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World Bank’s Fuel Import Advice Retrogressive, Violates PIA – Energy Expert

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An energy economist, Prof Ken Ife, has strongly criticised recent recommendations by the World Bank urging Nigeria to deepen fuel importation and fully liberalise its downstream petroleum sector, describing the advice as “ill-timed, backward and inconsistent with Nigeria’s own laws.”

Speaking during a televised interview on Nigeria’s economic outlook, Ife argued that while parts of the World Bank’s latest Nigeria Development Update were analytically sound, its position on fuel importation undermines the country’s push for energy independence and local refining capacity.

“You cannot come to a country that is struggling and has suddenly developed a vision of becoming economically independent, and then advise it to reverse course and start importing again,” he said.

According to him, such recommendations run contrary to the provisions of the Petroleum Industry Act (PIA), which prioritises domestic crude supply for local refiners under the Domestic Crude Obligation framework.

“The law is very clear; priority must be given to local refining capacity. Advising Nigeria to abandon that and return to import dependence is not only against government policy but against the PIA law itself,” Ife stressed.

He warned that increased importation would expose Nigeria to global supply shocks, drain foreign exchange reserves and weaken ongoing investments in domestic refining, particularly at a time when private sector players are scaling up capacity.

“We are building refining capacity that will exceed local demand and position Nigeria as an energy exporter. How can anyone recommend that we abandon this and return to reckless importation?” he queried.
The economist further described the recommendation as lacking empirical grounding.

“This conclusion was parachuted into an otherwise strong report. There is no evidence to support telling Nigeria to depend on imports when major refining countries are restricting exports,” he said.

While acknowledging the World Bank’s accurate assessment of Nigeria’s macroeconomic trends such as GDP growth projections and sectoral performance. Ife maintained that its stance on fuel policy could worsen economic conditions.

ALSO READ: Refiners Hinge Price Differences on Imported Petrol on Quality

On inflation and cost of living, he argued that Nigeria’s challenges are not due to a lack of resources but policy inconsistencies in implementing domestic supply frameworks.

“Fuel price pressures in Nigeria are largely contrived. If local refiners are given crude at the terms stipulated by law, they will stabilise prices and reduce volatility,” he explained.

He also took issue with the Bank’s push for expanded social safety nets funded through borrowing, warning that such measures contradict Nigeria’s fiscal laws.

“Social safety nets are necessary, but you don’t borrow to share money. The law allows borrowing for capital projects and human development, not consumption. If support is needed, let it come as grants, not loans,” he said.

Professor Ife concluded that Nigeria’s long-term economic stability lies in reducing import dependence and strengthening local value addition across sectors.

“The sustainable path is clear; develop local refining, expand processing capacity and build economic sovereignty. Exporting raw materials and importing finished products only exports jobs and imports poverty,” he added.

It should be recalled that the World Bank’s recommendations have sparked renewed debate over Nigeria’s fuel policy, with critics warning that increased importation could undermine recent gains in local refining and expose the economy to external shocks.

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JUST IN: Oluremi Tinubu Arrives BATICC for APC Women’s Pre-Inaugural Ceremony Arrives BATICC for APC Women’s Pre-Inaugural Ceremony

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Nigeria’s First Lady, Senator Oluremi Tinubu, has arrived at the Bola Ahmed Tinubu International Conference Centre (BATICC) in Abuja for the All Progressives Congress (APC) Women Stakeholders’ Mobilisation and Empowerment Pre-Inaugural Campaign Roll-Out.

The First Lady arrived at the conference centre on Monday, October 5, for the women-focused political gathering organised by the Women Mobilisation Directorate of the APC Presidential Campaign Council ahead of the 2027 general elections.

The event is themed “Renewed Hope Agenda 2.0: From Reforms to Prosperity,” with the mobilisation message, “One Voice, One Movement, One Choice, One Mandate 2027.”

SEE ALSO: Tinubu Gov’t Does Not Engage, Everybody Is Its Enemy — Ajaero

The gathering is expected to bring together thousands of women from across the country, including women leaders, professionals, entrepreneurs, political stakeholders, community representatives and grassroots organisers.

20,000 women expected

The arrival follows a report published on Sunday, October 4, which said Oluremi Tinubu was expected to lead a major mobilisation of women stakeholders in Abuja.

According to the report, more than 20,000 women were expected to attend the Women Stakeholders’ Mobilisation and Empowerment Pre-Inaugural Campaign Roll-Out scheduled for 8am at BATICC.

The APC Women Mobilisation Directorate has also announced an ambitious target of mobilising 40 million women’s votes for President Bola Tinubu and Vice-President Kashim Shettima ahead of the 2027 presidential election.

Director of the Women Mobilisation Directorate of the APC Presidential Campaign Council, Dr Betta Edu, disclosed the target ahead of the gathering and said the structure was expanding its grassroots mobilisation across the country.

Speaking ahead of the event, a member of the APC Presidential Campaign Council Women Mobilisation Planning Committee, Princess Gloria Akobundu, highlighted programmes including the Nigerian Education Loan Fund (NELFUND), CREDICORP, infrastructure projects, cash-transfer programmes and youth empowerment initiatives.

Akobundu urged women in Imo State and across the South-East to strengthen their mobilisation structures and take the Renewed Hope Agenda message to communities across the region.

She said, “We are calling on our women across the South-East to strengthen their mobilisation and ensure that the message of the Renewed Hope Agenda reaches every community and locality.”

 

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‘Nigerians Still Exposed to Kidnappers Despite Subsidy Savings for Security’ – Atiku

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PDP Threatens INEC Over Delay In Presidential Election Results

Former Vice President Atiku Abubakar has criticised the Federal Government over the continued exposure of Nigerians to kidnappers, questioning the impact of savings from fuel subsidy removal on national security.

Atiku disclosed this in a statement on Monday while reacting to the abduction of 20 travellers, including prospective National Youth Service Corps (NYSC) members, in Imo State.

He described the abduction as “heartbreaking,” noting that although some of the victims had been rescued, others remained in captivity.

SEE ALSO: Fuel Subsidy: Atiku Showing Symptoms of Desperation — Afegbua

Atiku urged the Federal Government, Imo State Government and security agencies to act with urgency to secure the release of all those still being held.

He also raised concern over more than 70 pupils and students abducted from Mussa and Lassa in Borno State who, according to him, have remained in captivity for months.

“These children must not be forgotten. Their families deserve clear updates, and the public deserves answers,” he said.

The former vice president questioned the government’s handling of insecurity, recalling President Bola Tinubu’s promise that savings from the removal of fuel subsidy would help fund security.

“Yet Nigerians remain exposed to kidnappers on our roads, in our communities and around our schools,” Atiku said.

He said young Nigerians were facing danger at different stages of their lives, from secondary school to university and now while travelling to NYSC camps.

“Young people face danger in secondary school, struggle with unaffordable fees at university, and are now targets on their journeys to NYSC camps. This is a generation being failed at every stage,” he said.

Atiku also criticised the award of what he described as huge pipeline security contracts to politically connected companies, while ordinary Nigerians continue to face criminals.

“The first duty of government is to protect lives,” he stated.

He called for the immediate and safe rescue of every abducted young person and the return of those still unaccounted for.
Atiku also reaffirmed his commitment to building a safer and more affordable Nigeria where young people can create, build and prosper.

“My promise to build a safer and more affordable Nigeria, where young people can create, build and prosper, remains unshakable,” he said.

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NRS Warns Nigerians Against Fake FIRS Recruitment Notice

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The Nigeria Revenue Service (NRS) has warned members of the public against a fraudulent recruitment notice circulating on social media and other platforms, purportedly advertising job vacancies with the former Federal Inland Revenue Service (FIRS).

The warning was contained in a public notice signed by the management of the Nigeria Revenue Service on Monday.

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According to the Service, the fake notice, titled “Federal Inland Revenue Service – FIRS Job Vacancy – Replacement,” claims to be recruiting graduates for a 2026/2027 job replacement exercise and directs interested applicants to submit their curriculum vitae and applications to [email protected].

The NRS stated categorically that the recruitment notice did not originate from the Service and urged Nigerians to disregard it.

The Service also reminded the public that the Federal Inland Revenue Service has been succeeded by the Nigeria Revenue Service, warning that any purported recruitment advertisement issued in the name of FIRS should be treated with caution and independently verified.

“For the avoidance of doubt, the NRS has not authorised or commenced the recruitment exercise referenced in the notice and has not appointed or authorised any individual, agent, consultant or third party to conduct any recruitment exercise on its behalf,” the Service stated.

The fake advertisement had claimed that the purported recruitment was aimed at addressing unemployment and invited Nigerians with qualifications including ND, NCE, first degree and HND to apply.

It also listed requirements such as a NYSC discharge certificate or exemption letter for degree and HND holders, a valid NIN, means of identification, birth certificate or declaration of age, passport photograph, functional phone number and email address.

The fraudulent notice further gave October 24, 2026 as the application deadline and directed applicants to submit their applications through the email address provided.

However, the NRS warned Nigerians not to respond to the advertisement or provide personal and financial information.

The Service specifically advised members of the public not to make payments, disclose sensitive personal or financial information, or submit certificates, identification documents or other documentation in response to the purported recruitment exercise.

The NRS said any genuine recruitment exercise by the Service would be formally announced through its official website and authorised communication channels.

It urged Nigerians to verify recruitment-related information through those channels before taking any action and encouraged members of the public to report suspicious recruitment communications to the appropriate authorities.

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