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FG Contemplates Fuel Price Hike … Amid Conflicting Signals

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Two government officials yesterday gave diverse indications on what government is considering to resolve the current petrol scarcity.
While a state governor who briefed journalists after a meeting presided by Vice President Yemi Osinbajo hinted at a possible price increase, the Minister of State for Petroleum said such was not being contemplated.
The federal government and the state-owned NNPC have repeatedly vowed that there was no plan to increase the N145 per litre official price of the product despite the scarcity. This is despite the fact that most Nigerians across the country pay about N200 per litre to buy the scarce commodity.
An indication of the possible price increase was provided by a state governor who briefed journalists at the end of the National Executive Council, NEC meeting. The meeting, attended by most state governors, was presided by Vice President Yemi Osinbajo.
Governor Mohammed Abubakar of Bauchi told journalists that the NEC asked one of its committees, interfacing with revenue agencies in the country, to work on getting the correct price for petroleum products.
He said the committee is headed by the Governor of Gombe State, Ibrahim Dankwambo.
Mr. Abubakar said the committee “has been charged with the responsibility of interfacing with NNPC with a view to determining the correct price for PMS (petrol) considering the price of the product especially in countries that are bordering Nigeria.”
The Bauchi governor said the NEC realised that the price differential between Nigeria and her immediate neighbours is one of the reasons why the product is being smuggled, thereby causing its scarcity in the country.
While Nigeria, Africa’s largest oil producer keeps its official price at N145 per litre, the price is as high as N375 per litre in neighbouring countries like Chad, according to a petrol price monitoring website, globalpetrolprices.com. The NNPC and other government agents and officials have blamed this price differential for the large scale smuggling of petrol to neighbouring countries. Critics have however described such large scale smuggling as failure of government that has failed to secure the country’s borders.
He said Mr. Baru told the council that the scarcity is also partly caused by an inter-play of the exchange rate of the naira to the dollar and the price of crude oil at the international market which affects the landing cost of refined products in Nigeria.
He said the process makes the operation of the N145 price almost impossible without some measured assistance. The NNPC had recently said it was bearing the loss on behalf of Nigerians for petrol to be sold at N145 per litre.
“As at today, most, if not all independent marketers have stopped importing refined products into Nigeria. It is only the NNPC that has been doing it. And the NNPC has been suffering a lot of setbacks.
“If the product lands at N170 for example and you sell at N145, immediately you know that you have an under recovery of about N25 for each litre of fuel,” the Bauchi governor said.
The Minister of State for Petroluem Resource, Dr Ibe Kachikwu, also yesterday, however, said the government was not considering a price hike.
He said the federal government is set to finalise the decision on the private sector financiers for the rehabilitation of the country’s three refineries in Kaduna, Port Harcourt and Warri.
Kachikwu had said last October that government was planning to select, this February, successful bidders from the list of 26 firms that submitted bids to refurbish the four refineries.
“We are almost at a threshold of finalising the process of selection (of bid winners). The successful bidders could be announced by January or February next year,” Mr. Kachikwu said.
Yesterday, Kachikwu said the overhaul of the refineries would see Nigeria become a net exporter of petroleum products by 2019.
He lamented the lingering fuel scarcity across the country, blaming the inability of government to address the problem on logistics and policy issues.
He spoke in Abuja while addressing reporters on his ministry’s plan to host the Nigerian International Petroleum Summit (NIPS), a new oil and gas conference and exhibition scheduled for next week in Abuja.
To resolve the current fuel supply crisis, which resurfaced in the country in November last year, he said government would need to address certain fundamental policy issues, especially with regards to petrol pricing.
“Behind the scenes, a lot of meetings are taking place, because the fuel queue issue borders on both logistics and policy issues,” he said.

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Victory Over Insurgency Certain, Tinubu Assures

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President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.

The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.

He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.

Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.

“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.

“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.

The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.

Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.

He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.

“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”

The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.

The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.

Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.

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US Embassy, Lagos Consulate Close Today For President’s Day

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The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.

The mission made this known in a notice shared on its official X page, yesterday.

“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.

According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.

The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.

In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.

Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.

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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role

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United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.

Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.

The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.

Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.

“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.

The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.

Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.

The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.

In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.

“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.

Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.

He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.

Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.

 

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