News
Don Urges FG To Fix Fuel Pricing System, Not Just Pump Price
Don Urges FG To Fix Fuel Pricing System, Not Just Pump Price
A Professor Emeritus of Petroleum Economics, Wumi Iledare, has urged the Federal Government to shift the national conversation on petrol pricing away from the cost of Premium Motor Spirit and instead focus on building a competitive, transparent and efficient downstream petroleum market.
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According to the renowned petroleum economist, Nigerians should be more concerned about whether the pricing mechanism is working fairly than whether petrol prices are high, arguing that pump prices are merely the final outcome of several market forces.
Prof. Wumi Iledare
Speaking in a television interview with Television Continental on Monday, Iledare said the debate over fuel pricing had become overly emotional since the removal of subsidy, adding that the more important issue was ensuring that market institutions function efficiently and competitively.
He said, “The issue is no longer whether prices should be regulated. The issue is whether markets are functioning competitively, transparently, and efficiently. The pump price is merely the visible outcome; the pricing mechanism is what policymakers and regulators must continually improve.”
The petroleum economist explained that although the removal of fuel subsidy fundamentally changed the pricing mechanism for PMS, it did not remove the economic variables that determine the retail price of the product.
He identified exchange rate volatility, international crude oil and refined product prices, logistics and distribution costs, limited market competition and macroeconomic uncertainty as the major factors driving pump prices across the country.
According to him, many Nigerians wrongly assume that domestic refining alone will automatically lead to cheap petrol.
Iledare argued that while local refining remains strategically important for Nigeria’s energy security, it cannot completely shield the country from global market forces because crude oil is internationally priced and many refining inputs are still dollar-denominated.
“Domestic refining, while strategically important, cannot completely insulate Nigeria from international market realities because crude oil is priced globally and many production inputs, including equipment, financing, chemicals, and replacement costs, remain linked to the United States dollar,” he explained.
He also introduced the concept of what he described as “asymmetric pricing,” noting that petrol prices often rise quickly whenever production or supply costs increase but decline much more slowly when those costs fall.
According to him, such behaviour is common in imperfect markets where businesses immediately transfer higher costs to consumers but delay passing on the benefits when operating costs decline.
“High prices do not necessarily indicate market failure. However, when prices fail to respond appropriately to improvements in underlying costs, the critical question becomes whether competition is sufficiently robust,” he stated.
Rather than advocating a return to fuel subsidies, Iledare said government resources should be redirected toward protecting vulnerable citizens through targeted social interventions.
He described universal fuel subsidies as fiscally expensive, economically distortionary and poorly targeted, insisting that public funds would deliver greater value if channelled directly to those who genuinely need assistance.
“The long-term solution is not to subsidise petroleum products again. The solution is to subsidise people instead of products. Government should protect vulnerable households through carefully targeted interventions without distorting market signals or discouraging investment.
“Support can come through expanded mass transit systems, improved rail transportation, transport assistance for students and workers, digital consumer vouchers for low-income households and sustained efforts to stabilise the foreign exchange market. Lower macroeconomic uncertainty reduces risk premiums, and that eventually benefits consumers through better pricing outcomes,” he said.
He urged regulatory agencies to intensify market oversight while encouraging more private sector participation by removing barriers to entry and ensuring that no single operator dominates the market.
According to him, regulators should regularly publish petroleum pricing templates, assumptions used in price calculations, taxes, levies and logistics costs to improve public understanding of how pump prices are determined.
“Transparency builds trust. When consumers understand how prices are determined and have confidence that markets are functioning fairly, public confidence in deregulation will improve significantly,” he added.
Iledare also proposed what he called the PEWI Four Tests as a framework for evaluating petroleum pricing policies.
According to him, every pricing policy should answer four critical questions: Is it economically efficient? Is it operationally effective? Is it socially equitable? And is it ethically defensible?
“If a pricing policy fails these four tests, it probably requires adjustment. Good petroleum pricing policy should balance economic efficiency with social responsibility and ethical governance,” he said.
He maintained that Nigeria should resist calls to abandon market reforms simply because fuel prices remain elevated.
“Nigeria should not abandon the market because prices are high. We should make the market work better. The objective is not simply cheaper fuel; it is a pricing mechanism that is efficient, transparent, competitive and fair. When markets function well, consumers benefit, investors gain confidence, and the economy becomes more resilient,” Iledare concluded.
The comments come amid continued public concern over fluctuations in petrol prices following the removal of fuel subsidy in 2023 and the liberalisation of Nigeria’s downstream petroleum sector under the Petroleum Industry Act.
Petrol price
Since deregulation, pump prices have been influenced largely by exchange rate movements, international crude oil prices, domestic supply conditions and competition among marketers, prompting renewed calls for greater transparency in the country’s fuel pricing framework.
The recent debate over petrol prices in Nigeria has shifted from whether fuel prices should be deregulated to whether consumers are benefiting from a truly competitive market.
Although global crude oil prices have fallen from the highs recorded during the Middle East conflict and exchange rate pressures have eased somewhat, many Nigerians have questioned why pump prices have not declined at the same pace.
This has prompted the Federal Government, the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Federal Competition and Consumer Protection Commission to warn marketers against profiteering and anti-competitive practices, insisting that the benefits of lower replacement costs should be reflected at filling stations.
The government has also convened meetings with refiners and marketers, including the Dangote Petroleum Refinery, to ensure that pump prices better reflect prevailing market conditions in the fully deregulated downstream sector.
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LG Council Chairman Construct Ultra-Modern Market Complex In Akwa Ibom
Akwa Ibom State Governor, Pastor Umo Eno set to the inaugurate an ultra modern market complex constructed by the Chairman of Nsit Ubium local government area, Mr Alfred Charles.
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The market comprises 3 blocks containing 36 lock- up stores, 28 open sheds with 378 partitions and 6 multipurpose sheds without partitions, market office, modern lavatory, is located at Ubium South part of the area.
The Chairman who broke the news to journalists, said Governor Umo Eno’s imprint in Nsit Ubium local government area has inspired him precipitate good governance in the grassroots.
He said the market meant to be inaugurated on Tuesday, comes with a solar powered lighting, water and modern lavatory, meant to meat the challenges of contemporary society.
Hon. Alfred Charles, who reaffirmed his administration’s commitment to improving residents’ welfare through strategic infrastructure development, said the market was an answer to years of agitation by traders in the area.
Hon. Charles who also highlighted key achievements recorded by his administration in digital technology, youth and women empowerment, said the projects were designed to improve living standards, stimulate economic activities, and expand access to essential public services.
A major milestone of the administration, he noted, is the upgrade of the council’s ICT Centre into a fully accredited Computer-Based Test (CBT) Centre.
According to him, additional computer systems were procured to meet accreditation requirements, enabling the facility to host Joint Admissions and Matriculation Board (JAMB) examinations while generating revenue for the local government.
He explained that the centre which has eliminated the need for many candidates to travel to Uyo or Eket to sit for their examinations, will complement the Youth Friendly Center of the State Government, nearing completion.
“Beyond JAMB, the facility also serves as a hub for digital literacy and computer training, particularly for secondary school students.”
On infrastructure, the chairman commended the Governor of Akwa Ibom State, Pastor Umo Eno, PhD, for ongoing developmental projects across Nsit Ubium.
He cited the model secondary school, the General Hospital at Ikot Obio Ndo, the model farm, and several major and internal road projects as landmark interventions driving growth and improving livelihoods.
On his part, Hon. Charles also disclosed that access roads leading to the council secretariat and internal roads have been rehabilitated, bringing an end to the perennial flooding and muddy conditions that previously hindered movement during the rainy season.
He said the intervention has significantly improved accessibility for staff and visitors.
Market
Speaking on leadership, the chairman described public office as a call to service, stressing that the true measure of leadership lies in the positive impact made on the lives of the people.
He further acknowledged the contributions of his wife in mobilising women for community development initiatives and called on residents to remain united and continue supporting the administration through cooperation and prayers.
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News
Alleged N27b Fraud: Witness Reveals How N1.8b Meant For Christmas Grains In Taraba Was Siphoned
Alleged N27b Fraud: Witness Reveals How N1.8b Meant For Christmas Grains In Taraba Was Siphoned
A third Prosecution Witness, PW3, in the trial l of former Taraba State Governor, Darius Dickson Ishaku alongside the former permanent Secretary in the Bureau for Local Government and Chieftaincy Affairs in the state, Bello Yero, on Monday, July 13, 2026, informed Justice S.C. Oriji of the Federal Capital Territory , FCT, High Court Abuja, how N1, 800, 000, 000, 000 (One Billion, Eight Hundred Million Naira), meant for the purchase of Christmas grains in Taraba State, was transferred into his company account from one of the Local Government Salary Transmission Accounts.
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The Economic and Financial Crimes Commission, EFCC, is prosecuting Ishaku and Yero on a 15-count charge bordering on criminal breach of trust, conspiracy and conversion of public funds to the tune of N27,000,000,000.00 (Twenty-Seven Billion Naira).
Led in evidence by the prosecution counsel, Rotimi Jacobs, SAN, the PW3, Taiwo Johns, informed the court that the money was deposited into his P3 Cornerstone International Nigeria Limited account, based on the Directive of his boss, the second defendant; the Director of Finance and the Chief Cashier.
“All the money paid to P3 Cornerstone was based on the directive of my boss, Alhaji Bello Yero, the permanent Secretary; Babangida Hassan, the Director of Finance and John Columba, the Chief Cashier, my immediate boss”, he said.
He disclosed that the defendants transferred funds to his accounts sixty-nine times adding that “there are serial number, date of transaction, account number debited and account name, beneficiary account number, beneficiary account name and the amount.”
He added that all the sixty-nine times the money was sent to his company account was from Gassol local government in the state.
When asked by the prosecution counsel, if he had an idea of the amount the local government transferred into his account, the witness responded “the amount will be roughly about N1.7b to N1.8billion. On instruction of the Permanent Secretary, Bello Yero, Babangida Hassan, the Director of Finance and John Columba, the Chief Cashier.”
“What did you do with the money?”, the prosecution counsel asked.
“I reported back to them that some money entered my account, then they gave me further directives either to send it to Mr. Prince, that is PW2 or to withdraw some and after the withdrawal they came with Dare Lawal, PW1, he will confirm the money, and they will go with the money. Sometimes, Alhaji Bello Yero, the Permanent Secretary will come and take it to the government house.
“How do you know he took the money to the government house?”, the counsel further asked
“Sometimes I will carry him, the second defendant and drop him at the government house with the money in a Ghana Must Go bag, drop him and then go”, the witness responded.
He added that the money credited sixty-nine times into his account was from Gassol Local Government Salary Transmission Account adding that they always used the account for salary, projects, revenue and other purposes.
He said that they paid N100m into his P3 Cornerstone account on December 24, 2018, prepared by the Bureau for Local Government and Chieftaincy Affairs and authorised by the two signatories; the permanent Secretary and Director of Finance.
The PW3 informed the court that the narration on the E-payment is for the payment of purchase of assorted grains to be distributed during Christmas and New Year on December 24, 2018.
“Look at exhibit 9, see the last transaction on page 11 of exhibit 9, see the transaction on the 24 12 2018 what is it for?”, Jacob asked.
“The last transaction is N100m, for the purchase of assorted grains for distribution during Christmas. Some of the money was withdrawn cash. My lord, you may wish to know that the account is a business account, I wait for instruction, so when the money came in, the N100 million was withdrawn by me all in cash, it was handed over to Dare Lawal by me”, the witness said.
EFCC
He added that there was a cheque of N30m on page 3 of Exhibit 11 which is also paid to his company, P3 Cornerstone Account adding that the money was not used for the purpose of buying assorted grains for distribution during Christmas.
“Did you buy any grain?”, the prosecution counsel asked.
“No Sir”, he responded
Justice Oriji thereafter adjourned the matter to July 14, 2026, for continuation of trial.
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ADC Urges Members To Remain Calm, Says “Appeal Court Judgment Does Not Affect Primaries”
The African Democratic Congress (ADC) has said the Court of Appeal judgment on its ward, local government and state congresses has no effect on the direct primaries through which its candidates emerged for the 2027 elections.
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In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party described the ruling as legally unsustainable, confirmed it has commenced an appeal to the Supreme Court, and said the dissenting judgment better reflects the law and its position. ADC urged members and supporters to remain calm, insisting it remains committed to providing Nigerians with a credible alternative in line with the Constitution and the rule of law.
The full statement read:
The African Democratic Congress (ADC) notes the judgment delivered by the Court of Appeal in Abuja on Monday in a matter relating to party congresses for the election of ward, local government and state executive committees of the Party.
We wish to assure members of the Party and the general public that this judgment has no effect whatsoever on the direct primaries through which the Party’s candidates have emerged at all levels.
The Party has already commenced the process of appealing the judgment, which we respectfully disagree with and consider to be legally unsustainable.
We also note the dissenting judgment of the presiding Justice, which, in our view, more accurately reflects the settled position of the law and the Party’s position.
We urge all Party members and the millions of our supporters to remain calm, confident and focused.
ADC
The African Democratic Congress remains committed to the task of providing Nigerians with a credible alternative and will continue to pursue that mission in accordance with the Constitution and the rule of law.
Signed:
Mallam Bolaji Abdullahi
National Publicity Secretary
African Democratic Congress (ADC)
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