

    European-bound shipments rose to about 70,000 bpd by April 2026, while exports to African countries grew by roughly 115 per cent within the last year.

    Industry data indicates that ongoing tensions in the Middle East have pushed buyers to seek more stable and closer supply sources, boosting demand for Dangote’s output.

    Shift in Global Supply Chains

    The refinery’s location in West Africa has offered a strategic advantage, reducing transit time to Europe and avoiding high-risk routes such as the Red Sea.

    Between December 2025 and April 2026 alone, total exports nearly doubled, rising from 81,000 bpd to 158,000 bpd.

    NNPC Reports Strong Performance

    Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) announced a five-year peak in crude oil trading, reaching 1.71 million barrels per day.

    The figures were disclosed in its one-year mandate report covering April 2025 to April 2026.

    Operational Milestones Highlighted

    The report also noted increased production by NNPC Exploration and Production Limited, which hit 365,000 bpd in December 2025.

    Progress was recorded in gas infrastructure, including the completion of key sections of the Ajaokuta-Kaduna-Kano pipeline.

    NNPC further highlighted its partnership with the Dangote Refinery, including the crude-for-naira initiative and its equity stake in the facility.

    Reforms and Expansion Efforts

    The company said it had resumed consistent remittances to the Federation Account since July 2025 and introduced new crude grades and lubricant products to expand market reach.

    It also noted internal reforms, including staff expansion and leadership inclusion programmes.

    The latest figures point to growing momentum in Nigeria’s oil and gas sector, as both public and private players scale operations to meet shifting global demand.

     

  • Sanusi Lamido Sanusi Defends Subsidy Removal, Questions FX Policy Timing in Viral Remarks

    Former Central Bank of Nigeria Governor and Emir of Kano, Sanusi Lamido Sanusi, has reignited national debate on fuel subsidy removal and foreign exchange reforms following a viral video where he reviewed Nigeria’s economic policies and their long-term impact.

    His comments come amid rising concerns over inflation, living costs, and continued currency instability.

    Defence of Subsidy Removal and Oil Sector Shift

    In the widely circulated remarks, Sanusi maintained that the fuel subsidy regime was never sustainable and had long-term economic consequences.

    “I have always said the subsidy regime was unsustainable. We cannot continue supporting foreign refineries. We’re an oil-producing country,” he said.

    He argued that Nigeria’s earlier reliance on imported refined products weakened domestic capacity, stressing that recent changes in local refining mark a positive shift.

    “Today, we have a situation where we have our own domestic refinery. We’re not importing petroleum products. We’re even exporting to Europe, and this is very good for the economy,” he added.

    Warning on Exchange Rate Controls

    Sanusi also turned attention to Nigeria’s exchange rate management, warning against artificial pricing systems that do not reflect real market conditions.

    “Artificial exchange rates, especially when you’re printing money, cannot work. There was going to be a devaluation,” he said.

    While backing both subsidy removal and exchange rate liberalisation, he questioned the sequencing of reforms and whether they were implemented at the right time.

    “For me, removing subsidy or liberalising exchange rates, these are good interventions. Were they done at the right time? Those are certain questions,” he noted.

    Debt Burden and Fiscal Pressure

    The former apex bank chief pointed to Nigeria’s debt servicing burden as a key reason reforms became unavoidable.

    “It’s not enough to say, oh, they removed subsidy. You had to. When you get to a point where 100% of your revenue goes into debt service, you cannot continue. Where is the money going to come from?” he asked.

    He warned that policy reforms without proper monetary tightening could deepen economic pressure.

    “However, if you decide to remove subsidy and liberalise exchange rates in an environment of very loose monetary conditions, before you have tightened money supply, the Naira drops to a bottomless pit. That was a timing issue,” he said.

    Call for Fiscal Discipline

    Sanusi also raised concerns about continued borrowing despite subsidy removal, urging stronger fiscal discipline from government.

    “Secondly, we’ve removed the subsidy. We’re not spending it. What we should not see is fiscal consolidation,” he said.

    “You cannot remove wastages and continue borrowing. If you’re not paying the subsidy and you’ve got the money, why are we still borrowing and borrowing? What are we borrowing for?” he added.

  • FG Bans Import of Poultry, Cement, Drugs from Non-ECOWAS Countries, Introduces 2% Vehicle Tax

    The Federal Government has announced a sweeping ban on the importation of poultry products, cement, pharmaceuticals and several agricultural goods from countries outside the Economic Community of West African States, as part of its 2026 fiscal policy reforms.

    Details of the new directive

    The decision was contained in a circular issued by the Federal Ministry of Finance and signed by the Minister of Finance, Wale Edun, dated April 1, 2026.

    According to the document, the affected goods are part of a revised import prohibition list covering 17 items, targeting products originating from non-ECOWAS member states.

    The policy forms part of broader tariff amendments under the 2026 Fiscal Policy Measures, replacing the 2023 framework.

    Grace period for existing importers

    The ministry said importers who had already initiated transactions before the new policy took effect would be given a 90-day window to complete them.

    “In addition, a grace period of ninety (90) days shall be granted to all importers who had opened Form ‘M’ and must have entered into irrevocable Trade Agreement before the coming into effect of this circular,” the statement read.

    It added that any new import transactions from April 1 would fall strictly under the new regime.

    Items affected

    Products listed under the prohibition include poultry, beef and pork, eggs, refined vegetable oils, sugar, cocoa products and tomatoes.

    Also affected are non-alcoholic beverages, bagged cement, certain pharmaceutical products, fertilisers, soaps, detergents, paper materials, glass bottles, steel items, and ballpoint pens.

    New tax on vehicles

    Alongside the import restrictions, the government introduced a two per cent green tax on motor vehicles.

    The levy applies to vehicles with engine capacities between 2009cc and above 4000cc, as part of efforts to align with environmental and fiscal policies.

    The ministry noted that the new measures will be formally published in the Official Federal Government Gazette.

     

  • “Tinubu Should Resign Now” — Fayose Laments Empty Lagos Roads, Blames Hardship

    Social commentator Isaac Fayose has raised fresh concerns over Nigeria’s worsening economic conditions, claiming the impact is now visible on major roads in Lagos as residents cut down movement due to rising costs.

    What he said

    Fayose, in a viral video, described a noticeable drop in traffic across usually busy parts of Lagos, linking the situation to the high cost of fuel and general economic pressure on citizens.

    He called for urgent intervention from national leaders, insisting that the current hardship has made daily life increasingly difficult for many Nigerians.

    “Even Lagos State roads wey dey always dey busy, poverty don carry am. Poverty has made everyone park their cars. President Tinubu should resign now, Nigerians are suffering,” he said.

    Concerns over cost of living

    The social commentator questioned the sustainability of current fuel prices, arguing that many Nigerians can no longer afford regular transportation.

    “How much is 10 litres of fuel? ₦14,000. Who can afford that every day?” he asked, pointing to what he described as a growing economic burden on households.

    Call for action

    Fayose further urged political leaders to take decisive steps, calling on the Senate leadership to act in what he described as the interest of Nigerians.

    He also expressed doubts about key national institutions, claiming that public confidence in governance structures is weakening.

    His remarks have since added to ongoing conversations about the cost of living crisis and economic reforms in the country.

  • Asaba Ladies Lament “No More Toasting”, Blame Economy For Dating Shift

    A group of young women in Asaba have sparked reactions online after complaining about what they described as a sharp decline in men approaching women in public spaces.

    The women, in a viral video over the weekend, questioned why outings that once came with attention and friendly conversations now feel unusually quiet despite their efforts to dress up and look attractive.

    What they said

    In the trending clip, one of the ladies expressed frustration over the situation, suggesting that men no longer make the first move like before.

    “God abeg o, dem no dey toast person again? With all the make up and cloth we no even see person wey say hi,” she said.

    Another added that after moving around the city, they still did not get approached, raising concerns about how much things have changed.

    Economic pressure linked to shift

    The women linked the change to Nigeria’s current economic reality, arguing that financial pressure may be affecting social confidence and dating behaviour.

    With rising cost of living and reduced disposable income, many believe some men are becoming more cautious about starting conversations that could lead to financial expectations.

    Reactions trail video

    The video has since generated mixed reactions online, with some Nigerians agreeing that economic hardship is affecting social interactions, while others argued that dating culture is simply evolving.

    The discussion adds to wider conversations about how inflation and lifestyle changes are influencing relationships and everyday social behaviour across the country.

  • Tinubu Asks Senate to Approve ₦9.3trn Hike, Raising 2026 Budget to ₦67.7trn

    President Bola Tinubu has formally requested the National Assembly to approve an upward revision of ₦9.3 trillion to Nigeria’s 2026 budget, a move that, if approved, would raise total federal spending from ₦58.47 trillion to ₦67.7 trillion, making it the largest proposed federal budget in Nigerian history.

    The request was conveyed in a letter read by Senate President Godswill Akpabio on the floor of the Senate on Tuesday, as lawmakers returned from the two-week Eid-el-Fitr recess. Akpabio subsequently referred the proposal to the Senate Committee on Appropriations for detailed legislative consideration.

    Why Tinubu says the increase is needed

    The president cited three reasons for the proposed increase in his letter to the Senate.

    First, he said the adjustment is designed to regularise and account for outstanding legal commitments carried over from previous appropriation cycles, preventing them from burdening the execution of the 2026 budget going forward.

    Second, the increase is intended to fund outstanding legacy capital projects inherited from previous budgets — with a specific focus on ensuring their completion rather than allowing them to continue rolling over indefinitely from one fiscal year to the next.

    Third, the president said the additional spending would support key transport infrastructure projects aligned with the administration’s development agenda, while also preserving macro-fiscal stability and easing pressure on the domestic financial market.

    The 2026 budget’s original framework

    Tinubu presented the original 2026 budget of ₦58.18 trillion to the National Assembly on December 19, 2025, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity.” The budget projected total revenue of ₦34.33 trillion, capital expenditure of ₦26.08 trillion, and recurrent non-debt expenditure of ₦15.25 trillion. It carried a deficit of ₦23.85 trillion, representing 4.28 per cent of GDP. Key projections included a crude oil benchmark price of $64.85 per barrel, oil production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the dollar.

    Notably, the 2026 budget had not yet been passed by the National Assembly as of Tuesday’s request, meaning Tinubu is seeking a significant amendment to a budget that is still awaiting legislative approval.

    Legacy capital rollover problem

    Tuesday’s request is directly connected to a broader fiscal reset Tinubu has been attempting since taking office. In December 2025, the House of Representatives approved Tinubu’s request to extend the 2025 budget implementation to March 31, 2026, after the administration disclosed that approximately ₦16.76 trillion initially earmarked for capital projects could not be funded within the original 2025 timeline and was rolled over to the 2026 fiscal year.

    Tinubu has repeatedly stated his determination to end Nigeria’s long-standing practice of overlapping budgets, vowing that from April 2026, Nigeria will operate on a single budget backed by a single revenue cycle, with no rollovers, no overlaps, and no excuses. Tuesday’s request to increase the 2026 budget by ₦9.3 trillion is framed as the mechanism to clear the inherited backlog before that clean slate begins.

    What it means for Nigerians

    The proposed ₦67.7 trillion budget,  if approved, would mean Nigeria’s federal government would spend more than double what it did just three years ago, when the 2023 budget stood at approximately ₦21.8 trillion. The increase reflects the sharp devaluation of the naira since the subsidy removal in 2023, which has inflated the naira cost of virtually all government programmes denominated in dollars, including debt service, infrastructure contracts, and security spending.

    The development is expected to generate debate among lawmakers and economic stakeholders, particularly regarding funding sources, implementation capacity, and the broader implications for Nigeria’s fiscal outlook. Critics are likely to question how a government that has already warned of a ₦23.85 trillion deficit in the original budget plans to fund an additional ₦9.3 trillion in spending.

    The Senate Committee on Appropriations is expected to schedule public hearings on the request before reporting back to the full Senate for a vote.

  • Fayose Warns Fuel May Hit ₦5,000 Per Litre If Tinubu Wins 2027 Election

    Nigerian businessman and social commentator Isaac Fayose has warned that petrol prices could rise to ₦5,000 per litre if President Bola Tinubu wins re-election in 2027, accusing the federal government of failing to restore Nigeria’s refining capacity despite billions of dollars in public investment.

    Fayose made the remarks in a video posted to his Instagram page on Wednesday, amid a fresh wave of public anger over rising fuel prices across Nigeria, with petrol now selling at between ₦1,300 and ₦1,400 per litre in many parts of the country.

    What Fayose said

    Fayose dismissed claims by some Nigerians that the US-Iran war was responsible for the fuel price hike, insisting that the federal government bears full responsibility. “Many fools are saying we cannot blame President Tinubu for our fuel going up, that we should blame America, Israel and Iran. That is a fat lie,” he said.

    He accused successive APC administrations of spending massive sums on refinery projects that have yielded no results, alleging that ₦210 trillion in oil revenue remains unaccounted for. “They’ve spent our money on refineries. 210 trillion is still missing from our oil money,” he said, contrasting the government-owned refineries with the privately funded Dangote refinery, which he acknowledged as fully operational.

    Fayose warned that the economic trajectory is unsustainable, predicting that food prices will continue to rise alongside fuel costs due to rising transport expenses. “The way we are going, be ready for 5,000 a litre. And the ripple effect, the price of yams has gone up. Food prices are going up in the market because they need vehicles to bring them from the farm to the market,” he said.

    Fayose on 2027

    The fuel crisis commentary forms part of Fayose’s broader campaign against Tinubu’s re-election bid. The businessman has separately predicted that President Tinubu will fail to secure even 20 per cent of votes in the South-East region in 2027, backing that claim with a ₦10 million wager directed at the City Boys Movement — a pro-Tinubu campaign group widely associated with the president’s son, Seyi Tinubu.

    Fayose has openly declared support for Labour Party’s Peter Obi, predicting that the former Anambra State governor will dominate the South-East and South-South zones in the next presidential election.

    Opposing views

    Not all Nigerians agree with Fayose’s framing. One social media user, identified as @prinxe_B, argued that blaming the fuel crisis solely on Tinubu was intellectually dishonest, describing the refinery problem as a legacy of collective failure spanning the administrations of Obasanjo, Yar’Adua, Jonathan, and Buhari.

    Nigeria’s four government-owned refineries in Port Harcourt, Warri, and Kaduna have remained largely non-operational for decades despite repeated rounds of rehabilitation spending. The Dangote refinery began distributing fuel locally in late 2024, but prices have remained high, with the refinery citing the naira’s weakness against the dollar as a key factor. Petrol prices have risen from under ₦200 per litre at the time of the subsidy removal in May 2023 to current levels above ₦1,300 in many states.

  • Kunle Remi Slams ₦1,300 Fuel Price, Challenges Pro-Tinubu Colleagues

    Nollywood actor Kunle Remi has broken his usual silence on political matters, taking to social media on Tuesday to express frustration over Nigeria’s worsening fuel prices, erratic power supply, and what he described as a lack of accountability in government.

    The actor, known for roles in several popular Nigerian productions, said the current economic reality had become impossible to ignore or stay quiet about.

    “Sitting on the fence is stupid”

    In a video shared on his Instagram page, Remi said he has always avoided discussing politics publicly but now considers that position untenable. “That’s the most stupid statement of anybody in Nigeria right now. We should be discussing, trying to fix things, and inquiring about what is happening in the nation. There’s nothing like sitting on the fence,” he said.

    The fuel and power crisis

    Remi said petrol now sells for ₦1,300 per litre on Lagos Island, where he lives, and that residents have been running generators continuously due to a lack of stable electricity supply. He noted the financial and psychological toll this has taken, including on his own staff, who struggle to afford the higher transport costs just to get to work.

    “All the things I’m working for… for what? It’s messing with my brain, and my spirit is very angry,” he said.

    He also pointed to the country’s dependence on a single functioning refinery — the Dangote refinery — while other refineries across the country remain non-operational, describing government support in the sector as inadequate.

    Challenge to colleagues

    Remi directly challenged fellow entertainers who he said are part of a group promoting the message that Nigerians should “relax” because President Tinubu is fixing the country, questioning whether they are truly standing for the right reasons.

    He did not name any individual colleagues in the video.

    Nigeria has seen significant increases in fuel prices since the removal of the fuel subsidy in May 2023, shortly after President Bola Tinubu took office. Petrol prices have risen from under ₦200 per litre at the time of the removal to well above ₦1,000 in several parts of the country by early 2026. The Dangote refinery began local fuel sales in late 2024, but prices have remained high, with the naira’s continued weakness against the dollar cited as a key factor.

    Remi’s video had generated significant engagement on social media by Tuesday evening. RNN.NG will follow any responses from the colleagues he referenced. Nigerians can watch the full video on his official Instagram page, @kunleremiofficial.

  • Dangote Refinery Gets Only 5 of 15 Crude Cargoes Monthly — CEO

    The Dangote Petroleum Refinery is receiving barely a third of the crude oil it is entitled to under the Federal Government’s crude-for-naira arrangement, the refinery’s Chief Executive Officer, David Bird, said on Wednesday.

    The shortfall and what it means

    Bird made the disclosure during an interview on ARISE News, saying the refinery currently receives only about five crude oil cargoes per month, against an agreed volume of 13 to 15 cargoes.

    “What we see under that agreement, we should be getting about 13 to 15 cargoes a month. And that’s what we could process to meet Nigeria’s domestic fuel requirements. Currently, we’re only getting five. So, that’s an underperformance against that pre-agreed volume contract,” he said.

    The gap means the refinery is sourcing preferred Nigerian crude grades from the international market at significantly higher costs, a difference Bird said Nigeria is effectively losing.

    “That value between the purchase price and the premium that we’re now seeing is money that Nigeria is leaking to the international trading community,” he said.

    What the crude-for-naira deal is designed to do

    Bird pushed back against the common assumption that the crude-for-naira arrangement was set up primarily to benefit Dangote Refinery.

    “Crude for naira is not there to benefit Dangote Refinery. That is a fundamental misunderstanding,” he said. The crude-for-naira programme is designed to provide resilience to the foreign exchange rate. It is the benefit of the country to process domestic crude in the domestic currency.”

    Under the arrangement, the refinery purchases crude oil in naira rather than dollars, with the aim of reducing pressure on Nigeria’s foreign exchange reserves and stabilising the naira.

    Refinery running at full capacity

    Despite the crude supply shortfall, Bird said the facility is currently operating at its full installed capacity of 650,000 barrels per day, supplying both domestic and regional markets.

    However, he noted that the Middle East conflict has pushed up operational costs across the board, including freight, insurance, and logistics expenses.

    He also confirmed that the refinery operates without subsidies or discounts on its crude inputs, meaning fuel pricing remains tied directly to international market forces.

    What Bird is asking for

    Bird called for improved crude allocation to the refinery and urged long-term strategic planning, including the building of national petroleum reserves, to strengthen supply chain resilience across Nigeria’s oil sector.

    The shortfall in crude supply is significant for ordinary Nigerians. If the refinery cannot consistently process enough local crude to meet domestic fuel demand, it increases the country’s exposure to imported fuel costs — putting further pressure on pump prices at a time when many Nigerians are already struggling with the high cost of living.

    The Federal Government and the Nigerian National Petroleum Company Limited have not publicly responded to Bird’s figures. The refinery’s ability to receive its full crude allocation under the crude-for-naira deal is expected to remain a key issue in ongoing negotiations between Dangote and NNPCL.

  • Iran Receives US 15-point Peace Plan as Middle East War Rages on

    Iran has received a 15-point peace proposal from the United States through Pakistani intermediaries, raising cautious hopes of a diplomatic solution to a conflict that has already sent global oil prices skyrocketing and threatened to destabilise the world economy.

    How the plan was delivered

    Two senior Pakistani officials in Islamabad confirmed to AFP on Wednesday that the American proposals had been formally conveyed to Tehran.

    Pakistan has positioned itself as a potential mediator, given its longstanding ties with both Iran and the United States.

    According to Israel’s Channel 12, the plan calls for a ceasefire under which both sides would negotiate a broader agreement, including a ban on Iran enriching uranium on its soil and the reopening of the Strait of Hormuz — the critical oil shipping lane Iran has largely blockaded since the conflict began.

    In return, Iran would receive sanctions relief.

    What started the war

    The conflict began on February 28, 2026, when the United States and Israel launched a coordinated bombing campaign against Iran.

    Lebanon was drawn in on March 2 when Hezbollah began firing rockets into Israel following the killing of Iran’s Supreme Leader, Ayatollah Ali Khamenei.

    Since then, targets in Iran, Israel, Lebanon, Bahrain, Kuwait, Jordan and Saudi Arabia have all come under fire.

    Lebanese authorities say more than 1,000 people have been killed in over three weeks of Israeli strikes, with upwards of one million people displaced.

    Iran fires missiles at US carrier

    Despite the diplomatic activity, military operations have not slowed.

    Iran’s military said it fired cruise missiles at the USS Abraham Lincoln carrier group, claiming the strikes forced the vessel to change its position. Tehran warned of further strikes if the “hostile fleet” comes within range.

    Israel, meanwhile, said it struck targets in Tehran and hit a submarine development facility in the central city of Isfahan.

    What this means for Nigeria and the world

    The war’s impact on global oil markets is already severe.

    The Strait of Hormuz, through which one-fifth of the world’s oil passes, has been largely blockaded by Iran. Oil prices surged sharply before easing slightly on Wednesday, following signs of possible de-escalation.

    The head of the International Energy Agency said he was ready to approve the release of emergency oil reserves to cushion the impact on global supplies.

    The ripple effects are visible worldwide. Sri Lanka ordered an extra day off work to conserve energy. Diesel prices have doubled in Vietnam.

    For Nigeria, which imports refined petroleum products and whose economy is sensitive to global oil price swings, a prolonged conflict risks pushing pump prices higher and worsening the already difficult cost-of-living pressures facing ordinary Nigerians.

    Diplomats urge caution

    A diplomatic source in the region told AFP: “There is hope, but it’s too early to be optimistic.”

    Both sides, the source noted, need a path to de-escalation that allows them to back down without losing face publicly.

    Iran’s parliament speaker, Mohammad Bagher Ghalibaf, kept up tough public rhetoric, warning the US: “Do not test our resolve to defend our land.”

    US President Donald Trump told reporters on Tuesday that Iran had given him what he described as “a very big present worth a tremendous amount of money,” which he linked to the Strait of Hormuz, though he declined to give details.

    Tehran subsequently assured the International Maritime Organisation of safe passage through the strait for vessels it does not consider hostile, exempting ships belonging to the United States and Israel.

    No date has been set for formal talks. Both sides continue to offer conflicting public accounts of whether negotiations are actually taking place. The next key indicator will be whether Iran formally responds to the 15-point plan or continues to deny that any dialogue is ongoing.