NEWS
Channel Oil Windfall to Domestic Refineries – TUC to Tinubu
The Trade Union Congress of Nigeria (TUC) has urged the Federal Government to deploy excess crude oil revenue to subsidise local refineries, warning that failure to act could push the price of Premium Motor Spirit (PMS) to as high as N2,000 per litre.
TUC President, Festus Osifo, made the call during a press briefing in Abuja on Thursday, highlighting the strain rising fuel costs are placing on Nigerian workers.
“The persistent increase in petrol prices, driven by global crude volatility and naira depreciation, is worsening economic hardship for workers across the country,” Osifo said.
He attributed the surge partly to international tensions involving the United States, Israel, and Iran, which have disrupted global oil supply, and warned that the weakening naira is compounding inflationary pressures and eroding the real value of salaries.
To address the crisis, Osifo proposed that the government channel at least 60 percent of excess crude revenue—generated when international oil prices exceed the 2024 budget benchmark of $64.85 per barrel—into subsidising crude supplied to domestic refineries, including the Dangote Refinery and other modular facilities.
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He explained: “Even if government-owned refineries are fully operational, petrol prices may not drop significantly unless crude supply is subsidised. Selling crude at international rates to local refineries still results in high pump prices.”
Osifo also called for stabilising the naira, noting that exchange rate stability would reduce the cost of imported energy and other goods. He reiterated TUC’s support for the commercialisation of state-owned refineries, stressing that reducing government interference could improve efficiency and profitability in the sector.
Addressing alternative energy, the TUC president expressed concern over the slow development of Compressed Natural Gas (CNG) infrastructure, acknowledging the policy’s potential but warning that its short-term impact remains limited due to inadequate refuelling facilities.
On national security, Osifo lamented the persistent insecurity across Nigeria, emphasizing that no meaningful development can occur in an unsafe environment. While commending the efforts of the armed forces, police, and intelligence agencies, he urged the government to equip security operatives with modern tools, intelligence, and technology to tackle insurgency and criminality more effectively.
On labour matters, Osifo noted the intense pressure facing workers in both public and private sectors.
He revealed ongoing discussions around wage reviews and collective bargaining agreements to align with current economic realities, stressing the need for broader interventions to protect workers from inflation and rising living costs.
“The cost of petrol is heading towards N2,000 per litre, depending on your location. It has deeply affected the purchasing power of Nigerian workers,” Osifo said.
“Let the government take at least 60 percent of excess crude revenue and use it to subsidise crude supplied to refineries. Subsidising production directly ensures immediate reduction in petrol prices.”
TUC plans to formally communicate its proposals to the Federal Government, including the Presidency, to ensure prompt implementation of measures to ease the hardship facing Nigerians.
Vice President Kashim Shettima has urged Nigerians to celebrate President Bola Tinubu, saying his leadership saved the country from a potential implosion.
Shettima said Nigeria’s economy had been teetering on the edge of collapse before Tinubu’s intervention, adding that the country could have faced a different situation.
“The economy was teetering on the edge of collapse, we were on a cliff edge,” the Vice President said.
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“So he literally saved the nation from an implosion. That could have been the scenario. So, instead of demonizing him, Nigerians ought to celebrate this poor man.”
Shettima also called for a return to the drawing board, expressing confidence in the leadership’s commitment and the prospects for the 2027 elections.
“I believe on the bottom of my heart that with this presentation I have seen, and with the commitment of our leadership, by the grace of God, we are going to win,” he said.
Speaking about the 2027 elections, the Vice President reminded his audience that social media platforms should not be mistaken for actual polling stations.
“There are no polling stations on Facebook or Instagram,” he said.
Shettima also expressed gratitude for the efforts made towards promoting the cause of the 2027 elections.
Following observed mis-steps, the Federal Government of Nigeria has withdrawn the eight-count criminal charge brought against the alleged fake Director General (DG) of the Presidential Foreign Intervention Promotion Council (PFIPC), Adeniyi Adeyemi.
Biztellers reports that the matter, in accordance with the counsel of the Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Olasunkanmi Fagbemi, (SAN), the matter will be filed at the High Court of the Federal Capital Territory (FCT), instead of the Federal High Court (FHC).
Consequently, upon an unopposed application for termination by the prosecution counsel and Director of the Public Prosecution of the Federation (DPPF), Rotimi Oyedepo (SAN), on Monday, Justice Mohammed Umar of a Federal High Court, Abuja on Monday, struck out the matter.
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In a motion for the termination of the charges, Oyedepo informed the court that the Attorney General of the Federation (AGF) and Minister of Justice has carried out a review of the case file of Adeyemi and the charge filed by the Inspector General of Police (IGP) and found some loopholes.
The DPPF added that the documents allegedly forged by Adeyemi during his operations of the fake agency are those that can be prosecuted by the High Court of the Federal Capital Territory (FCT).
He also informed the court that a new charge has been filed at the High Court of the FCT and that Adeyemi would be expeditiously arraigned afresh.
He therefore urged the judge to strike out the charge as required by law.
Following no objections from Ibrahim Angulu (SAN), who stood in for Adeyemi, Justice Umar subsequently terminated the charge.
Adeniyi, 38, was being tried alongside two others whose whereabouts are unknown, on charges bordering on conspiracy and forgery.
The two others said to be at large were identified as Femi (surname unknown) and Anu (surname unknown).
The charge marked: FHC/ABJ/CR/25/2025, was entered against the defendant by the DPPF.
To secure a bright energy for her teeming population, Nigeria must sustain the momentum of reform, accelerate investment, and deepen partnerships.
This view was expressed by Managing Director, Shell Nigeria Exploration and Production Company of Nigeria Limited (SNEPCo) Ronald Adams in Lagos at the weekend.
Delivering a keynote address at the Africa Energy Conference (AEC) of the Lagos Business School (LBS), Adams called for regulatory certainty through efficient execution of reforms, sustained investment appeal to enable projects to move more swiftly from opportunity to production and partnership by operators, regulators, NNPC Limited and communities to unlock the full value of Nigeria’s resources.
Adams cited Nigeria’s huge oil and gas resources as an advantage but pointed out: “Resources alone do not guarantee prosperity. Prosperity comes when resources are matched with investment, technology, sound policy and disciplined execution. Success will be determined not by the size of our resources, but by our ability to convert them into investment and economic growth.”
Adams pledged the support of Shell towards a bright energy future of Nigerians. He said: “For more than six decades, Shell has been part of Nigeria’s energy journey. Together with our partners, we have helped develop major energy infrastructure, supported Nigerian businesses, invested in talent, and contributed to economic development. Bonga remains a powerful example of what technology, partnership and Nigerian capability can achieve in deepwater operations. Today, that story continues through Bonga North.”
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Issuing a clarion call for action by all stakeholders, he added: “The world is not standing still. Capital is moving, technology is advancing and competition is intensifying. The countries that attract investment tomorrow are those that improve competitiveness today. Nigeria has begun that journey. Our task is to sustain the momentum and translate reform into projects, projects into growth, and growth into shared prosperity.”
The conference, the 4th in the series had at its theme; “Securing Nigeria’s Energy Future: Policy Reform, Capital Mobilisation, and Pathways to a Sustainable Power and Energy Market” and was attended by top government officials, industry captains, energy professionals, and students.
Lagos State Deputy Governor Obafemi Hamzat represented Lagos State Governor Babajide Sanwo-Olu as the guest of honour. SNEPCo was a principal sponsor of the Africa Energy Conference (AEC) and mounted a well-received exhibition on its deepwater operations and social investments across Nigeria.
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