NEWS
Petrol Prices Soar By 87% In One Year, Diesel Also On The Rise – NBS
The National Bureau of Statistics (NBS) has reported a sharp rise in the retail prices of petrol and diesel across Nigeria.
In its Petrol Price Watch for November 2024, released in Abuja on Thursday, the NBS revealed that the average retail price of a litre of petrol rose to N1,214.17, an 87.10% increase from N648.93 recorded in November 2023.
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The report also noted that the price increase between October and November 2024 was 2.48%, with the average retail price in October standing at N1,184.83.
Petrol Prices Across States
According to the NBS, Benue recorded the highest average petrol price in November 2024 at N1,365.16 per litre, followed by Borno (N1,331.94) and Adamawa (N1,319.85).
On the other hand, the states with the lowest prices were Lagos (N1,092.79), Katsina (N1,121.25), and Kano (N1,152.86).
Regionally, the South-East Zone recorded the highest average price of petrol at N1,257.72, while the South-West Zone had the lowest at N1,153.94 per litre.
Diesel Prices Rise by 37% Year-on-Year
In its Diesel Price Watch for November 2024, the NBS reported that the average retail price of diesel also increased significantly.
The price climbed to N1,446.83 per litre in November 2024, a 37.07% increase compared to N1,055.57 per litre in November 2023.
Month-on-month, diesel prices rose slightly by 0.38% from N1,441.28 recorded in October 2024.
State-by-State Diesel Prices
The highest diesel prices in November were recorded in Bauchi (N2,232.04), Taraba (N1,770.59), and Borno (N1,751.15). Meanwhile, the lowest prices were observed in Oyo (N1,250.71), Ogun (N1,258.08), and Lagos (N1,262.38).
The report also showed that the North-East Zone recorded the highest average diesel price at N1,676.11, while the South-West Zone had the lowest average price at N1,303.61 per litre.
The continued rise in fuel prices highlights the growing burden on households and businesses as they grapple with higher transportation and energy costs.
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.





