Petrol Imports Surge By 105 percent To N15.42tn – NBS Report

Petrol imports surge by 105 percent to N15.42tn. Nigeria’s petrol imports doubled in 2024 despite increased domestic refining capacity, reinforcing the country’s continued dependence on foreign fuel, according to a report by the National Bureau of Statistics (NBS).

Data from the NBS foreign trade statistics report shows that petrol import costs rose by 105.3%, reaching N15.42 trillion in 2024, up from N7.51 trillion in 2023.

This significant increase comes at a time when local refining was expected to ease reliance on imports, following the launch of the 650,000 bpd Dangote Refinery and ongoing rehabilitation of state-owned refineries.

However, available data suggests that local refineries are yet to reach full production capacity to meet domestic demand.

Over the past five years, Nigeria’s fuel import bill has consistently risen:
2020: N2.01 trillion
2021: N4.56 trillion
2022: N7.71 trillion
2023: N7.51 trillion
2024: N15.42 trillion (highest on record)

Continued Petrol Imports Despite Local Refining
Between September and December 2024, oil marketers imported 2.3 billion litres of petrol, contradicting earlier commitments to shift focus to domestic supply.

NBS Report

Despite operational local refineries, including:
Dangote Refinery (650,000 bpd, Lagos)
Port Harcourt Refinery (210,000 bpd, with 60,000 bpd in operation)
Warri Refinery (resumed operations in December 2024)

oil marketers still imported 6.38 billion litres of petrol and diesel in the past five months.

Forex Pressure & Market Competition
The importation of fuel cost about N6 trillion, further straining Nigeria’s foreign exchange reserves.

However, the Major Energies Marketers Association of Nigeria (MEMAN) argues that continued importation promotes market competition and price stability.

MEMAN’s Executive Secretary, Clement Isong, stated: “Importation contributes to market competitiveness. Local refining is important, but ensuring competition with imports keeps pump prices as low as possible.”

The debate over fuel imports vs. local refining continues as Nigeria seeks to balance domestic production, pricing, and forex stability.

Nnamdi Kanu’s Alleged Terrorism Case Reassigned To Another Judge

Nnamdi Kanu’s alleged terrorism case reassigned to another judge. Mr Ejimakor said Mr Kanu’s legal team received the “momentous and somewhat pyrrhic” letters when they visited him on Friday.

The alleged terrorism case filed against Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB), has been reassigned to another judge.

This is contained in two separate letters by the Chief Justice of Nigeria (CJN), Kudirat Kekere-Ekun, and the Chief Justice (CJ) of the Federal High Court (FHC), John Tsoho.

The two letters were addressed to the IPOB leader’s lead counsel, Aloy Ejimakor.

While the first letter from the CJN was dated February 5, Mr Tsoho’s letter was dated March 4.

Justice Binta Nyako, the former trial judge, had, on February 10, adjourned Mr Kanu’s trial indefinitely following the insistence by the IPOB leader and his legal team that the matter be reassigned after Ms Nyako recused herself from the case on September 24, 2024.
Meanwhile, Mr Ejimakor, in a statement on Saturday, said the CJN and the FHC CJ had finally responded to their complaint letters.

He said Mr Kanu’s legal team received the “momentous and somewhat pyrrhic” letters when they visited him on Friday.

“One letter was from the CJN, responding to a recent letter we had written to her, seeking her prompt administrative intervention (as the administrative head of Nigerian judiciary) on the matter of a proper and lawful reassignment of Kanu’s case, following the recusal of the judge that was conducting it.

“The other letter was from the Chief Judge of the Federal High Court, informing us that the case has been reassigned to another judge of the Federal High Court.

“Consequent upon these latest developments, Mazi Nnamdi Kanu instructed the legal team to publicly convey his sincere gratitude to the Chief Justice of Nigeria for her sound administrative discretions and the despatch with which she responded to our request.

“He also expressed his profound appreciation to members of the general public who publicly expressed their support to our righteous demands that Mazi Nnamdi Kanu’s case be reassigned to another judge, as the law demands,” he said.

Nnamdi Kanu

Mr Ejimakor said Mr Kanu had always been ready to take his trial “because he is firmly convinced of his innocence.”

According to him, the perverse events of the past six months (from September 2024, when the recusal happened) posed portent dangers to his constitutional rights, particularly his right to a fair and speedy hearing.
“It was in view of this that we were propelled to resort to taking extraordinary measures to ensure that his case is properly reassigned and conducted in accordance with the law.

“So, now that the first steps have been taken by the authorities to do the lawful thing,  Kanu and his legal team shall take stock and hanker down to the zealous preparation of his defence,” Mr Ejimakor concluded.

Tinubu Hails Obasanjo On His 88th Birthda, Says He Is Extraordinary Nigerian Leader

Tinubu hails Obasanjo on his 88th birthda, says he is extraordinary Nigerian leader. Sometimes controversial, former President Obasanjo’s regular interventions in national affairs have helped shape public policies and acted as a check on leadership.

Birthday Tribute by President Bola Tinubu to Former President Olusegun Obasanjo, GCFR, on His 88th Birthday

Today, as former President Olusegun Aremu Obasanjo turns 88, I pay a special tribute to an extraordinary leader and statesman who has made enormous contributions to Nigeria’s development and whose life for the past six decades is woven deeply into the fabric of Nigeria’s history.

Providence has constantly thrust General Obasanjo to the forefront at critical junctures in Nigeria’s story.

He served the country meritoriously in the Nigerian Army. As a Colonel, fate beckoned on him while commanding the Third Marine Division to receive the instrument of surrender from Col. Philip Effiong, the Biafran Army Commander, signalling the end of Nigeria’s 30-month civil war.

General Obasanjo also made history as the military leader who took over the reins of power following General Murtala Mohammed’s death in 1976. He completed the administration’s transition programme and successfully handed power to a civilian regime in 1979.

Twenty years later, in 1999, he emerged as civilian president, freed from prison a year earlier, to herald the rebirth of another democratic dispensation, which recently clocked 25 years and still counting.

During the two eras, General Obasanjo implemented critical policies and reforms and made important decisions that profoundly impacted the lives of many Nigerians. As the head of state, he consistently demonstrated a selfless commitment to national unity, peace, and progress.

Out of office, only a few will deny that the former president continues to wield considerable influence among the political elite at home and is well-regarded abroad, where he is an ambassador of global peace and a troubleshooter.

His tireless efforts in conflict resolution, advocacy for good governance, and dedication to Pan-Africanism through institutions like the African Union and the United Nations are testaments to his statesmanship.

Sometimes controversial, former President Obasanjo’s regular interventions in national affairs have helped shape public policies and acted as a check on leadership.

I thank General Obasanjo for his onerous contributions to Nigeria. I commend him for his statesmanship and leadership.

Tinubu Hails Obasanjo

At 88, the former president is still gaining strength. I pray that God Almighty will grant him the grace and strength to live for more years so the nation and Africa can continue to benefit from his wisdom and knowledge.
On behalf of the Government and people of Nigeria, I extend heartfelt congratulations to this great patriot. Happy 88th Birthday, President Obasanjo!

Bola Ahmed Tinubu, GCFR
President, Commander-in-Chief of the Armed Forces,
Federal Republic of Nigeria
March 5, 2025