The Central Bank of Nigeria (CBN) has announced it will maintain the Ways and Means Advances to the federal government at a 5% limit for the fiscal years 2024-2025, despite a recent bill from the National Assembly increasing the limit to 10%.

This decision was outlined in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the 2024-2025 fiscal period, released on Tuesday.

These guidelines emphasize the importance of macroeconomic stability and align with the Medium-Term Fiscal Framework (MTFF), aiming to manage expectations, respond to economic shocks, and sustain the ongoing economic recovery.

The document stated, “Ways and Means Advances shall continue to be available to the Federal Government to finance deficits in its budgetary operations to a maximum of 5.0 per cent of the previous year’s actual collected revenue. Such advances shall be liquidated as soon as possible and shall in any event be repayable at the end of the year in which it was granted.”

Additionally, the advances will now be calculated after accounting for the sub-accounts of various Ministries, Departments, and Agencies (MDAs), which are connected to the Consolidated Revenue Fund to determine the Federal Government’s overall cash position.

Ways and Means Advances are short-term loans from the CBN designed to help the government address temporary budget shortfalls.

Section 38 of the CBN Act of 2007 limits these advances to a percentage of the previous year’s revenue and mandates repayment within the fiscal year.

In recent years, the CBN’s handling of Ways and Means Advances has sparked controversy, particularly in 2023 when former CBN Governor Godwin Emefiele was accused of printing ₦22.7 trillion for the federal government without National Assembly approval.

Critics argue that excessive borrowing through this facility has fueled inflation and increased money supply in the economy.

In February 2024, current CBN Governor Olayemi Cardoso informed the Senate Committee that the CBN would halt further advances to the federal government until outstanding loans were repaid.

This move is part of broader efforts by the bank to address the economic challenges facing the country.

Says purchasing product with dollar illegal

Human Rights Activist and Senior Advocate of Nigeria, Femi Falana has stated that it is ‘illegal” for the National Nigerian Petroleum Corporation (NNPCL) to determine prices of Premium Motor Spirit also known as petrol after deregulation.

Falana in a statement on Tuesday said the action of the NNPC violates Section 205 of the Petroleum Industry Act (PIA).

He said, “On September 5, 2024, the Nigerian National Petroleum Corporation Limited (NNPCL) stated that foreign exchange (forex) illiquidity had been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS) governed by unrestrained market forces, as provided for in the Petroleum Industry Act (PIA).

“The NNPCL was explaining the pump price of PMS imported into the country at the material time. Specifically, the Executive Vice President of Downstream NNPC Ltd Mr. Adedapo Segun, explained that Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by free market forces. According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”

“But contrary to the well-publicised statement, the NNPCL has fixed the price of PMS produced by the Dangote Refinery and Petrochemical Company Limited. The action of the NNPCL is a violent contravention of Section 205 of the PIA, which stipulates that the prices of petroleum products shall be determined by market forces.

“Furthermore, since the petrol sold by Dangote is not imported into the country but produced at the Lekki Economic Free Trade Zone, the NNPCL cannot justify the sale of petrol at N950 per liter without freight cost, lightering cost, jetty depot fees, storage fees, foreign exchange costs, NPA charges: NIMASA charges, Customs duties, etc.

“In fact, by selling the petrol produced by Dangote Refinery at a higher price, the NNPCL has confirmed its resolve to continue to sabotage the national economy through the reckless importation of cheaper petrol from foreign countries at a cost that the nation cannot afford.

“The NNPCL has justified the hike by saying that petrol is sold in dollars by the Dangote Refinery. Why should the NNPCL buy petrol in dollars since the Federal Executive Council (FEC) has directed that crude oil be sold to Dangote Refinery in Naira?

“Are the management staff of NNPCL and Dangote Refinery not aware that it is a criminal offence under Section 20 of the Central Bank Act to refuse to accept the naira as a means of payment for any transaction in the country?

“Furthermore, the exclusive purchase of petrol from Dangote Refinery by the NNPCL is completely at variance with the letter and spirit of section 205 of the PIA. Therefore, other marketers should be at liberty to purchase petrol directly from Dangote Refinery and distribute to outlets in all the states of the Federation.

“Henceforth, the Federal Competition and Consumer Protection Commission should stop the NNPCL from exercising monopolistic control of the petrol produced by Dangote Refinery.”

Falana’s outburst came after the commencement of PMS lifting by the NNPCL from the Dangote Refinery on Sunday.

However, as soon as lifting commenced, NNPCL announced that the product would sell for ₦950 per liter in Lagos State and its environs, and above ₦1,000 per liter in states such as Borno.

Reacting to the development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Monday, criticised NNPCL, saying it was not right to sell petrol lifted from the Dangote Refinery higher than imported ones.

IPMAN National Welfare Officer, John Kekeocha, stated this on Channels Television, saying, “If NNPC can sell Dangote products higher than the imported products, then, it doesn’t make sense. What is the celebration we are having all these while then?” he queried.

Operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have apprehended Shizzer Joy Nasara Bada, the former Commissioner of Finance and Accountant General under Nasir el-Rufai’s administration in Kaduna State.

Bada was reportedly arrested on Sunday at the Murtala Muhammed Airport in Lagos while attempting to travel abroad.

The arrest comes amid growing suspicions that Bada might be fleeing the country due to ongoing corruption investigations linked to both herself and former Governor el-Rufai.

ICPC officials had reportedly been tracking her movements after receiving intelligence that she might attempt to evade questioning.

This move is part of a broader investigation targeting several high-ranking officials from el-Rufai’s administration.

According to Saharareporters, sources suggest the scrutiny is centered on alleged financial mismanagement during their time in office, with multiple individuals under investigation for their roles.

The Kaduna State House of Assembly recently indicted el-Rufai for allegedly embezzling ₦423 billion from the state treasury.

Though the exact charges against Bada have not yet been disclosed, insiders believe they involve significant financial irregularities and misappropriation of public funds.

Bada’s arrest has sparked widespread speculation, with many questioning whether this marks the start of a larger investigation into the former governor’s administration.

The ICPC is expected to release further details as the investigation progresses, potentially revealing the extent of corruption within the previous leadership.

Former Governor el-Rufai, meanwhile, has launched a legal challenge against the Kaduna State House of Assembly after it accused his administration of mismanaging ₦432 billion during his eight-year tenure.

His attorney, Abdulhakeem Mustapha, filed a fundamental rights lawsuit in June, seeking to contest the claims made against him.

The Central Bank of Nigeria, CBN, has said that fuel subsidy removal, lower import bills, and increased external debt servicing obligations could pose downside risks for the growth of external reserves by 2024/2025.

CBN disclosed this in its Monetary, Credit, Foreign Trade and Exchange Policy guidelines for fiscal years 2024/2025. 

However, the apex bank in its outlook projected a positive economic output growth in Nigeria by 2024/2025 based on continued policy support in the agriculture and oil sectors, reforms in the foreign exchange market, and the effective implementation of the Finance Act 2023 and the 2022-2025 Medium-Term National Development Plan (MTNDP).

CBN said, “The outlook for Nigeria’s external sector in 2024/2025 is optimistic, on the expectation of favorable terms of trade, occasioned by sustained rally in crude oil prices and an improvement in domestic crude oil production.

“The positive outlook is supported by the sustenance of crude oil price, propelled by the decision to cut
production, and gains from capital flows and remittances.

“However, lower crude oil earnings, fuel subsidy removal, rising import bills, and increased external debt servicing obligations could pose downside risks for the accretion to external reserves.

“In addition, the sustained monetary policy tightening by central banks across advanced economies increases the risk of capital outflow.”

On Nigeria’s output growth, CBN said: “Nigeria’s output growth is expected to maintain a positive trajectory in 2024/2025.
“The growth prospects are dependent on continued policy support in the agriculture and oil sectors, reforms in the foreign exchange market, and the effective implementation of the Finance Act 2023 and the 2022-2025 MTNDP.

“The risk to the outlook is still tilted to the downside, characterized by significant headwinds such as rising energy prices emanating from lingering effects of the Russia-Ukraine war, and the persisting security and infrastructural challenges, which could undermine the growth outlook in the short
to medium term.

“Domestic prices are expected to remain elevated through 2024/2025,on the back of spillovers from global supply constraints, and exchange rate pass-through. 

“More so, the persisting security and infrastructural challenges could exacerbate inflationary pressures.

“The performance of the fiscal sector is expected to remain on a positive recovery trajectory in 2024/2025. “This outlook is contingent on the effective implementation of the Finance Act 2023 and restructuring of key revenue-generating MDAs to boost non-oil revenue.

“However, low domestic crude oil production, growing public debt, lingering insecurity, global economic slowdown, and the Russia-Ukraine war, could pose significant downside risks to fiscal operations in the short-to-medium-term.

“The financial sector is expected to remain resilient in 2024/2025. “The outlook mirrors the efforts of the CBN in continuously monitoring emerging vulnerabilities and risks in the system, including periodic stress tests, examination exercises, and the provision of risk mitigants.”

Super Falcons of Nigeria midfielder, Ngozi Okobi, announced the arrival of her first child earlier today, September 17.

Ngozi Okobi took to her Instagram page to announce the arrival of her baby, expressing her gratitude to God and embracing her new role as a mother with the hashtags #godbepraised #iamamother #newmom.

The 30-year-old footballer accompanied her heartfelt message with endearing photos of her baby bump, capturing the precious moments of her pregnancy journey.

Before her announcement, Ngozi had chosen to keep her pregnancy journey private, only occasionally sharing glimpses of her fitness routines and casual moments on social media.

Her husband, Ahmed Okeoghene, whom she married on December 9, 2017, in Delta State, stood by her as she continued to pursue her football career as a midfielder for almost seven years before the arrival of their bundle of joy.

Ngozi Okobi’s remarkable career includes representing Nigeria in several international tournaments.

She showcased her talent in the 2010 Under-17 Women’s World Cup, the 2010 WAFCON, the 2012 FIFA Under-20 World Cup, as well as the 2014, 2016, 2018, and 2022 WAFCON tournaments. Additionally, she made appearances in the 2015 and 2019 FIFA Women’s World Cup.

Despite her impressive track record, Ngozi was notably excluded from the 2023 FIFA Women’s World Cup squad by former coach Randy Waldrum. Since then, she has not made a return to the national team.

Former U.S. President Donald Trump, alongside his sons and key entrepreneurs, unveiled a new cryptocurrency platform late Monday, marking his venture into the digital finance space.

While the two-hour online presentation provided limited specifics, it introduced a system that allows users to purchase digital “tokens” granting voting rights in decision-making on the platform.

Naija News reports that despite an alleged assassination attempt on Trump at his West Palm Beach golf club just days earlier, the launch went ahead as scheduled.

The new platform, dubbed World Liberty Financial, aims to capitalize on decentralized finance (DeFi) technology, which allows transactions to occur without the need for traditional financial intermediaries like banks.

DeFi, powered by blockchain technology, ensures that transaction records are transparent and secure from tampering.

World Liberty Financial’s core service will allow users to lend and borrow cryptocurrencies directly from each other, a service similar to that offered by platforms like Aave, a prominent name in the crypto space.

During the event, Donald Trump Jr. hailed the initiative as “the start of a financial revolution,” during a session streamed on X.com.

Key figures in the project, cryptocurrency entrepreneurs Zachary Folkman and Chase Herro, revealed that the platform would rely heavily on stablecoins—digital currencies backed by traditional fiat, most commonly the U.S. dollar.

This move is intended to shield users from the extreme volatility often associated with cryptocurrencies not tied to real-world assets.

World Liberty Financial aims to make cryptocurrency more accessible to the general public, Folkman stated, focusing on creating an intuitive platform for those unfamiliar with digital finance.

The project’s governance will be partly decentralized, with 63% of the tokens to be made available to the public. These tokens will give holders a voice in platform decisions. The remaining tokens will be allocated to the founding team (20%) and to users as rewards (17%).

While a detailed timeline for the platform’s rollout was not provided, the announcement marks a significant shift in Trump’s stance on cryptocurrencies.

Once a vocal critic, calling them a “scam” during his presidency, Trump has since repositioned himself as a “pro-bitcoin president” in his ongoing 2024 presidential campaign.

This puts him in stark contrast to the Biden administration, which has expressed support for regulating the cryptocurrency sector.

As Trump steps into the digital finance world, his venture is poised to attract attention from supporters and critics alike, given the mix of politics and cryptocurrency involved.

The return of President Bola Ahmed Tinubu from what looked like a long trip abroad must come to many as a relief. When the President travelled on August 29, his destination was announced in very clear terms. He was heading to China to attend the Forum for China-Africa Cooperation (FOCAC) in his capacity as Nigeria’s leader and as Chairman of the Economic Community of West African states (ECOWAS). The President himself has described his trip to China as successful. On September 2, he met with President Xi Jinping in the Great Hall of the People, and also, On September 4 with Premier Li Qiang, with the Chinese expressing a commitment to upgrade China-Nigeria relation to “a comprehensive strategic partnership”. At the end of bilateral meetings with the Chinese five Memoranda of Understanding (MOUs) were signed on the Belt and Road Initiative, nuclear energy, infrastructure, media engineering and mining at national, sub-national levels and with the Nigerian private sector. The President also visited two Chinese companies. At the opening session of FOCAC, President Tinubu made a strong case for China-Africa relations within the context of multilateralism and the promotion of global peace. I thought he added a little dose of saccharine when he said the objectives of FOCAC align with those of the Africa Continental Free Trade Agreement. How exactly? But what is not in doubt is that China is determined to further extend its inroad into Africa and the developing world, under the New Silk Road project, committing to making available to the African countries additional financing support of 51.4 billion US dollars. President Tinubu met with Nigerians in China, members of NIDO, China chapter, using the opportunity to explain his administration’s reform efforts. He lauded the $280 billion economic trade partnership between China and Africa.

China has a lot to gain from Africa and vice versa. Africa is the last frontier where major nations of the world – France, Russia, Japan, Germany etc. are seeking partners and markets. In an increasingly multi-polar world, Africa provides China with a fertile ground to deepen its geo-political influence in the face of its fierce competition with the West, especially the US in virtually everything. Africa also has a lot to learn from the Chinese. I was expecting that the 53 African leaders who went to China for FOCAC would return home with memories of the technological wonders in China, the speed trains, the cutting-edge innovations of the Chinese, their work culture, organizational efficiency and capacity to pay attention to details, and therefore seek to imbibe the value of how a nation defines its own character. African leaders are very quick at signing MOUs and showing excitement at the promises that China offers, but they hardly have the skills set to maximize advantages for their own people. This is the story of the debt trap in which many African countries including Zambia, Angola, Ethiopia, Djibouti and Kenya have found themselves, resulting in accusations that what China practices is “debt trap diplomacy.” Nations look out for their own interests. No nation except perhaps Nigeria engages in Father Christmas diplomacy, and now years later, the same countries who benefitted from Nigeria’s generosity treat us badly. In addition to whatever we do in the foreign scene, there is yet a need for the re-thinking of Nigeria’s foreign policy process.   

Shortly before President Tinubu’s departure to China, there was an incident involving Ogun State and a Chinese company, Zhongstan Fucheng – the enforcement of an arbitral judgement which saw three Nigerian aircraft being attached in France as well as properties in the UK and Canada. This was the latest in a series of agreements that Nigeria botched. It will be recalled that around 2016/2017 when President Muhammadu Buhari visited China, so many MOUs were also signed. But what happened? Many of the agreements with the Chinese were not implemented or they are in various states of confusion, including the HEDA-SINOPEC deal, and other projects involving Chinese companies such as China Composites Group Corporation (CCGC) and China National Offshore Oil Corporation (CNOOC). Many of the issues could be resolved not through litigation or arbitration, but diplomacy. Did President Tinubu address this challenge during his trip to China? Was there anything about the contract problem involving Ogun State, more so as that particular issue generated so much concern among Nigerians? The problem with Nigeria is our ad-hoc-ism, lack of consistency and continuity. International agreements require competence and consistency in execution. President Tinubu said at the heart of China-Africa relations is a foundation built on trust and mutual respect. The Chinese will only respect us if we get our acts together. It is not enough to sign MoUs, there should be follow-through action on the understanding reached. President Tinubu has visited about 24 countries in the last 16 months. We need ambassadors in these countries. Many of our missions have no ambassadors manning them at the most senior level.  It has been a whole year since Nigerian envoys were recalled. The President must send envoys abroad, competent persons not party members and their children looking for titles!  

The China summit ended on September 6, and we were informed that the President would have a stop-over in London. He stayed longer in London than he did in China, only to return on Sunday, after more than an additional week. In one report we were informed that the President stopped over to discuss climate action with King Charles III. For one week? What kind of climate action discussion is that? This is not the first time that the President would travel to one destination, and instead of returning after his main assignment, Nigerians would be told that he would stop over either in France or London. Twice, his managers even forgot to announce his whereabouts. Such absent-mindedness should be avoided, the President of Nigeria must not disappear into an artificial Bermuda triangle even for a day, only to show up later in a photo-op. The people of Nigeria have the right to ask for their President. They voted for him. He asked to be given the job. The littlest expectation is that he will show up on duty. If there is any reason for him to be absent, the people have the right to know. In the absence of transparency, Nigerians are quick to resort to speculations and rumour-mongering. And that was exactly what happened this time around: someone had taken a photograph of the President leaving a hospital in London, it was said, and immediately the rumour-mill jumped to the conclusion that the President had gone to see his doctors.  The President is a human being. There is nowhere in the Nigerian Constitution where it is said that to be eligible for President, the candidate must be super-human. The President’s handlers must pay attention to this detail and going forward, respect the people’s right to know. In other parts of the world, the state of the President’s health could have reverberations in markets, and generate political consequences. 

But now that he is back, it is good to see him, getting back quickly into the groove of things. He was in Maiduguri, Borno state capital yesterday to identify with the people who were displaced by the massive flooding that overtook Maiduguri and Jere LGAs of the state. Knowing that the President had just returned from the UK where he reportedly discussed climate action with the King, and knowing that there have been torrential floods in parts of the world, certain government officials may inform the government that the flooding in Maiduguri is as a result of climate change. It is a lie. The flooding could have been prevented. The dam managers, if they are experts, should have known that there would be a massive inflow from Nagdda River, at a particular time of the year, and plan for any eventuality accordingly. I refer President Tinubu to a damning report in the Daily Trust of Monday, September 16 at page 4 titled “Maiduguri flood: N400 m budgeted for Alau Dam in 4 years.” The pith of the story is that the Alau Dam has been defective for upwards nine years, and despite over N400 million budgeted for its rehabilitation between 2020 and 2024, the dam managers did nothing. Now, over 30,000 persons have been displaced, the death toll keeps mounting, there are fears of a possible disease outbreak. The visit of the President and the Vice President before him, and the prompt response of the agencies: NEMA and the Nigerian Army is commendable, but there is a lot more to be done. The President should order an immediate investigation into the Borno flood incident. What happened to the budgeted funds? Who collected what? What did the Chad Basin Development Authority do or did not do? Each time there is a crisis in this country, we are quick to lament and wring our hands, but the real challenge is the negligence and incompetence of officials. Every year, Nigeria’s low plains are flooded, from the banks of Rivers Niger and Benue to the Delta. Farms are destroyed. Lives are lost. We lament. We move on. The following year, the same tale is re-enacted – it is either the Rivers Niger and Benue overflow their banks, or water is released from Lagdo Dam in Cameron, or from Oyan Dam or the Ogun-Osun River Basin. We lament. We move on. This year, the Nigeria Hydrological Services Agency in its 2024 Annual Flood Outlook had listed 31 states as high-risk areas, including Borno. Characteristically, nobody took precautions. We need to take a second look at our dams nationwide, and the management of the country’s river basins. 

President Tinubu returned to Nigeria on the same day NNPC Limited lifted petrol, from the Dangote Refinery, a $20 billion investment, with a refining capacity of over 650, 000 barrels per day, the largest single-train refinery in the world. Dangote has been praised deservedly for his courage, patriotism and faith in the Nigerian project, and on Sunday, President Tinubu was also congratulated. It is on his watch that the Dangote Refinery began its operations. Government-owned refineries have been moribund for about 28 years, swallowing state resources and producing nothing of value other than corruption. The Dangote Refinery marks a watershed moment in Nigeria’s oil and gas industry. The responsibility of government is to provide an enabling environment for those who believe in this country to thrive. This is why I consider the altercation between NNPC Limited and Dangote Refinery, somewhat of a distraction. Dangote Refinery is not an NGO, it is not a charity organization. It is in business to make profit. NNPC Limited is also in business to make profit, what it calls a willing buyer, willing seller market. The regulator is the Nigeria Midstream and Downstream Regulatory Agency (NMDPRA). Whatever negotiations that may be necessary by October 1 as announced must be the focus of the government at this time, not the battle of press releases that we have seen in the last few days. As President Tinubu settles down after his long trip around the world, he must get on top of the issue of petrol supply. Nigerians would like to know for once if the government is truly subsidizing fuel and by what amount and if the Petroleum Industry Act (PIA) needs to be revisited, so be it. Laws should serve the best interests of the people. Market forces must wear a Nigerian face.

The energy security that has been talked about, and savings in forex expenditure that local refining may bring should translate into greater productivity in the Nigerian economy. President Tinubu should move away from running a palliatives economy, and run an economy that puts people to work and creates massive opportunities. This should be the renewed hope message that he preaches. No country grows on the strength of a handout economy, where as we have seen, the people have been turned into beggars in their own country. The people of Nigeria have made it clear that they are hungry and angry, and what government does is to distribute rice, and millet, and cash that may not be properly accounted for. I have only just heard that each Minister has been given 1, 200 bags of rice to distribute to the old and vulnerable in their constituencies. Your guess is as good as mine as to what will happen to those bags of rice, but there is also something ugly about having a Federal Cabinet of rice distributors. 

In Maiduguri, President Tinubu reportedly said he had to alter his travel plans to return home to visit Maiduguri. He had planned to move from the UK to America. I don’t want to believe that he actually said that. He went to China a week after returning from France! There is brewing discontent in the land as a result of the rising cost of living.  If, as someone calculated, it costs about N1, 500 to have a slightly decent meal these days, then anyone would need about N5, 000 per day. Multiply that by 30 days, that is about N150, 000 per month on feeding alone. People have other expenses, including rent, out of pocket healthcare spending, an army of extended family mouths, and other dependants, and yet the minimum wage of N70, 000 has not yet been implemented. The new national minimum wage has already been wiped out by inflation. It is no longer a status thing to own a car. It is expensive to maintain. In the month of August, Nigerian youths trooped out in a protest they called #EndBadGovernnace, some of the persons arrested during that protest are now facing trial for treason. Should any citizen receive the death penalty for saying he or she is hungry, or for carrying placards? While the President was away, these same angry youths have been talking about another protest. They call it #FearlessinOctober. There is an army of hungry people out there ready to defy the authorities. They think they deserve more than the handouts of rice, maize and millet from their government. Other Presidents before Tinubu enjoyed some honeymoon with the people of Nigeria before the critics descended on them.  President Tinubu must reconsider his strategy. 

The Governor of Zamfara State, Dauda Lawal, on Monday, claimed his administration inherited an empty treasury from his predecessor.

Lawal stated this during an interview on Channels TV’s Politics Today.

According to Lawal, after taking over office, over ₦250 billion was not accounted for under former Governor Bello Matawalle.

He further stated that there was backlog of salaries  for four months, adding that three years none of Zamfara indigene wrote either WAEC or NECO.

Lawal said, “EFCC made a pronouncement sometime around May 21, 2023 or there about that it was alleging that ₦70 billion was stolen. That means before I took over. By the time I took over, I realized that that ₦70 billion they mentioned was a child’s play.

“So far based on available records, we realized over ₦250 billion was not accounted for. It is very funny. Let me explain to you the state I inherited. I inherited a very dysfunctional state. When I took over there was no ₦4 million in Zamfara State Government account – just empty.

“There was a backlog of salaries for four months. For three years none of Zamfara indigene wrote either WAEC or NECO. I had to settle ₦1.3 billion for NECO and ₦1.6 billion for WAEC. Some of the students got their certificates after we settled WAEC and NECO.”

The Zamfara State Governor, Dauda Lawal, on Monday, noted that the consistent attacks in the state by notorious and wanted bandit leader, Bello Turji, will soon end.

Lawal also expressed belief that the bandit leader will soon be apprehended or eliminated.

While speaking on Channels Television, he said, “It’s only a matter of time.

“With what we have in place, with the collaboration between us (the state government) and the Federal Government, security agencies, believe me, it is only a matter of time; Turji would be killed very, very soon.”

The governor’s comments come just days after the military made significant gains against bandits, killing wanted bandit leader, Halilu Sububu, who had been terrorising citizens in Zamfara, Sokoto and other parts of the North-West.

Sububu and more than 30 other bandits were killed last week.

The governor does not expect the elimination of the Turji to end to banditry in the state but he is confident “it will bring it down significantly.”

Governor Lawal believes the military is on the right trajectory and must not let up.

He added, “What we need to do is to sustain this military pressure.

“If we are able to sustain this pressure within the next two weeks to one month, believe me, it will be a different story as far as banditry is concerned.”

Nigerians’ hopes of some relief from the cost of living crisis in the country have been dashed as petrol from the newly launched Dangote Refinery is being sold at prices higher than expected, as the Nigerian National Petroleum Company Limited (NNPC) fixed new estimated petrol pump prices across all states.

The NNPC said that after completing the loading of Premium Motor Spirit, popularly known as petrol, from the Dangote refinery, petrol prices for September 2024 would range from approximately N950 to over N1,000 per litre, depending on the region.

Recall that NNPC stated it paid N898 per litre for the 16.8 million litres of petrol purchased from the Dangote refinery on Sunday, September 15.

A breakdown of the pricing showed that Borno State will pay  N1,019.22 per litre; Sokoto State – N999.22 per litre;  Kano State – N999.22 per litre;  Kaduna State – N999.22 per litre;  Federal Capital Territory (FCT) – N992.22 per litre; Rivers State – N980.22 per litre Oyo State – N960.22 per litre; and  Lagos State – N950.22 per litre.

NNPC explained that the new prices for September are based on figures obtained from the Dangote refinery and not set by the federal government.

The company’s spokesman, Olufemi Soneye, in a statement on Monday, said these prices are for September 2024.

The NNPC also stressed that the petrol loaded from the Dangote Refinery was priced in dollars as the Naira sale of petrol will commence in October.

Initially, there were hopes that local production would significantly lower fuel costs, thus lowering the cost of transportation, and prices of food items.

According to the NNPC, it purchased petrol from the Dangote Refinery at N898 per litre, while distribution costs and regulatory fees contributed to the final retail prices. The company emphasised that these prices are determined by market forces, as mandated by the Petroleum Industry Act (PIA), rather than government regulation.

To this end, other petroleum products marketers are expected to sell higher as they adjust to the new price regime as announced by NNPC.

The executive secretary of the Major Energy Marketers Association of Nigeria(MEMAN), Clement Isong, while reacting to the situation when LEADERSHIP put a call across to him yesterday said, he is not aware of the adjustment but will get the clearer picture and revert to our Correspondent.

The price hike caught many off guard, especially as it came shortly after the refinery’s launch. NNPC’s pricing reflects a significant increase from previous rates, with petrol prices rising from N568 to N896 per litre on the same day. This has led to calls for transparency regarding the refinery’s pricing structure and production costs, with some stakeholders questioning why locally produced petrol is not cheaper than imported alternatives.

The situation has sparked debates about market dynamics and regulatory practices in Nigeria’s petroleum sector, with many citizens feeling that the anticipated relief from high fuel prices has not materialised.

Many Nigerians are understandably shocked that petrol being pumped out of the Dangote refinery will not be selling at a relatively affordable price at the pumps, or a little cheaper than the imported variety.

Long conditioned to subsidised products, Nigerians had expected that locally produced petrol would offer a huge relief from the cost-of-living crisis currently in the country.

Hope was heightened when the government announced recently that Dangote will buy Nigerian crude oil in Naira and sell his products within the country in the same currency.

In many social media platforms and talk shows, Nigerians have been busy analysing the refinery’s production economics and explaining why we should be buying cheap fuel soon.

The Independent Petroleum Marketers Association of Nigeria expressed concerns over the pricing of petrol from the Dangote Refinery, urging the NNPC to ensure it is not sold at a higher price than imported fuel.

IPMAN argued that such a disparity would be counterproductive to the nation’s drive for energy self-sufficiency and could negatively impact consumers and marketers alike.

According to IPMAN on Monday, the pricing strategy for locally refined petrol should reflect the advantages of domestic production, offering Nigerians a more affordable option.

The association emphasised that maintaining competitive pricing is crucial for the success of the Dangote Refinery and for fostering a sustainable fuel market in the country.

IPMAN national welfare officer John Kekeocha stated this on Channels Television’s The Morning Brief breakfast programme on Monday.

“If NNPC can sell Dangote products higher than the imported products then it doesn’t make sense. What is the celebration we are having all these while then?” he queried.

An energy analyst, Etim Etim, while commending NNPCL for these disclosures, noted that these prices are only obtainable for the month of September when NNPC is buying in dollars from the refinery.

“For October, when crude would be sold in Naira, the prices may change, depending on a few variables like the exchange rate and the crude oil price in the international market.

He said that the downstream market is now fully deregulated, and for the first time in our history, subsidy is truly gone.

He urged Nigerians to brace up for a market-determined pricing structure that would be influenced by a few factors: the price of crude oil, the exchange rate, the cost of refining, overheads, borrowing costs, and insurance.

“Crude oil price will continue to be a major determinant of petrol price. Even when NNPC sells crude in Naira to Dangote, the pump price would still be determined by the prevailing exchange rate. If the naira continues to slide, petrol prices will increase, even if other factors remain unchanged.

He further said, “This morning, crude oil is selling at about $72, and at the exchange rate of N1,600/dollar, Dangote would be buying a barrel of crude oil at about N115,200. Although there are many other products that are obtained from a barrel of crude oil, petrol will not come cheap because of other inherent costs in the production process.

“Dangote is highly indebted to Nigerian banks, and even before his refinery began production, he was already repaying and servicing his debts.

“He had told the media in July that he had incurred huge interest charges due to failed attempts at land acquisition in Ogun State and delays in construction in Lagos State due to communal issues. The accumulated interest charges and other interest costs will count in the pricing of his gasoline.

Etim noted that Dangote’s production costs must also be very high, which will heavily impact the pricing of its products.

“The refinery provides everything for itself, including building three ports within the complex for its use in bringing in heavy equipment and building a huge 400 MW power plant to provide its own electricity. In addition, DR has over 8,000 people on its payroll. During construction, 29,000 Nigerians and 11,000 expatriates worked at the site. The huge wage bill would have to be taken care of by the selling prices of the products.”

Etim expressed hope that the refinery’s purchase of crude oil in Naira would ameliorate the impact on the exchange rate.

“The only reason petrol will sell cheap is if crude oil goes for as low as $40 per barrel or if the dollar exchanges for N800 or less. Both have significant implications for the economy, of course. But with tension mounting in the Middle East, cheaper crude oil is not likely soon.

“I have taken note of the assurance from the Finance Minister, Wale Edun, that petrol prices will fall as the refinery scales up production.

Speaking at the refinery on Sunday, Edun said, ‘’We’re expecting that as this refinery, and even others, ramp up production scale, and achieve economies of scale, there should be the opportunity—and there is definitely the potential—to reduce their costs, which should be passed on to consumers’’.

Nigerians have taken to social media to express their dismay at the current situation.

One X user queried, ‘’Why would Dangote not sell his petrol cheap or cheaper than imported product when he is not bearing the cost of shipping, LC charges, wharf charges, insurance, and other costs borne by importers?’’

Another person noted on X, ’’Anything above N766 per litre from Dangote is back to square one’’.

One other commentator wrote, ‘’Queuing for fuel is not our problem. If Dangote’s fuel is not cheaper than what we have now, then the whole thing is not worth it’’.

The NNPC began loading the first batch of petrol from the Dangote Refinery on Sunday, saying it got N898 per litre from the private refinery.

Before lifting petrol from the Dangote Refinery on Sunday, NNPC retail outlets in Lagos sold petrol for around N855, but a litre of Dangote petrol now sells for N950 per litre in Lagos and N1,019 in Borno.

However, Dangote Refinery denied selling petrol to the NNPCL at N898. In a statement late Sunday, a spokesman for the refinery, Anthony Chiejina described the claim by the NNPCL as “misleading and mischievous”.

“It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature,” Chiejina said.

However, the NNPCL insisted that it got petrol from Dangote Refinery at N898 per litre and challenged the latter to release the price at which it sold petrol.

The NNPCL further released a breakdown of pricing it sells Dangote petrol at its filling stations nationwide.

Last December, Dangote, Africa’s leading industrialist, commenced operations at his $20bn facility in Lagos with 350,000 daily barrels.

The refinery, initially bogged by regulatory battles, hopes to achieve its full capacity of 650,000 barrels per day by the end of the year.