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FG Working with Petrol Marketers, Regulators on Appropriate Fuel Pricing – Oyedele
The federal government, yesterday, said it was in talks with petrol marketers and industry regulators to address concerns over fuel pricing and promote a more transparent pricing regime.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the comments while briefing newsmen after the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu at the Council Chambers of State House, Abuja.
There had been mounting concerns over the refusal of petrol marketers to reduce fuel prices, despite the return of global crude oil prices to pre-US-Iran war levels, following the peace deal between the two nations. Crude oil prices now hover between $75 and $76 per barrel.
In the formal reaction to the issue of appropriate pricing of petroleum products in Nigeria, following the drop in global oil prices, the federal government also pledged to ensure fairness in all dealings in the downstream sector of the petroleum industry.
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FEC also approved new reforms in the National Youth Service Corps (NYSC), with Minister of Youth Development, Ayodele Olawande, announcing that the service would henceforth be civilian-led.
Olawande disclosed that the scheme established 53 years ago, which had traditionally been headed by senior military officers, would now include professional trainings for corps members to enhance their employability.
Minister of Works, Senator David Umahi, told newsmen at the session that FEC had approved N2.078 trillion for road infrastructure across 10 states, in pursuit of the federal government’s drive to expand and modernise Nigeria’s transport network.
On his part, Minister of Aviation and Aerospace Development, Festus Keyamo, said the federal government had approved N34.398 billion for construction of an airstrip in Gboko, Benue State.
Keyamo said the contract awarded to CCECC Nigeria Limited, when completed, would serve agricultural operations, strengthen security, and support humanitarian and emergency medical services in the area.
Minister of Environment, Balarabe Lawal, who briefed newsmen on behalf of Minister of Marine and Blue Economy, Alhaji Gboyega Oyetola, said the council approved maritime infrastructure and safety projects worth about N286 billion to modernise port operations, strengthen maritime safety, and protect Nigeria’s marine environment.
Oyedele, who opened the session, said consultations were ongoing with market operators and regulators to ensure adjustments in the pump prices of refined petroleum products to reflect prevailing global crude oil prices in a fair and balanced manner.
He stated, “We are working to strike a balance between ensuring operators remain commercially viable and protecting Nigerians from unfair pricing.”
He explained that while marketers often responded to increases in global crude oil prices by raising pump prices on the basis of replacement costs, reductions in prices tended to be slower because of existing stock purchased at higher costs.
According to him, government’s objective is to strike an appropriate balance between safeguarding the commercial sustainability of operators and protecting consumers from exploitative pricing practices.
The minister stated that the Federal Competition and Consumer Protection Commission (FCCPC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) were already addressing the issue within the framework of the Petroleum Industry Act (PIA).
Oyedele added that fiscal measures introduced by the Tinubu administration, including the suspension of Value Added Tax (VAT), excise duty, and the surcharge on petroleum products, had helped to cushion the effect of global energy price increases, keeping fuel prices lower than those in neighbouring countries.
He implored transport operators benefiting from the federal government’s investments in the Presidential Compressed Natural Gas (CNG) Initiative—including subsidised vehicle conversion kits—to pass the resulting cost savings on to commuters by offering more affordable transport fares rather than maintaining petrol-based pricing.
Olawande, who spoke on new reforms in NYSC, explained that the scheme would retain its one-year duration, while introducing flexible, skills-based training programmes within the service year.
Under the new arrangement, he said NYSC would be civilian-led, while the military would continue to oversee the security of corps members nationwide.
According to the youth development minister, “Graduates enrolled in specialised streams, such as the proposed Digital Corps, may spend additional time in training before deployment to their primary places of assignment to earn professional certifications that enhance employability and self-employment opportunities.”
He explained that the reforms were designed to consolidate youth development programmes under the NYSC for better coordination, monitoring, and accountability.
Olawande said the reform framework emerged from extensive consultation involving the youth development and education ministries, Office of the Special Adviser to of the President on Policy Coordination, and young Nigerians, with the objective of repositioning the scheme as a stronger platform for youth empowerment, skills development, and national integration.
He said the reforms were designed to strengthen national unity, promote skills development, create jobs, and empower young people.
Key components of the reform included the digitalisation of NYSC operations, enhanced security and welfare for corps members, improved orientation camp facilities through stronger partnerships with state governments, and redesigning of the passing-out parade into a formal graduation ceremony.
Others were introduction of professional identity certification for corps members and amendment of the NYSC Act to align the scheme with current national development priorities.
Shedding more light on the reforms, Special Adviser to the President on Policy Coordination, Hajia Hadiza Bala-Usman, said, “The safety aspect of our corps members still remains with the military, but the operational leadership of the NYSC will be civilian-led.
“The security will continue to be anchored and implemented by the Nigerian military, increasing the length.”
To give legal backing to the reforms, FEC directed Attorney-General of the Federation (AGF), in collaboration with Ministry of Youth Development, to initiate an amendment to the NYSC Act and its regulations to enable the immediate implementation of the approved reforms.
While acknowledging the challenge of brain drain, the presidential adviser explained that the government was focused on producing more graduates, particularly in STEM fields, and equipping them with relevant skills so they could contribute to national development, whether they remained in Nigeria or eventually returned with global experience.
Council also approved the establishment of a National Snakebite Treatment and Research Centre, alongside a package of health sector interventions valued approximately N73.9 billion. This was part of efforts to strengthen healthcare delivery and expand access to essential medical services nationwide.
Minister of Health and Social Welfare, Professor Muhammad Ali Pate, told newsmen, “The new centre will provide specialised treatment, conduct research on snakebite prevention and management, ensure sustainable access to quality anti-venom, and partner with international institutions.”
According to the minister, Nigeria recorded an estimated 43,000 snakebite cases annually, many of which he said resulted in deaths, disabilities, and severe socio-economic consequences, particularly in the North-east, North-west, and North-central zones, where the burden was greatest.
FEC equally approved N6.9 billion for the procurement of 10 compressed natural gas (CNG)-powered blood donation mobile clinics for the National Blood Service Agency to improve blood donation, collection, and distribution nationwide.
Pate said, “The council further approved N62 billion for the procurement of tuberculosis TB commodities to strengthen Nigeria’s response to one of the world’s highest TB burdens, while reducing dependence on foreign donors and supporting future local production of TB medicines.
“In addition, FEC approved about N5 billion for the procurement of reproductive health and family planning commodities through the National Primary Health Care Development Agency to improve maternal health services and expand access to voluntary family planning nationwide.
“These approvals underscore the Tinubu administration’s commitment to strengthening health infrastructure, expanding access to essential medicines, and promoting local pharmaceutical manufacturing.”
FEC further approved N2.078 trillion for road infrastructure across 10 states, as part of the federal government’s drive to expand and modernise Nigeria’s transport network.
Umahi told newsmen that the council cleared 23 major road projects spread across Adamawa, Taraba, Ebonyi, Kwara, Cross River, Kogi, Lagos, Niger, Oyo, and Plateau states.
He said the programme targeted construction and rehabilitation of strategic corridors to boost connectivity, ease the movement of people and goods, and stimulate economic activity.
The minister said FEC also ratified a presidential approval to augment by N15 billion a road contract awarded in 2022 in Gashua, Yobe State, citing higher construction material costs.
In addition, the council approved N15.246 billion for Phase II of the Yola–Fufore–Gurin Road following completion of Phase I.
On the Lagos–Ibadan Expressway, Umahi said Council approved the Full Business Case for its operation and maintenance under a modified Swiss Challenge procurement.
Tinubu directed the ministry to proceed with procurement for reconstruction of deteriorating sections using concrete pavement technology to enhance safety and longevity, the minister disclosed.
He said FEC also approved the reconstruction of about 400.9 kilometres of federal roads under a tax credit arrangement to be executed by Dangote Group at a cost of N1.8325 trillion.
The package replaced an earlier 2022 contract, and was expected to accelerate delivery of key road infrastructure.
Umahi added that the first 118 kilometre section of the Abuja–Kaduna–Kano highway, valued at N137 billion, had been completed, while the remaining 164 kilometres was due for completion in November.
Lawal, addressing the session on behalf of Oyetola, said FEC approved maritime infrastructure and safety projects worth about N286 billion for port modernisation, enhanced maritime safety and security, and environmental protection.
He said the council approved four strategic initiatives to boost port efficiency, enhance navigational safety, and improve environmental protection across coastal and inland waterways.
Lawal said FEC authorised the purchase of two pollution-control vessels for roughly N59.05 billion to tackle plastic pollution and other marine waste in Nigerian waters, creeks, and inland channels, and to improve navigational safety.
Council also approved the acquisition of six pilot cutter boats at an estimated cost of N80.03 billion. The vessels will ferry marine pilots to and from ships, aid navigation through port channels, and support coordination with the Nigerian Ports Authority (NPA).
In addition, FEC granted approval for two firefighting boats valued about N34.06 billion to strengthen emergency response to fires on vessels, oil terminals, jetties, and other port facilities.
Lawal also said the council approved N112.85 billion for capital and maintenance dredging of the Escravos Channel under a public-private partnership (PPP) between Nigerian Ports Authority (NPA) and private sector operators.
The dredging was intended to improve channel access, remove obstructions, bolster pollution surveillance, maintain navigational aids, and raise overall maritime safety and efficiency, he said.
He described the four approvals as a strategic investment in Nigeria’s blue economy that would enhance navigational safety, boost port performance, protect the marine ecosystem, and create economic opportunities.
Identical Nigerian twins, Hussaini and Hassan Malami, have secured employment with the Nigerian National Petroleum Company Limited as members of the NNPC Tigers Class of 2026, after overcoming a misconception about the company’s recruitment process.
Their inspiring story was contained in a profile by Adaobi Oniwinde, Senior Communications Advisor at NNPC Limited, on Monday.
Hussaini, who had always aspired to work with NNPC, applied when the company opened its recruitment exercise and encouraged his twin brother, Hassan, to do the same.
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Hassan initially hesitated because he believed NNPC recruited only one person from a family. Concerned that applying could jeopardise his brother’s chances, he decided against it at first.
He was also more interested in joining the Nigerian Air Force and already had a job in the banking sector.
However, with the application deadline approaching and following persistent encouragement from Hussaini, Hassan eventually applied.
The brothers later took the computer-based recruitment test on the same day but at different locations, with Hussaini sitting for his test in Sokoto and Hassan taking his in Kaduna.
After going through interviews and other stages of the recruitment process, both brothers received employment letters on the same day.
Hussaini said he discovered his employment offer after midnight and was eager to share the news with his family.
“I opened the email after midnight and wanted to wake everybody up to tell them,” he said.
Hassan said he learnt about his successful application through the family WhatsApp group when he woke up.
“That’s when the pressure hit me. I was now nervous about the possibility of not being successful once Hussaini shared his news,” he said.
The twins eventually secured positions in different NNPC subsidiaries. Hussaini joined NNPC Exploration & Production Limited, while Hassan joined NNPC Gas Infrastructure Company.
For Hassan, the new job has exposed him to aspects of Nigeria’s gas industry that were previously unfamiliar to him.
“I didn’t know there was a whole business dedicated to transporting gas,” he said, explaining that his experience had given him a clearer understanding of how gas powers plants and supports manufacturing companies.
Although Hassan had initially hoped to pursue a career in the military, he now considers his role in the energy sector another form of national service.
He also said he still hoped to explore military service before reaching the age limit in 2030.
Hussaini, on his part, said working at NNPC had strengthened his desire to contribute to the development of Nigeria’s energy sector.
He also expressed interest in becoming a guest lecturer at his university in the future, saying he wanted to share practical industry experience with students.
“When I was in university, I only had one lecturer with field experience,” he said. “I want to share practical experience with students someday.”
The brothers also identified different NNPC culture transformation pillars that reflected their individual approaches to work.
Hussaini chose “Enterprise First,” saying, “Giving your best to the company is giving your best to the country.”
Hassan, a civil engineer, selected “Execution Excellence,” explaining, “I’m a civil engineer. I like seeing things come to life from concept to completion.”
The twins urged young Nigerians interested in working with NNPC to ignore rumours about the recruitment process and apply whenever opportunities arise.
“You don’t need to know anybody at NNPC. Apply. Take the test and earn your place,” they said.
New concerns have emerged that disruption to one of the world’s most critical oil routes might continue, as Iran has laid terms of reopening the Strait of Hormuz on the table before the United States of America (USA).
Biztellers reports that Iran is demanding six things, touching on military operations, sanctions, compensation and access to her frozen assets, as conditions precedent to the reopening of the route.
According to Mohammad Baqer Zolghadr, Secretary of Iran’s Supreme National Security Council (SNSC), Tehran expected Washington to end what it described as hostile actions before the strategic waterway could be reopened.
Iran’s conditions include an end to US threats and military operations, a permanent cessation of the war, the withdrawal of American naval and air forces from areas around Iran, compensation for damage caused by the conflict, the removal of sanctions and the release of frozen Iranian assets.
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The demands indicate that Tehran does not consider the draft agreement being discussed with Washington sufficient to restore normal shipping through the strait.
Any eventual agreement would also require approval from Iran’s SNSC, suggesting that the reopening of the waterway could remain tied to wider political and security negotiations.
The development comes as shipping activity through the Strait of Hormuz remains significantly below previous levels, with only 33 vessels crossing the waterway from Monday through Thursday, compared with 50 during the corresponding period a week earlier.
Crude tanker movements have been particularly limited, with only six crude oil tankers reportedly exiting the strait so far this week.
The subdued traffic has persisted despite expectations that Iran and Oman could reach an arrangement to facilitate a shipping corridor through the waterway.
Further uncertainty surrounds the treatment of vessels linked to the USA and Israel, with Tehran considering restrictions on such ships. Earlier proposals for charging transit fees have also heightened concerns among shipping operators.
In a related development, the European Union (EU) has accused Iran’s Islamic Revolutionary Guard Corps Navy of operating a screening and toll system for vessels transiting the strait, adding to concerns over the security and cost of commercial shipping.
Washington, however, has struck a more optimistic tone.
US Vice President, JD Vance, said the administration expected oil and gas flows from the Gulf to eventually return to levels recorded before the conflict.
Vance also said Iran had informed Washington that it did not intend to impose transit tolls, although he acknowledged that the United States remained cautious about relying on Tehran’s assurances.
The conflicting positions have left the outlook for a return to normal shipping through Hormuz uncertain.
While Washington is projecting a restoration of Gulf energy flows to pre-war levels, Iran has now linked the reopening of the strait to broad military, political and financial concessions from the United States.
The Strait of Hormuz is a critical artery for global energy markets, making the duration of the disruption particularly significant for crude oil, refined products and natural gas supplies.
The outcome of the negotiations could therefore determine whether the current disruption remains a short-term shock or develops into a prolonged threat to global energy supplies, with potential implications for oil prices, tanker markets and energy security worldwide.
The Global Extractive Industries Transparency Initiative (EITI) team is in Nigeria to assess the impact, transparency and accountability in the oil, gas and mining sectors.
The validation mission, effective Monday, is part of the 2026 EITI’s Validation Exercise that commenced on July 1.
The exercise is particularly significant for Nigeria, as it provides an opportunity for the country to demonstrate how far it has implemented the corrective actions identified during its previous assessment and strengthened the governance of its natural resources.
The Nigeria EITI, in a statement issued on Sunday under the signature of its Director of Communications and Stakeholders Management, Obiageli Onuorah, said the arrival of the global assessors marked a major stage in the ongoing validation process.
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The mission is expected to run from August 10 to August 14, during which the assessors will conduct a comprehensive quality assurance assessment and consult a wide range of stakeholders involved in Nigeria’s extractive industries.
The statement read, “The Nigeria Extractive Industries Transparency Initiative announces the arrival of the Global Extractive Industries Transparency Initiative Validation Assessors as part of the ongoing 2026 EITI Validation Exercise which commenced on July 1st 2026. The presence of the EITI Mission in Nigeria marks a significant stage in Nigeria’s 2026 EITI Validation and forms part of the global EITI Validation process.
“During the mission, which commences August 10th 2026, the Validation Assessors will undertake a comprehensive quality assurance assessment and hold consultations with key stakeholders”
The stakeholders include government institutions, the National Assembly, oil, gas and mining companies, civil society organisations, development partners, anti-corruption agencies, host communities and the media.
The assessors will also meet senior government officials and key institutions involved in the management and oversight of Nigeria’s extractive resources.
Among those expected to meet the mission are the Secretary to the Government of the Federation and Chairman of the NEITI Board, Senator George Akume; members of the NEITI National Stakeholders Working Group; the Ministers of Finance and Budget and Economic Planning; the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited; NEITI’s Inter-Ministerial Task Team; members of the Senate Committee on Public Accounts and other relevant committees of the National Assembly, as well as the Ministry of Industry, Trade and Investment.
The consultations are expected to give the assessors an opportunity to hear directly from stakeholders about the country’s implementation of the EITI Standard, ongoing reforms and outstanding challenges in the extractive sector.
Commenting, the Executive Secretary of NEITI, Musa Adar, described the exercise as an important opportunity for Nigeria to demonstrate its commitment to responsible management of its oil, gas and mining resources.
“Nigeria remains firmly committed to the principles of the Extractive Industries Transparency Initiative. We regard the Validation process as an opportunity not only to assess the progress we have made, but also to highlight areas where further reforms can enhance extractive sector governance,” Sarkin Adar said.
The NEITI boss said the agency had worked with the National Stakeholders Working Group and other stakeholders to prepare for the assessment.
According to him, the preparations included the submission of Nigeria’s validation documentation and targeted engagements with stakeholders in line with the requirements of the 2023 EITI Standard.
He expressed confidence that the mission would strengthen Nigeria’s relationship with the global EITI and reinforce its commitment to transparency, accountability and prudent management of its natural resources.
Validation is the EITI’s independent quality assurance mechanism for determining how well implementing countries comply with the EITI Standard.
The process examines the extent to which countries have improved transparency and accountability in the management of extractive resources while also identifying areas requiring further reforms.
For Nigeria, the latest exercise comes against the backdrop of its previous validation, which produced a moderate score but also identified areas requiring corrective action.
Nigeria underwent its fourth EITI validation in January 2023 under the 2019 EITI Standard and obtained an overall score of 72 points.
The assessment identified a number of corrective actions that Nigeria was expected to address before its next validation.
The 2026 exercise will therefore provide an independent assessment of whether the country has made measurable progress since the last validation and whether reforms have been institutionalised across the extractive sector.
The assessment covers issues central to the management of Nigeria’s vast oil, gas and mining resources, including transparency, public oversight and accountability.
The latest validation is also taking place as Nigeria seeks to deepen reforms in its extractive industries and attract more investment into the upstream oil and gas and mining sectors.
The country has long faced concerns over revenue leakages, opaque ownership structures, crude oil theft, weak public oversight and limited transparency around the management of natural resources.
The EITI process is designed to help address some of these challenges by promoting disclosure and encouraging collaboration among government, extractive companies and civil society.
Nigeria joined the EITI as an implementing country in 2004 and subsequently enacted the NEITI Act in 2007, establishing a statutory framework for promoting transparency in the management of the country’s extractive industries.
Since then, NEITI has conducted industry audits, published reports and made recommendations aimed at improving revenue collection, reducing leakages and strengthening accountability in the oil, gas and mining sectors.
The 2026 validation therefore comes at a critical point for the country as it seeks to demonstrate that previous recommendations have translated into concrete institutional reforms rather than remaining largely on paper.
NEITI said the exercise would also allow stakeholders to present their perspectives on the reforms and challenges affecting the extractive sector.
“The 2026 EITI Validation is an opportunity to demonstrate the progress Nigeria has made in strengthening extractive sector governance, addressing previous corrective actions and institutionalising reforms that promote transparency and accountability,” the agency stated.
The outcome of the exercise will provide an external assessment of Nigeria’s implementation of the EITI Standard and could influence the direction of further reforms in the sector.
The validation mission is expected to conclude on August 14.
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