NEWS
Petrol Marketers Face Crisis As Prices Exceed ₦1,000 Per Litre
As petrol prices surge past ₦1,000 per litre at most filling stations, petrol marketers across Nigeria are sounding the alarm over a dramatic decline in sales.
This alarming situation has forced many retailers to downsize their workforce and reduce work shifts in a bid to cope with the financial strain.
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Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), spoke on Monday’s edition of Channels Television’s The Morning Brief.
He expressed deep concerns regarding the sustainability of the industry, noting that the cost of purchasing fuel has skyrocketed.
“We used to buy 45,000 litres of fuel a couple of months ago for less than ₦8.5 million, but today, we have to cough out about ₦49 million to buy the product,” he lamented.
The challenges facing petrol marketers are exacerbated by high interest rates, making it increasingly difficult to secure financing.
Gillis-Harry emphasized that “financial institutions are not coming to our rescue,” and the purchasing power of Nigerians has significantly diminished.
Ukadike Chinedu, a spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), echoed these sentiments, revealing that filling stations have turned into “ghost places” as middle-class Nigerians opt for public transportation over driving their vehicles.
“The volume of trade in the filling stations is very low because buyers have dropped some of their luxury vehicles and are now using alternative transportation,” he said.
Chinedu pointed out that many petrol retailers rely on borrowed money, further complicating their financial situation amid soaring operational costs.
Both industry leaders have called on President Bola Tinubu to establish a ₦100 billion seed fund to support oil marketers, similar to assistance provided to the aviation and agricultural sectors.
The ongoing crisis is part of a broader economic challenge faced by Nigerians, who are dealing with soaring food inflation and energy prices that have quadrupled in the past year.
Under the Tinubu administration, the price of petrol has jumped from less than ₦200 to over ₦1,000 per litre, with many attributing this surge to the recent removal of petrol subsidies and the unification of foreign exchange rates.
Citizens have expressed their frustration through two major protests, demanding a reversal of the government’s controversial reforms.
However, the current administration remains steadfast, insisting that its policies are essential for the country’s economic recovery.
NEWS
Political Earthquake Brewing? Peter Obi, Bala Mohammed in Closed-Door Talks
Former Labour Party presidential candidate in the 2023 general election, Peter Obi, on Thursday visited Bauchi State for a closed-door meeting with Governor Bala Mohammed amid growing political realignments in the country.
Obi, who is also a chieftain of the African Democratic Congress (ADC) opposition coalition, arrived at the Bauchi State Government House where he proceeded to a private meeting with the governor at the Presidential Lounge.
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The purpose of the visit was not immediately known as both politicians held discussions behind closed doors.
Details of the meeting remained undisclosed at the time of filing this report.
However, sources within the Government House suggested that the meeting may be connected to recent political developments and possible alignments ahead of future elections, though this could not be independently verified.
Both leaders are expected to brief journalists after the meeting concludes.
Governor Bala Mohammed, who serves as Chairman of the Peoples Democratic Party (PDP) Governors’ Forum, has recently been at the center of political speculation regarding his party allegiance.
On March 31, he reportedly hinted at a possible political shift during a meeting with a delegation of the African Democratic Congress led by former Secretary to the Government of the Federation, Babachir Lawal, at the Government House in Bauchi.
However, his political engagements appeared to take a different turn shortly after, as he also hosted the National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, alongside Kano State Governor, Abba Yusuf, on April 1 at the same venue.
The latest meeting with Obi has further intensified speculation about ongoing political consultations and possible future alignments among key political actors.
NEWS
JUST IN: Nigeria’s Debt Profile Set to Rise as Tinubu Requests Fresh $516m Foreign Loan
President Bola Tinubu has requested the approval of the Senate for a fresh external borrowing of $516.33 million, in a move that is expected to further raise concerns over Nigeria’s growing debt profile.
The request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and was read during plenary on Thursday at the National Assembly.
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According to the letter, the proposed loan is to be sourced from Deutsche Bank and will be used to finance a key infrastructure component under the government’s already approved borrowing programme—the Sokoto–Badagry Super Highway project, a major road corridor designed to enhance connectivity across the country.
President Tinubu, in the request, urged the Senate to give the proposal expedited consideration and approval, stressing the importance of the project to national infrastructure development and economic growth.
Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts, directing the committee to examine the proposal and submit its report within one week.
The latest borrowing request comes amid ongoing national debates over Nigeria’s debt sustainability, as the federal government continues to rely on external loans to fund large-scale infrastructure projects.
NEWS
Shock as Court Rejects El-Rufai’s Bail Application, Orders Continued Detention
A Kaduna State High Court has rejected the bail application filed by former Kaduna State Governor, Nasir El-Rufai, ordering that he remain in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) pending the determination of his trial.
The ruling was delivered by Justice D.H. Khobo, who held that the seriousness of the allegations against the former governor, as well as concerns over possible interference with ongoing investigations, made the grant of bail inappropriate at this stage.
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El-Rufai had approached the court seeking release on bail pending trial over a nine-count charge filed by the Federal Government through the Independent Corrupt Practices and Other Related Offences Commission.
He argued that the offences were not capital in nature and that he posed no flight risk, citing his community ties, fixed residences, and willingness to cooperate with investigators.
He also told the court that he voluntarily returned to Nigeria to honour official invitations and challenged the validity of the charges, describing them as defective.
Additionally, he raised health concerns, requesting bail on medical grounds.
However, the prosecution opposed the application, insisting that the alleged offences were serious and economically damaging, with a likelihood that the defendant could interfere with witnesses and ongoing investigations.
In his ruling, Justice Khobo held that the gravity of the charges and the risk of interference outweighed the arguments for bail.
The court also ruled that insufficient medical evidence had been provided to justify release on health grounds.
The judge therefore ordered that El-Rufai remain in ICPC custody and directed that the trial proceed on an accelerated basis, fixing early hearing dates for the case.
The former governor will remain detained as proceedings continue in the high-profile corruption trial.





