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Deregulate Totally, Oil Marketers Tell FG
Oil marketers have urged the Federal Government to fully deregulate the downstream subsector of the oil and gas industry to preserve the country’s dwindling foreign reserves and enhance economic growth.
The marketers said in separate interviews in Lagos last Wednesday that the most pressing reform in the oil and gas sector was total deregulation of its downstream segment.
The marketers said the immediate removal of the fuel subsidy remained the best option to grow the oil sector, saying that over N1.3 trillion was paid on subsidy with little or no benefits to the most vulnerable members of society.
Mr Olufemi Adewole, the Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA) urged the government to effect a total deregulation of the downstream sub-sector to attract investments and boost economic growth.
Adewole also urged the government to implement the policy (deregulation); stop the subsidies and ensure sufficient petroleum products and address transportation bottlenecks.
He said all these would address inflation, better the economy and ameliorate the economic uncertainty that characterised the polity.
He urged the government to make consultations on the subject and decide on the ideal approach to achieve deregulation.
He added that oil marketers were very willing to offer expertise and suggest methods that would better the lives of Nigerians, the industry, and the economy at large.
According to him, currently there is partial deregulation of the sub-sector such that government, through the Nigeria National Petroleum Corporation (NNPC), is the sole importer of petrol.
“NNPC imports petrol at a landing cost of N171 per litre and sells at N145 per litre at filling stations.
“Importation of diesel was deregulated and this has created avenues for marketers to import and sell at competitive prices,” he said.
The DAPPMA scribe emphasised that total deregulation of the downstream of the oil and gas subsector remained the best option to address the lingering fuel scarcity and attract new investors into the industry.
“We have to be ready to accept the reality of total deregulation of the downstream sector. I am sure most of the people truly understand the concept of deregulation.
“If we embark on deregulation today, petrol prices will be different across the country; the price may be significantly high at the early stages, but it will reduce gradually as we move on.
“Petrol prices will fluctuate throughout the year, for example, in December and January prices tend to be a lot higher. This is the case in most countries around the world.
“Why is it that refineries are not working in Africa? It is because governments tend to regulate prices.
“If government embraces full deregulation, the private sector and small scale refineries will work effectively to attract investors and patronage within and outside the country,” Adewole said.
He said full deregulation would also encourage people to build businesses along the value chains.
“You can see that most tank farms are having challenges of non-performing loans with Nigerian banks. A lot of that will change because deregulation will bring in some stability to the downstream sector.
“Deregulation will create opportunities for cost reflective tariffs and attract investors because there will be returns on investments. There are no guarantees that you will get your returns on investments with the current downstream operations,” he said.
Alhaji Debo Ahmed, the chairman, Western Zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) also urged the government to consider full deregulation of the value chains of the nation’s petroleum sector.
Ahmed said it was high time Nigeria embraced deregulation in full.
According to him, Nigeria can no longer afford to stifle the growth of the oil sector through regulation, adding that the sector should be opened up for active participation of investors, both local and foreign.
News
Victory Over Insurgency Certain, Tinubu Assures
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.
News
US Embassy, Lagos Consulate Close Today For President’s Day
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
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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