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.
Customs Seizes 34,470L Of Smuggled Petrol At Taraba-Cameroon Border
Customs seizes 34,470L of Smuggled petrol at Taraba-Cameroon border. The Nigeria Customs Service (NCS) has intensified its crackdown on fuel smuggling, seizing 34,470 liters of Premium Motor Spirit (PMS) and a heavy-duty transportation truck in a three-hour operation along the Taraba-Cameroon border.
The enforcement, led by the Customs’ Operation Whirlwind unit, targeted smugglers operating through Gembu and Kan-Iyaka in Sardauna LGA, a known smuggling corridor.
Speaking at a public auction in Jalingo, Comptroller General of Customs, Bashir Adewale Adeniyi, disclosed that the operation was carried out with support from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Office of the National Security Adviser.
Adeniyi explained that intelligence from the inter-agency intelligence fusion center detected unusual fuel movement patterns in the Sorofi and Kan-Iyaka areas between March 8 and 9, 2025.
Acting on this, field teams executed a series of coordinated interceptions, disrupting what appeared to be an emerging smuggling route.
The seizure included 1,149 Jerry cans of PMS, each containing 30 liters, totaling 34,470 liters. A specialized transportation truck valued at ₦4 million was also confiscated, bringing the total duty-paid value to ₦37.78 million.
Adeniyi noted that a significant portion of the smuggled fuel was intercepted in Gembu, while 180 Jerry cans and the truck were seized en route to the Kan-Iyaka border crossing.
Cameroon Border
Describing fuel smuggling as a threat to national security and economic stability, Adeniyi urged security agencies to remain vigilant. He stressed that petrol is vital to economic activities and warned that shortages could slow down the economy.
He reaffirmed the NCS’s commitment to tackling smuggling networks and safeguarding Nigeria’s energy sector and economic interests.
Akwa Ibom Lawmaker Covers Medical Bills For Patients At Palmer Memorial Hospital
Akwa Ibom Lawmaker covers medical bills for patients at palmer memorial Hospital. For patients at Palmer Memorial Hospital in Ikot Usen, Ibiono Ibom Local Government Area, financial hardship often stood between them and life-saving treatment. That changed when Rt. Hon. (Barr.) Ime Basy Okon, the Member Representing Itu-Ibiono Ibom Federal Constituency, stepped in to settle outstanding medical bills, offering patients a renewed chance at life.
The compassionate gesture came during Day 2 of the ongoing free medical and surgical outreach sponsored by the lawmaker across Itu and Ibiono Ibom Local Government Areas. While inspecting the outreach on Day 1, Okon learned of emergency cases where patients remained stranded due to unpaid hospital bills.
Moved by their plight, he personally cleared their debts a decision he emphasized was outside the outreach’s budget, but a private intervention to support his constituents in urgent need.
Among the beneficiaries was Abasima Offiong, who had suffered a spinal cord injury and required emergency surgery. With no means to cover the cost, his condition was critical, until Hon.Okon’s intervention ensured his procedure was fully funded.
Another case was Idongesit Ndifreke, who had undergone a Caesarean section but remained in the hospital for over two weeks due to unpaid bills. The lawmaker’s generosity not only secured her discharge but also allowed her to return home with her newborn.
Akwa Ibom
One of the most harrowing stories involved a woman whose unborn child had died in the womb. Lacking funds for an emergency procedure, her life hung in the balance. Overcome with emotion, Okon immediately took over the cost of surgery, ensuring swift medical intervention to save her life.
Speaking during the event, the lawmaker reaffirmed his commitment to humanitarian efforts. “When God blesses us, we should also be a blessing to others,” he said, underscoring the importance of compassion and community support. Grateful beneficiaries and their families hailed Okon’s intervention as both timely and life-saving.
As the free medical and surgical outreach continues, it remains a beacon of hope for residents of Itu and Ibiono Ibom, reinforcing Okon’s dedication to accessible healthcare and the well-being of his constituents.
Government Approves N1.149bn For Solar Street Lights, Infrastructure In Gombe
Government approves N1.149bn for solar street lights, infrastructure in Gombe. He said the governor approved the projects to align with his vision for infrastructure development.
The Gombe government has approved N1.149 billion for the installation of solar street lights and other infrastructure in three local government areas of the state.
Mahmood Yusuf, director-general, Joint Project Development Agency, stated this at a news conference on Thursday in Gombe.
He said the Joint Project Council (JPC) meeting chaired by Gov. Inuwa Yahaya, approved the projects to align with his vision for infrastructure development.
Mr Yusuf listed the projects to include the installation of solar street lights on newly constructed roads in Kumo at the total cost of N740 million; fencing of the NALDA market and installation of solar street lights at Kwadon area of Yamaltu/Deba, costing N362 million.
He said that N47 million has been approved for the expansion of the grains market and construction of six public toilets in Billiri.
Mr Yusuf said that the N112 million grain market project was approved in 2024, but reviewed upward to N159 million, to provide six additional toilets.
The director said the council also approved the deployment of GOSTEC and Operation Hatara personnel, to scale surveillance in schools and cemeteries in the state.
He said the measure was sequel to complaints over spate of theft in public buildings by the ALGON Chairman, Sani Haruna.
“The council has resolved to implement stricter security measures by deploying GOSTEC and Operation Hattara to enhance surveillance. The scope of Operation Hattara would be expanded to cover all the 11 LGAs,” he said.
Muhammadu Inuwa Yahaya
Also, Fatima-Binta Bello, chairperson, Shongom Local Government Council, expressed readiness to consolidate on Mr Yahaya’s achievements in education and health sectors.
She stressed the need to strengthen human resources through recruitment of qualified personnel to address manpower gaps and enhance quality service delivery, especially at primary healthcare and basic education level.
Similarly; Ahmad Wali, chairman, Kwami LGC, said the council had initiated resurvey and remapping of grazing reserves and cattle routes to check farmer/herder clashes.
He warned that anyone found encroaching cattle routes and grazing lands would be sanctioned.
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