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World Bank Declares Imported Petrol Cheaper than Dangote’s

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World Bank deploys $114.9 to finance global crises in 2022

The World Bank has alleged that the disparity in costs of imported Premium Motor Spirit (PMS), otherwise called petrol, the one supplied by the Dangote Petroleum Refinery, has potential to deepen inflationary pressures in Nigeria’s economy.

In its latest Nigeria Development Update, the World Bank revealed that imported petrol costs about 12 percent less than locally refined fuel from Dangote, exposing distortions in the country’s downstream pricing framework amid elevated global crude oil prices.

The report noted that the disparity comes despite Dangote refinery emerging as the dominant supplier of petrol in Nigeria following the halt in issuance of import licences earlier in 2026. It said the pricing gap underscores broader inefficiencies in the domestic fuel market at a time of heightened global oil volatility.

According to the bank, rising crude oil prices, driven largely by geopolitical tensions in the Middle East, are compounding pressures within Nigeria’s energy market and could further widen inflationary risks if sustained.

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It warned that an increase in global oil prices to about $80 per barrel could directly add roughly 3.1 percentage points to Nigeria’s headline inflation, assuming full pass-through to domestic fuel prices.

The World Bank explained that energy-related components, particularly transport, which accounts for about 10.1 per cent of Nigeria’s Consumer Price Index (CPI), serve as a key transmission channel for fuel price shocks across the broader economy.

Beyond fuel, the report highlighted the risk of rising food prices, linked to higher global costs of food and fertilisers stemming from the same geopolitical disruptions affecting oil markets.

Speaking during the report presentation in Abuja, World Bank Country Director for Nigeria, Mathew Verghis, acknowledged improvements in Nigeria’s macroeconomic outlook through 2025 and early 2026, driven by ongoing reforms. However, he cautioned that external shocks continue to pose serious risks to price stability.

He noted that higher global energy and shipping costs are already feeding into domestic prices, particularly within the fuel and transport sectors.

Verghis added that while rising oil prices may boost government revenues due to Nigeria’s status as a net oil exporter, the overall fiscal gains remain limited, stressing that curbing inflation is critical to protecting household incomes and purchasing power.

Also speaking, World Bank Lead Economist for Nigeria, Fiseha Haile, said petrol price increases have already transmitted across transport and logistics chains, amplifying cost pressures across sectors.

While acknowledging improvements in Nigeria’s external position, including stronger reserves and exchange rate unification, he warned that vulnerabilities persist due to volatile global financing conditions and weaker capital inflows.

Despite the easing in oil prices, the World Bank maintained that Nigeria’s economy remains vulnerable to external shocks, warning that persistent global uncertainties could sustain pressure on inflation and household welfare in the months ahead.

Meanwhile, global oil prices recorded a sharp decline following a ceasefire agreement between the United States and Iran, easing immediate supply concerns.

U.S. benchmark West Texas Intermediate crude for May delivery dropped over 17.3 per cent to $93.69 per barrel, while Brent crude for June fell 15.3 per cent to $93.03 per barrel, marking their steepest one-day declines since early 2020.

The price drop followed an announcement by Donald Trump that both countries had agreed to a temporary ceasefire, allowing the Strait of Hormuz to reopen for two weeks while hostilities are suspended.

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Outrage as Police Officer Who Threatened Nigerians Over Recording Breaks Silence

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A Nigerian police officer identified as Newton Isokpehi has sparked widespread reactions online after publicly apologising for threatening Nigerians who film police officers while on duty.

The officer came under heavy criticism after a viral video showed him warning that he would “clear everybody down,” including bystanders near anyone recording him during official duty.

Following the backlash, Isokpehi released a video on Thursday pleading with Nigerians and rights activist Harrison Gwamnishu for forgiveness, saying his earlier comments were made out of anger and frustration.

SEE ALSO: Six Arrested as Police Expose Inside Network Behind Oyo School Abduction

“Please forgive me. If I offended you as a brother, forgive me. That statement was just out of annoyance because of the things that are happening,” he said.

Speaking in Pidgin English, the officer clarified that he was not against citizens filming police officers, noting that Nigerians have the right to record security personnel while carrying out their duties.

“Actually, you can video us. You are allowed to video a policeman. But it’s not right for just anybody to come from anywhere and start videoing officers on duty,” he stated.

Isokpehi, who disclosed that he hails from Edo State and was raised in a police barracks in Kaduna, described himself as a committed officer who has spent over 12 years serving in the Mobile Police unit.

The officer also displayed several scars and gunshot wounds on his body, claiming they were sustained during dangerous operations while serving the country.

“Out of 17 of us, only two survived that operation. We have suffered in this work,” he said emotionally.

Attempting to walk back his earlier remarks, Isokpehi insisted he never intended to harm civilians.

“How can I be saying I will kill my own people? We don’t do that. I spoke out of annoyance. That one was just verbal talk,” he added.

He further appealed directly to Gwamnishu and Nigerians, admitting that the controversy had escalated beyond what he expected.
“Harrison, forgive me. I beg the whole of Nigeria, please forgive me. This one has reached too far,” he pleaded.

The apology has continued to generate mixed reactions online, with many Nigerians condemning the officer’s initial comments while others expressed sympathy over the harsh conditions faced by security personnel.

 

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Cubana Chief Priest Explains Why He Dumped Peter Obi for Bola Ahmed Tinubu

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Nigerian socialite and businessman, Cubana Chief Priest, has explained why he shifted his political support from former Labour Party presidential candidate Peter Obi to President Bola Ahmed Tinubu following the 2023 general elections.

Speaking during a livestream session with popular streamer Peller, the celebrity businessman said his decision was motivated by a desire to avoid repeated political disappointment.

SEE ALSO: Plateau 2027: “I’m Not in the Race to Fill Numbers” — Bida Declares War on Mutfwang

He stated that he no longer wanted to back a candidate who might lose, saying he made the switch after the last election experience.
“Because I don’t want to lose again because they say first fool no be fool na the second fool be proper fool,” he said.

Cubana Chief Priest also claimed that President Tinubu remains cautious about him due to his past political alignment with Peter Obi and his ethnic background.

According to him, the President does not fully trust him because of his previous support for the opposition during the 2023 polls.

“President Bola Tinubu no really trust me as an Igbo man that I am. He look me with one eye because he believes that this one that worked for Peter Obi, before at the last election,” he added.

He further dismissed the chances of Peter Obi in the 2027 presidential election, describing him as “not serious” and insisting that only “serious people” would emerge victorious.

The comments have since generated widespread reactions on social media, with critics accusing him of political opportunism, while others argue that his position reflects the realities of Nigeria’s winner-takes-all political system.

Cubana Chief Priest was a vocal supporter of Peter Obi and the Labour Party during the 2023 elections but later aligned with the ruling All Progressives Congress (APC).

He currently serves as the Imo State Coordinator of the Pro-Tinubu City Boys Movement and has become more active within APC circles.

He had also obtained an APC House of Representatives nomination form but later withdrew from the primary election on the day of the exercise.

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Yobe Hospital Makes Medical History With First-Ever Lower Jaw Surgery

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The Yobe State Specialist Hospital has recorded a major medical breakthrough after successfully performing its first-ever lower jaw surgery, a development described as the first of its kind in North-Eastern Nigeria.

The complex procedure, known as a segmental mandibulectomy with reconstruction, was carried out on a 40-year-old female patient suffering from mandibular ameloblastoma, a tumour affecting the jawbone.

Speaking on the achievement, the Chief Medical Director of the hospital, Professor Usman Abba Giedam, said the surgery marked a significant milestone in the state’s healthcare sector.

SEE MORE: Ex-IGP Usman Alkali Baba Joins Yobe Governorship Race, Vows to End Insurgency

According to him, the operation involved the removal of a diseased section of the patient’s lower jaw and a sophisticated reconstruction using reconstruction plates and an iliac crest bone graft.

The surgery was led by Dr. Muhammad Ayuba Fusami with support from Dr. Peter Umejiego.

Giedam revealed that the patient is currently recovering well and responding positively to treatment following the successful operation.

He noted that the achievement reflects the growing capacity of the hospital to handle highly specialized medical procedures that previously required referrals outside the state.

The CMD also credited the administration of Mai Mala Buni for investing in healthcare infrastructure, medical equipment, and skilled manpower development across the state.

He added that the hospital remains committed to advancing specialized healthcare services and improving access to quality medical care for residents of Yobe State and the North-East region.

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