Economy
Crude Oil Sale In Naira Reducing Forex Risks, Supporting Local Currency: FG
Crude Oil Sale In Naira Reducing Forex Risks, Supporting Local Currency: FG
Crude oil sale in naira reducing forex risks, supporting local currency: FG. Mr Tinubu said that in 2025, the country continued witnessing a renaissance in the oil and gas sector, characterised by transformative initiatives and significant milestones.
The Federal Government has said the introduction of the sale of crude oil in naira was a strategic move to enhance operational efficiency of local refineries by reducing foreign exchange risks and transaction costs.
President Bola Tinubu made this known on Tuesday, while officially declaring the eight edition of the Nigeria International Energy Summit (NIES 2025) open in Abuja.
The 2025 summit has its theme as “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential.”
Represented by the Minister of State for Finance, Dr Doris Uzoka-Anite, Mr Tinubu said that the move had also fostered a stronger and more stable domestic market.
He said, “In order to ensure that the local refineries are very competitive, thereby lowering the cost of the retail price of petroleum products for our populace, we introduced the sale of crude oil in naira. By denominating crude sales in naira, we are supporting the local currency and creating a more resilient economy.
This initiative is expected to result in more affordable petroleum products for our citizens, ultimately improving their standard of living and stimulating economic growth. This is also going to alleviate the effects of the fuel subsidy removal.’’
He noted that that in 2025, the country continued witnessing a renaissance in the oil and gas sector, characterised by transformative initiatives and significant milestones.
He added that for close to two years, his administration remained resolute in driving reforms and milestones in Nigeria’s energy sector and the economy at large.
He said the reforms, including the removal of the fuel subsidy and forex liberalisation which were two main reforms of the administration in the first year had liberalised the economy, making it an investment destination of choice.
Highlighting some key achievements that positioned the economy as a global energy powerhouse, he said Nigeria’s selection as a host country for the headquarters of the African Energy Bank was a historic milestone in the sector.
He noted that the achievement reaffirmed Nigeria’s leadership in Africa’s energy landscape and commitment to driving sustainable development across the continent.
“By securing this prestigious institution, we have positioned Nigeria as the hub for energy financing, fostering investment, innovation and job creation. This milestone underscores our dedication to energy security, economic growth and regional cooperation, ensuring a brighter, more prosperous future for all Nigerians and Africans.
We have also issued far-reaching executive orders that have seen a return of investment into our oil and gas sector. In the upstream sector, we have witnessed increased crude oil production owing to strategic interventions in security, development and investment incentives,” the president said.
He said the inauguration of the Presidential Executive Order on Oil and Gas Sector Reforms also streamlined processes, fast-tracked licensing rounds and encouraged indigenous participation that were fostering local content development.
He added, “We have seen increasing investment announcements and innovative ways to support the oil and gas sector and we are open to receiving more of such exciting announcements.’’
Mr Tinubu, while expressing determination towards completion and operationalisation of key gas infrastructures, including the Ajaokuta Kaduna Kano Gas Pipeline Project, said it would strengthen the capacity to supply clean energy to industries and households.
He added that the implementation of the Presidential Compressed Natural Gas Initiative (P-CNGI) was also transforming the transportation sector, reducing dependence on one single source of fuel, which used to be fuel.
According to him, the administration is currently implementing a series of comprehensive reforms in the fiscal and tax policies aimed to create a more business-friendly environment and attract both local and international investments.
He said by simplifying the tax regulations, offering incentives and ensuring a more transparent and predictable fiscal framework, the reforms aimed to remove barriers to entry and support the growth of businesses in Nigeria.
Naira
He stated that the measures would not only make it easier for companies to invest and operate in the country, but also to stimulate economic development, growth and prosperity of the nation.
He said with the coming on stream of the Port Harcourt and Warri refineries, the country had more refining capacity to process crude and also deliver the products at a cheaper cost to Nigerians.
“We are actively developing a hydrogen policy to attract investors and integrate hydrogen in our energy mix,” he said.
Brazil Fines TikTok $30m Over Failure to Implement Child Safety
Brazil’s data protection agency on Tuesday fined TikTok nearly $30 million for failing to implement child safety measures in what it said was a “powerful signal” to social media companies.
Eereporter.com
Brazil has taken a tough stance on the regulation of social media platforms, cracking down on disinformation and requiring users under 16 years to have their accounts linked to those of their parents.
An enforcement director with the ANPD data protection agency, Fabricio Lopes, told a press conference that TikTok “was not taking the necessary measures to prevent adolescents from accessing the platform and from having the data of these children and adolescents processed.”
This data was “being used to offer advertising to adolescents.”
He said the fine of 153.7m reais ($29.9 million) was a “powerful signal to other platforms regarding how seriously the ANPD takes this work” and that the agency hoped they “get the message.”
TikTok agreed last week to pay $400m to settle a lawsuit with the US Department of Justice over claims that the video-sharing platform collected children’s personal data without parental permission.
– Tougher enforcement –
This month, the ANPD also ordered popular streaming platform Discord to suspend livestreams and video calls after a teenage girl was allegedly encouraged to take her own life during a broadcast.
The agency told AFP that an appeal filed by Discord on Monday against the suspension is under review.
ANPD director Lorena Coutinho said the agency had, last week, initiated proceedings to verify the compliance of 22 social media networks and platforms with a law passed this year to protect children and teens online.
In addition to the fine, the ANPD ordered TikTok parent company ByteDance to delete data collected in violation of regulations.
Coutinho said TikTok had committed to suspend all adverts for users who are not logged in.
TikTok has committed to “implementing a compliance plan to improve the protection of children and adolescents,” the ANPD said.
Brazil Fines TikTok
The platform will be required to automatically apply stricter privacy settings to accounts belonging to children under the age of 16, strengthen parental supervision systems, and implement stricter content filters.
TikTok did not immediately respond to requests for comment from AFP.
In 2024, the platform X was blocked for 40 days in Brazil, until the social media network owned by the world’s richest person, Elon Musk, complied with the Supreme Court’s orders to remove accounts spreading disinformation.
Eereporter.com
Economy
Umahi Leads the Way as Tinubu Orders Immediate Action on Benin-Agbor-Asaba Road Intervention
Umahi Leads the Way as Tinubu Orders Immediate Action on Benin-Agbor-Asaba Road Intervention
The Minister of Works, Senator Engr. David Umahi, CON, has moved swiftly to address the worsening condition of the Ifaki-Kabba-Ado Ekiti road in Ekiti and Kogi States, and Benin-Agbor-Asaba Roads following President Bola Ahmed Tinubu’s directive for urgent intervention to ease the hardship being faced by motorists and commuters.
Eereporter.com
Umahi, who expressed deep concern over the deplorable condition of the road and the suffering of road users who have spent hours and, in some cases, days on the route, said the Federal Government was determined to take immediate corrective measures while working towards permanent solutions.
“President Tinubu, GCFR, has directed the Federal Ministry of Works to urgently intervene and ensure that necessary corrective actions are taken to restore movement on the affected roads as quickly as possible.” Said Umahi
The Minister, in response to the directive, has already set machinery in motion for immediate action.
As part of the intervention, Umahi directed the Minister of State for Works to lead a team of ministry officials to the Ifaki-Kabba-Ado Ekiti axis to assess the situation and commence urgent remedial works.
The assignment is already on as of 10 a.m. on Tuesday, August 25, 2026, with officials of the Ministry on the ground to begin the intervention.
While the intervention team moved into Ekiti and Kogi States, Umahi himself headed to Benin, Edo State, alongside members of the National Assembly Works Committees, to initiate a similar coordinated intervention on the Benin-Agbor-Asaba road.
The Benin meeting is expected to bring together key stakeholders, including representatives of the Edo and Delta State Governments and the Niger Delta Development Commission (NDDC), with the aim of finding immediate solutions to the challenges confronting motorists on the strategic corridor.
Umahi also took responsibility for the unfortunate situation on the affected roads and apologised to commuters who have been stranded or delayed for several hours and days.
Benin-Agbor-Asaba
He assured road users that the Federal Government’s response would go beyond temporary relief, with immediate measures being pursued alongside permanent solutions to restore the affected roads and improve their long-term reliability.
Francis Nwaze
Senior Special Assistant to the Honourable Minister of Works (Media)
August 25, 2026
Eereporter.com
Economy
NNPC Cares: Boost for Nationwide Medical Access as NMSL Deploys Laparoscopic Instrument in Abuja
NNPC Cares: Boost for Nationwide Medical Access as NMSL Deploys Laparoscopic Instrument in Abuja
NNPC Medical Services Limited (NMSL) has deployed articulating laparoscopic instruments at its main hospital in Utako, Abuja. The machine is an advanced surgical equipment designed to enhance precision and flexibility during laparoscopic procedures.
Eereporter.com
The latest deployment widens the range of procedures available at the medical facility and represents a boost for healthcare access in the country.
NNPC
Acting Managing Director / Chief Operating Officer, NMSL, Dr. Dickson Bada, received the equipment from SQI Limited, represented by Dr. Emmanuel Otitoloju.
NNPC Limited continues to invest in its medical facilities, which are open to the public nationwide, towards improving healthcare delivery in Nigeria.
Eereporter.com
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