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.

Local refineries in Nigeria are resorting to Libya for crude oil supplies, as the domestic supplies keep falling short of feedstock demand.

Led by the Dangote Petroleum Refinery and Petrochemicals (DPRP), local refineries have so far imported over two million barrels of crude oil from the North African country.

The import comes amid the high export of crude locally produced in Nigeria to other countries, leaving local refineries with no option but to seek feedstock elsewhere.

According to Libya Review, a local media outlet in the North African country, Libya’s crude oil exports reached a new milestone after Nigeria imported Libyan oil for the first time on record.

It noted that the development highlighted the growing role of Libyan supplies in regional energy markets amid ongoing disruptions to global trade flows.

According to data published by the Energy Research Unit, Nigeria imported around 64,500 barrels per day of Libyan crude in May 2026, equivalent to approximately two million barrels for the month. “The shipment marks the first recorded Nigerian import of Libyan crude in available historical data dating back to 2013,” the report said.

Recall that there were reports in 2024 that the DPRP was in talks with Libya for the purchase of crude oil. However, the Libyan oil corporation denied negotiating or entering into talks regarding the crude oil supply to any Nigerian refinery.

The statement, written in Arabic in 2024, translates, “The National Oil Corporation denies that it has negotiated or entered into any talks regarding the supply of crude oil to an oil refinery in Nigeria.”

The National Oil Corporation also confirmed then that it was committed to its contracts with its international partners and committed to the legal mechanism for selling Libyan oil raw materials and that it did not work with an immediate sales mechanism.

“In addition, the process of determining raw material prices is carried out through a committee of experts and is approved by the corporation and the Ministry of Oil and Gas,” Libya said in July 2024.

But it appears the agreement has finally been concluded with the supply of 2 million barrels to the DPRP in just one month. By ramping up capacity to 700,000 barrels per day and eyeing 1.4 million barrels per day in 2028, the refinery is increasingly in need of feedstock from multiple sources.

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In 2026, the refinery already imported cargoes of Angola’s Cabinda and Saxi Batuque crudes, Ghana’s Jubilee crude and, for the first time, Libyan and Guyanese supplies, all of the light sweet or medium sweet variety, according to S&P Global Energy data.

In Nigeria, local refiners have consistently complained of insufficient crude supply due to higher exports. Nigeria exported an estimated 148.9 million barrels of crude oil valued at about N20.22tn in the first five months of 2026, showcasing the scale of the country’s oil export despite persistent concerns over the domestic crude supply obligation.

The crude barrels were exported by both international and indigenous oil companies, including the Nigerian National Petroleum Company Limited.

The figures obtained from the Central Bank of Nigeria (CBN) indicate that the total volume of crude oil produced by the country during the five-month review period in 2026 was 216.85 million barrels, out of which about 149 million barrels were exported.

Overall, Nigeria exported about 68.7 percent of the crude oil it produced during the five months, leaving roughly 67.95 million barrels available for domestic refining, storage, operational use, and inventory adjustments.

The import of crude from Libya is coming as international oil markets continue to adjust to supply disruptions linked to the US-Iran conflict and the resulting challenges affecting energy shipments through the Gulf region. These conditions, it was learnt, have allowed Libyan crude to expand its presence in both African and European markets.

Libya is also strengthening energy ties with neighbouring countries while also competing with Nigeria for major oil investors.

It was gathered that Egypt imported approximately 33,000 barrels per day of Libyan crude in April 2026, following imports of 57,000 barrels per day in February. The purchases marked Egypt’s first imports of Libyan crude since 2019 and form part of efforts to secure alternative supplies following agreements to import more than one million barrels per month from Libya.

Tunisia also increased purchases of Libyan crude during 2026, importing around 19,000 barrels per day in March and 10,000 barrels per day in May, despite only occasionally buying Libyan oil in previous years.

Italy remained Libya’s largest customer, importing 348,000 barrels per day in May, accounting for roughly one-third of total Libyan crude exports. Greece, Spain and Turkey followed among the leading buyers of Libyan oil.

A swift response by the Kwara State Fire Service helped avert a major disaster after a fire outbreak destroyed a laundry shop attached to an eight-room residential building in the Tanke area of Ilorin, Kwara State.

The incident occurred at about 3:58 a.m. on Tuesday at Assu-Luxury Quarters, off University Road. Although the laundry shop was gutted by the blaze, all residents of the building escaped unhurt, while firefighters successfully prevented the fire from spreading to the residential apartments and nearby properties.

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The Public Relations Officer of the Kwara State Fire Service, Hassan Adekunle, confirmed the incident in a statement, explaining that the affected property comprised eight residential rooms and a laundry shop, with only the laundry section sustaining damage.

According to him, firefighters responded promptly to the emergency, bringing the fire under control by about 4:25 a.m. before concluding the operation at approximately 4:42 a.m.

Preliminary investigations suggest that the fire may have been caused by an electrical power surge, possibly from a pressing iron left switched on for an extended period.

However, the fire service said investigations are still ongoing to determine the exact cause of the incident.

Reacting to the development, the Director of the Kwara State Fire Service, Alabi Muhammed, urged business owners, particularly laundry operators, to adopt safer electrical practices.

He advised operators to switch off electrical appliances immediately after use and never leave them unattended while powered.

Muhammed also stressed the importance of conducting routine electrical inspections, using standard electrical appliances, and installing surge protection devices to minimise the risk of fire outbreaks.

The Kwara State Fire Service reaffirmed its commitment to protecting lives and property through prompt emergency response and sustained public awareness on fire safety.