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Naira-For-Crude Policy Still-In-Force – Chairman, Technical Sub-Committee

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The crude-for-naira policy of the President Bola Ahmed Tinubu administration remains in force, and it is not being considered for review, given the numerous advantages it has brought to the domestic economy.

These views were made public by the Chairman, Technical Sub-Committee, Zacch Adedeji. His committee is saddled with the responsibility of ensuring the implementation of the policy by the Federal Executive Council (FEC).

Adedeji’s position was detailed in a statement put out on the socials of the Special Adviser to the President, (Information and Strategy), Bayo Onanuga, on Tuesday.

ALSO READ: Under Tinubu, Nigeria Is Moving In Right Direction

It reads, “Our attention has been drawn to reports doing the rounds and suggesting that the naira-based crude oil supply arrangement with local refineries has been discontinued, forcing the domestic refineries to rely solely on international crude purchases.

These reports do not reflect the realities of the ongoing work under the Federal Executive Council Initiative on Domestic Sales of Crude Oil and Refined Products in Naira.

As the committee driving the implementation of this laudable initiative, we wish to provide an update on the Federal Executive Council initiative and confirm as follows:

– The Naira-Based Domestic Sales Framework Remains in Place

The policy framework enabling the sale of crude oil in naira for domestic refining remains in force. The initiative was designed to ensure supply stability and optimize the utilisation of local refining capacity. There has been no decision at the policy level to discontinue this approach nor is it being considered. After implementing the policy for some months, evidence abounds that it is the right way to go and it will continue to help the economy.

– Local Refineries Have Not Been Excluded from Domestic Crude Supply

The engagement process for crude oil supply to domestic refineries therefore remains in place by structured agreements, balancing factors such as availability, demand, and market conditions. There is no exclusion of local refineries from access to domestic crude. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is actively ensuring compliance with the Domestic Crude Oil Obligations provisions of the Petroleum Industry Act.

– The Initiative Supports Competitive Pricing and Market Efficiency

The framework for domestic crude transactions is designed to promote a competitive and efficient pricing environment.

– The Committee Continues Its Work on Strengthening Implementation

We remain committed to ensuring the efficient execution of this initiative in line with its core objectives – enhancing local refining, reducing foreign exchange exposure, and stabilising the domestic fuel supply.

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International News

Petro Warns Colombia Is Heading Toward Civil War After Alleged Election Fraud

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Colombia’s outgoing President, Gustavo Petro, has warned that the country could descend into civil war following what he described as widespread fraud in the recent presidential election.

Speaking at a press conference on Monday, Petro claimed that the June presidential runoff was tainted by “algorithmic, systemic electoral fraud” involving a massive number of votes, insisting the results were manipulated against his political ally, Ivan Cepeda.

SEE MORE: Osun Election: Gunmen Invade PVC Centre, Cart Away Voter Cards

“We are facing fraud and an undoubtedly profound institutional problem, namely the inauguration of an illegitimate president,” Petro said.

The outgoing leader alleged that “foreign money and foreign companies with the capacity to manipulate algorithms” interfered in Colombia’s electoral process, accusing external actors of influencing the outcome of the election.

Petro’s remarks come just days before president-elect Abelardo de la Espriella is due to be sworn into office on Friday in the southwestern city of Cali, a departure from the longstanding tradition of holding presidential inaugurations before Congress in the capital, Bogota.

The Colombian leader also claimed that De la Espriella, who received the endorsement of United States President Donald Trump before the election, plans to extradite him to the United States on what he described as false charges.

Warning of the potential consequences, Petro said, “It’s crystal clear what a civil war in Colombia could look like,” arguing that public resistance to the incoming administration’s actions could trigger widespread unrest.

The political crisis has deepened further after the left-wing bloc in Congress, led by Cepeda, announced it would boycott De la Espriella’s inauguration and called for nationwide mobilization against the president-elect.

Observers have also raised concerns that Colombia could witness a return to violent street protests similar to those experienced between 2019 and 2021, which left dozens dead.

Despite having no prior political experience, De la Espriella has pledged to boost private investment, shrink the size of government by 40 percent, and intensify military operations against guerrilla groups and drug cartels as the country battles its worst surge in violence in a decade.

His inauguration is scheduled for Friday amid heightened political tensions and growing uncertainty over Colombia’s future.

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NEWS

‘Nigerians Can’t Eat GDP’ — Atiku Tears Into Tinubu’s Economic Record

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Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the Federal Government’s claims that Nigeria’s economy is on the path to recovery, arguing that worsening hardship and the decline of the country’s manufacturing sector paint a different picture.

Atiku made the remarks in a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, accusing the Presidency of relying on “propaganda” and macroeconomic statistics that do not reflect the realities faced by ordinary Nigerians.

SEE ALSO: Win 2027 at the Ballot, Not in Court – Atiku to Politicians

According to the former vice president, the continued shutdown of manufacturing firms and the financial distress confronting many others are clear indications that the economy is deteriorating despite official claims of progress.

“A government cannot claim its economic policies are working when the country’s industrial sector is actively shutting down. Nations do not build prosperity by celebrating macroeconomic statistics while their factories close their gates,” the statement read.

Citing figures from the Manufacturers Association of Nigeria (MAN), Atiku said 767 manufacturing companies had shut down, while another 335 were operating under severe distress.

He also claimed that manufacturers were holding about ₦2.14 trillion worth of unsold finished goods, blaming the situation on the collapse in consumers’ purchasing power.

According to him, several multinational companies, including Procter & Gamble, GlaxoSmithKline, Sanofi and Kimberly-Clark, have either exited local manufacturing or shut down production in Nigeria, while some indigenous firms have also suspended operations.

Atiku further alleged that manufacturers spent approximately ₦1.1 trillion on diesel to power their factories due to unreliable electricity supply and rising energy costs.

“Factories do not shut down because the opposition writes press statements. Manufacturers do not accumulate trillions of naira in unsold goods because critics hold press conferences.

“They leave because the economic environment has become increasingly hostile to production, investment and enterprise,” he stated.

The ADC presidential candidate argued that while the Presidency continues to celebrate improvements in Gross Domestic Product (GDP), debt ratios and other macroeconomic indicators, millions of Nigerians are struggling with rising food prices, unemployment and declining purchasing power.

He questioned why poverty and food insecurity remain widespread if the government’s reforms are yielding the benefits being advertised.

“Governments are not elected to improve spreadsheets. They are elected to improve the lives of their people. Nigerians cannot eat GDP. They cannot cook with debt-to-GDP ratios. They cannot pay school fees with statistical projections,” Atiku said.

The former vice president also criticised the administration’s continued borrowing despite claims that government revenues had improved following the removal of petrol subsidy and reforms in tax administration.

He challenged the Federal Government to explain why borrowing remains at record levels if fiscal reforms have significantly strengthened public finances.

Atiku further accused the administration of failing to demonstrate how the gains from subsidy removal have translated into improved infrastructure, healthcare, education and social welfare, maintaining that Nigerians deserve to know where the promised dividends of the policy have gone after enduring record fuel prices, soaring transport costs and a sharp rise in the cost of living.

The statement came in response to the Presidency’s recent defence of President Bola Tinubu’s economic reforms, in which it argued that policies such as fuel subsidy removal and exchange-rate liberalisation had stabilised the economy and laid the foundation for long-term growth.

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JUST IN: Abducted Kebbi Judge Finally Regains Freedom, Returns Home Safely

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There was relief and celebration in Kebbi State on Monday as abducted High Court Judge, Hon. Justice Faruku Hassan Bunza, regained his freedom after spending one week in the custody of suspected bandits.

A family member confirmed the development, revealing that the judge had safely returned home a few hours before speaking to journalists.

SEE MORE: Bandits Kidnap Kebbi High Court Judge in Midnight Home Invasion

“We are in jubilation and full of gratitude to God for seeing our own return safely from captivity. He was just released and has returned home now after spending one week with the bandits,” the relative said.

The family also expressed appreciation to the Kebbi State Judiciary, security agencies, and residents of the state for their prayers, support, and solidarity throughout the period of the judge’s captivity.

“We sincerely thank and appreciate the Kebbi State Judiciary, the security agencies, and the entire people of Kebbi State who contributed in different ways, offered prayers, and sent messages of sympathy. Your concern and support gave us strength, and we are grateful for your solidarity,” the family member added.

Although the judge’s release has been confirmed, the circumstances surrounding how he regained his freedom remain unclear.

“Other details of how he was released will be made available later,” the source said.

As of the time of filing this report, neither the Kebbi State Judiciary nor security agencies had issued an official statement regarding the judge’s release.

Biz tellers recalls that Justice Bunza was abducted last week, triggering widespread concern across Kebbi State and prompting calls from residents and stakeholders for his immediate and unconditional release.

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