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JUST IN: Dangote Refinery Cuts Fuel Price

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In a move aimed at alleviating the financial strain on Nigerians, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS) from N950 to N890 per litre, effective February 1, 2025.

Anthony Chiejina, the Group Chief Branding and Communications Officer, revealed this in a press statement issued on Saturday.

The company attributed the price cut to positive developments in the global energy market and a decrease in international crude oil prices.

READ MORE: Internet Fraud: EFCC Arraigns 11 Chinese, One Filipino In Lagos

The statement further reaffirmed the refinery’s commitment to fair pricing, emphasizing that the adjustment underscores “Dangote Refinery’s unwavering dedication to transparency and fairness.”

The refinery expects the price cut to bring relief to Nigerians by lowering the cost of petrol nationwide.

“This reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” Chiejina said.

Dangote Refinery has urged fuel marketers to ensure that the benefits of the price reduction reach consumers, emphasizing that industry collaboration is crucial to achieving the intended economic relief.

“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” the statement added.

The price cut is expected to have a widespread impact on the economy, with fuel costs directly affecting transportation, food prices, and production costs.

However, analysts warn that the effectiveness of the reduction will depend on compliance by fuel marketers and retailers to ensure consumers benefit from the lower prices.

 

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NEWS

Tinubu Signs 2025 Budget Amendment Into Law

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President Bola Ahmed Tinubu has signed the Appropriation (Amendment) (No. 4) Bill, 2025, into law, extending the implementation period of the 2025 budget from September 30 to December 31, 2026.

The development was confirmed in a statement issued on Wednesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy.

According to the statement, the presidential assent followed the passage of the amendment by both the Senate and the House of Representatives on Tuesday, September 29, 2026.

SEE MORE:2027 Election: Wike Sets Resignation Date If Tinubu Loses Rivers, FCT

The extension gives Ministries, Departments and Agencies (MDAs) additional time to complete ongoing capital projects and utilise funds already appropriated.

The Presidency said the move would ensure that funds already approved in the 2025 budget are fully put to work without disrupting critical government programmes.

The National Assembly had approved the extension after lawmakers considered the need to provide additional time for the implementation of capital projects under the 2025 Appropriation Act.

The Senate had described the extension as necessary to prevent the abandonment of ongoing projects and allow outstanding obligations relating to projects to be addressed.

With the President’s assent, the 2025 budget implementation deadline is now formally extended to December 31, 2026.

President Tinubu commended the leadership and members of the National Assembly for what he described as their prompt consideration of the amendment.

He said the development further demonstrated cooperation between the Executive and Legislative arms of government in the service of the country.

The latest extension marks another adjustment to the implementation timeline of the 2025 capital budget, which had previously been extended from its original deadline to March 31, June 30 and subsequently September 30, 2026.

 

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FG Reveals Six Locations for Proposed 24-Hour Power Supply Zones

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#NigeriaDecides: Tinubu Defeats Atiku In Jigawa, Wins 19 Of 27 LGAs

The Federal Government has begun discussions with electricity distribution companies (DisCos) on plans to establish dedicated energy zones that could provide 24-hour electricity supply to homes, businesses and industries in major demand centres across Nigeria.

The initiative was discussed during a closed-door meeting between the Minister of Power, Joseph Tegbe, and representatives of selected electricity distribution companies and other power-sector stakeholders on Wednesday.

SEE MORE: Kainji–Birnin Kebbi Power Line: TCN Begins Final Phase of Restoration

Under the proposed arrangement, the government is targeting six major locations across three key electricity corridors: the Lagos axis, the Abuja-Kaduna-Kano corridor, and the Enugu-Port Harcourt corridor.

The proposed zones are intended to concentrate efforts on areas where reliable electricity is considered critical to manufacturing, commercial activities and other productive sectors.

Tegbe said the challenge facing Nigeria’s power sector goes beyond electricity generation and transmission, noting that distribution companies must also be able to take up available electricity and deliver it effectively to consumers.

“The constraint on the sector is not limited to generation and transmission but includes how much power is taken up and delivered at the distribution end,” the minister said.

According to him, the proposed energy zones are expected to help address gaps at the distribution end of the electricity value chain, while also supporting increased commercial and industrial demand.

The minister said the initiative could improve the revenue and collection performance of DisCos as more reliable electricity becomes available to productive users.

He also said the Federal Government would continue expanding electricity infrastructure in areas with high demand, stressing that electricity supply capacity must increase alongside the needs of the economy.

Representatives of Abuja Electricity Distribution Company, Ikeja Electric, Eko Power, Ibadan Electricity Distribution Company and Sahara Energy Group were among those reported to have attended the meeting.

However, the government has not announced a specific implementation date, the amount of electricity expected to be supplied to the proposed zones or the infrastructure investment required to achieve round-the-clock supply.

The plan comes as businesses and households continue to face concerns over the reliability of electricity supply and the ability of DisCos to efficiently distribute available power.

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NELFUND: ‘Have You Given Students ₦5,000 Scholarship?’ — NANS President Replies Dino Melaye

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The President of the National Association of Nigerian Students (NANS), Akinteye Babatunde Afeez, has challenged ADC chieftain Dino Melaye to account for his record of supporting students after the former senator criticised the Nigerian Education Loan Fund (NELFUND).

Afeez made the remarks in a video circulating on social media on Tuesday while reacting to Melaye’s comments about the Federal Government’s student loan programme.

The NANS president questioned whether Melaye had personally provided scholarships or bursaries to students in his constituency.

RELATED NEWS: ‘NELFUND Is A Haven Of Corruption’ — Dino Melaye Blasts Tinubu Govt

“Dino Melaye should come out and tell us if he has even given ₦5,000 as scholarship to students in his area, as bursary to students in his constituency,” Afeez said.

He questioned why Melaye should be the person shaping public opinion on education policy, particularly given his previous tenure in the Senate.

“Dino Melaye was a member of the 8th Senate, and I think he was one of the strongest members of the 8th Senate who was closer to the Senate President. What was his policy on education? What did he do to the students in his constituency?” he asked.

Afeez also criticised Melaye’s understanding of the NELFUND programme, saying the former lawmaker appeared to have confused the monthly upkeep payment with the entire support provided under the scheme.

“If Dino Melaye had done some research at all, he wouldn’t have embarrassed himself like that on national television stating that just ₦20,000 was given to students per year,” the NANS president said.

He explained that NELFUND provides educational loans as well as monthly upkeep support to beneficiaries.

“NELFUND has loan, and NELFUND has upkeep. Students are getting their educational loan and they are also getting the upkeep monthly,” Afeez said.

“And the upkeep is not just ₦20,000 a year, it’s ₦20,000 monthly,” he added.

Afeez further questioned whether Melaye had examined NELFUND’s publicly available information before making his claims.

“Even if Dino Melaye should go to ordinary NELFUND page, he will see schools acknowledging that they have received money from NELFUND,” he said.

The NANS president also took a strong position on Melaye’s criticism, describing the ADC chieftain as a comedian and questioning whether people still take his comments seriously.

“Do people still take Dino Melaye serious? Dino Melaye is a comedian. He is a jester,” Afeez said.

He argued that anyone commenting on education policy should be sufficiently informed about the subject.

“It is not about campaign and it’s not about supporting, but one fact is that if you want to talk about the education policy of the present administration, you have to have something upstairs,” he said.

Afeez also alleged that Melaye had previously asked students to endorse former presidential candidate Atiku Abubakar during the last election and subsequently failed to fulfil promises made to them.

“Dino Melaye, last election, came to Southwest to deceive students to endorse Atiku. After those students endorsed Atiku, he ran away with their money,” Afeez alleged.

He further claimed that Melaye had promised the students a vehicle.

Afeez concluded by dismissing Melaye’s criticism and saying NANS would continue to defend students’ interests.

The exchange followed Melaye’s earlier criticism of NELFUND, in which he described the programme as a “haven of corruption” and questioned the Federal Government’s claim that it was paying students’ school fees.

Melaye had specifically questioned the ₦20,000 payment, asking: “Which government school today takes ₦20,000 annual school fees?”

He also challenged NELFUND to publish the names of students who had benefited from the programme.

 

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