Business
Kero-Correct Programme: Providing Kerosene To Rural Households
Mrs Cecilia
Fynecounrty is a 60-year-old woman who depends solely on kerosene for her daily cooking.
She is grateful to the Federal Government for initiating the Kero-Correct programme that slashed the cost of kerosene from over N100 per litre to N50 per litre.
Fynecountry was all smiles when she bought 25 litres of kerosene at the NNPC Mega Station in Port Harcourt at N50 per litre, as she insisted that she had never bought the fuel at such a low price in the last five years.
“I am grateful to the Federal Government for this initiative; it has helped me and other mothers who depend solely on kerosene to cook for our families. At least, these 25 litres of kerosene I bought at a cheap rate will last for a long time.
“I commend the government and wish that it continues, as kerosene will directly get to several communities at a cheap rate,’’ she said.
Similarly, a 48-year-old trader and mother of five, Mrs Fortune Abang, also benefitted from the Kero-Correct programme.
“I have been buying kerosene for between N130 and N140 per litre for more than one year and it appears there will be no end to the high price.
“However, the Kero-Correct programme has really saved me and many families from the big burden of looking for kerosene and buying it at a high price.
“I thank the Federal Government for initiating the programme. Many families, especially people at the grassroots, can now afford to buy kerosene at a cheap price and use it for their daily cooking.
“Kerosene is the cheapest domestic fuel used by many families in Nigeria for their daily cooking.
“At times, when my children return from school, they advise me to desist from using firewood because their teachers told them that continuous falling of trees provokes deforestation.
“For me and other families that cannot afford the high cost of kerosene, we had to resort to using firewood for our daily cooking. But thank God, the price of kerosene has been reduced through the Kero-Correct programme,’’ she said.
The South-South Zonal Coordinator of the Kero-Correct programme, Mrs Edith Johnson, said: “The exercise is aimed at bringing kerosene at the regulated price to all nooks and crannies of the country in a three month-campaign.
“The main purpose of the campaign is to force down the price of kerosene and ensure its distribution to every household in the country at the rate of N50 per litre and 25 litres per individual,’’ she said.
Explaining the programme’s processes in the three-month campaign, Johnson said: “Under the campaign, the NNPC is to distribute 1,500 tankers of kerosene to 37 NNPC mega stations, 12 floating stations and 524 NNPC affiliate stations.
“The product will be distributed transparently to the right customers and some non-governmental organisations (NGOs) have been nominated to monitor the process,’’ she said.
Mr Anthony Egbuche, the team leader of the 25 NGOs which are collaborating with the NNPC on the Kero-Correct programme, said that the programme was basically aimed at getting the product to the final users in a hitch-free manner.
“The aim is to enable the ordinary people to buy kerosene at N50 per litre and we will monitor the programme strictly so as to ensure that the end users actually get the product,’’ he said.
Egbuche said that the NGOs would remain at the various centres to ensure that the masses actually benefitted from the programme.
However, a Port Harcourt-based historian, Mr Ajomiwe Ezuma, said that kerosene sales at a cheap rate to Nigerians would surely alleviate the sufferings of many persons and homes.
“You will recall that the search for kerosene had brought untold hardship to many families, particularly those who suffered explosions caused by fake or adulterated kerosene.
“The present exercise by government is a step in the right direction, and we hope that it will be continuous so as to make kerosene available to all households, especially those in rural communities,’’ he said.
Johnson said after the three months of the Kero-Correct programme, an impact assessment survey of the scheme would be carried out to determine the government’s next line of action.
Egbuche stressed that in three months’ time, many homes would have access to kerosene procured at the regulated price, adding that if the government decided to extend the programme, the price of kerosene would crash and Nigerians would be better off for it.
All the same, Johnson urged Nigerians to endeavour to buy kerosene from NNPC mega stations and affiliate stations.
“This campaign is borne out of the federal government’s desire to supply kerosene to the people who really need it, so as to reduce the level of hardship associated with efforts to procure the product in Nigeria,’’ she said.
Mbonye is of the News Agency of Nigeria (NAN)
Mike Mbonye
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
