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Another Fuel Scarcity Imminent …As Marketers’ Bill Hits $1.7bn
The country may be plunged into another round of excruciating fuel scarcity in the next couple of weeks as oil marketers disclosed that they are running out of patience over the Federal Government’s refusal to pay its $1.7 billion debt owed them since May 2015.
One of the oil marketers, who spoke to newsmen in Abuja, under condition anonymity, yesterday, disclosed that the seeming sanity in petroleum products distribution and sales across the country can be likened to the “peace of the graveyard,’ as he noted that marketers were only ensuring that they were not seen as individuals seeking to sabotage the efforts of government.
He stated that the marketers had written series of letters over their predicaments to the Presidency and that the Presidency had agreed to grant them audience, while he warned, however, that if nothing is done to address the issue of the debts owed them, they would be forced to take drastic measures that might lead to the return of another fuel crisis.
The source explained that the amount owed the marketers was for foreign exchange differentials owed both major oil marketers, independent oil marketers and other petroleum marketers.
He said the amount was the balance from the payments made by the Goodluck Jonathan administration, before handing over to President Muhammadu Buhari, while the rest was incurred in May 2016, when the Federal Government devalued the naira.
According to the source, major oil marketers are owed about $500million, while independents, depot and petroleum products marketers were owed about $1.2billion.
The source also confirmed that some of the oil marketers are indebted to the government, stating, however, that their indebtedness pales in comparison to the huge debt the Federal Government owes the oil marketers.
He further stated that the oil marketers’ indebtedness to the country was more recent, while the Federal Government’s debts dated back to May, 2015.
“Irrespective of the fact that our own debt is recent, very small and insignificant, compared to the amount the Federal Government owes us, the government is asking us to pay, while nothing is said about their own debt which is huge and dates back to 2015,” he said.
He noted that as a result of the huge debts, majority of the oil marketers had sacked a large number of their staff, as many of them are finding it extremely difficult to pay staff salaries and even sustain their operations, as a result of the unfavourable operating environment.
He added that the oil marketers are currently at loggerheads with a subsidiary of the NNPC, the Pipeline and Products Marketing Company (PPMC), over the introduction of obnoxious rules that are detrimental to existing contractual obligations, without proper consultations with oil marketers and other stakeholders.
He also disclosed that majority of the oil marketers had since stopped the importation of Premium Motor Spirit (PMS), also known as petrol, while he confirmed that the NNPC is currently the major importer and has enough stocks of the commodity on ground to guarantee several months of supply.
However, he said, “While I can tell you that the NNPC has adequate quantity of the product to last the country for months, we the oil marketers have agreed that we cannot continue to allow the NNPC to supply its products to Nigerians through our facilities, both depots and retail outlets, while nothing is done to address the debts owed us.
“We might be forced to stop the NNPC from using our facilities; then let us see how the NNPC can supply its millions of litres of PMS to the public. It is a known fact that the NNPC cannot supply its products to the public without using the facilities of oil marketers”, he added.
Confirming the development, the NNPC, in its latest Monthly Financial and Operational Report for September, 2016, released recently, disclosed that as regards downstream sector, NNPC remains the major importer of petroleum sector.
This, according to the NNPC, was despite the liberalized price regime due to inaccessibility of foreign exchange (FOREX).
However, it stated that the “FOREX intervention by the international oil companies (IOCs) cushions the effect.
Similarly, the ongoing Turn Around Maintenance (TAM) is promising to entirely change the anaemic outlook of the country’s refineries.
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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.
Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.
He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.
“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.
He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.
The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”
Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.
He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.
“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.
The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.
Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.
Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.
Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.
Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.
“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.
He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.
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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow …Restates Commitment Towards Veterans’ Welfare
The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.
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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.
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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.
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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.
?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph, Port Harcourt”, he said.
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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.
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Fubara Redeploys Green As Commissioner For Justice
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
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