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Fuel Scarcity: Senate Blames Buhari, Kachikwu …Pump Price Remains At N300 Per Litre …Marketers Insist On Increase In Pump Price
Chairman, Senate Committee on Public Accounts, Senator Matthew Urhoghide, has called on Nigerians to hold the duo of President Muhammadu Buhari and Dr Ibe Kachikwu responsible for the fuel scarcity in the country, saying the buck stops at their tables as the Minister and Minister of State in the Ministry of Petroleum Affairs.
Muhammadu Buhari prepares to meet stakeholders today in Aso Rock, to find lasting solution to the nation’s prolonged fuel crisis, the Senate Committee on Petroleum Downstream has blamed the Nigerian National Petroleum Corporation, NNPC and marketers for the development. Committee Chairman Senator Kabiru Marafa stated this, yesterday in Gusau, Zamfara State, during an oversight assignment in the state. Marafa, who was accompanied by a member of the committee, Abdullahi Danbaba, said the inspection was part of the assignment given to the committee by Senate President, Dr Bukola Saraki.
Urhoghide, who spoke with newsmen in Benin City, Edo State, while responding to the current fuel scarcity in the country, also blamed those in authority for their lack of knowledge of the quantity of crude oil that is produced daily, the quantity that is refined daily by country’s refineries, what comes into the country by way of importation and what is consumed by Nigerians on daily basis.
He said: “Let me ask you, all these people working in NNPC, don’t they report to the President? The Minister of Petroleum is the President and the Minister of State is another person. So, for the ministry, they have two ministers.
So, if things are not working in the Ministry, hold the President and the Minister of State responsible. “Are we afraid to say this
It depends on Nigerians, if they are not doing well, vote them out, we should continue to do this until we get to near perfection. “Fuel scarcity has become perennial in our country, it is also an annual ritual in our lives. So, we are living with it.
Why will I become comfortable when Nigerians are suffering? NNPC and IPMAN are two birds that flock together; how do you want me to know who is saying the truth? “There was a problem between the Minister of State for Petroleum Affairs and the GMD of NNPC sometimes ago and they made claims and counter-claims and they went to the Villa and were settled.
Today, do you know what transpired between them? “So, if IPMAN is claiming that they have paid money to the NNPC and their tanks are empty and the NNPC is saying that they are owing them and you are hearing this back and front accusations, which one do you want me to believe? The story tells me that the system is not working.
“Leadership is still as faulty as it has always been in this country, so nobody should say that because of Mr A or Mr B, this country is in a better shape.
Did the country not experience fuel scarcity during Obasanjo’s time? Did the country not experience fuel scarcity in former President Umaru Yar’ Adua’s time? But it is on record that it was only Yar’ Adua, who for the period he was the President, did not increase the price of fuel; rather, there was a decrease in fuel pump price.
Meanwhile, fuel marketers yesterday insisted that they could no longer import Premium Motor Spirit at a control price of N145 per litre.
They also said they were not responsible for the recent scarcity of the product witnessed across the country.
The Chairman of Depot and Petroleum Marketers Association of Nigeria, Dapo Abiodun, disclosed these to State House correspondents at the end of a meeting stakeholders in the oil industry had with Federal Government’s delegation led by the Chief of Staff to the President, Abba Kyari.
The meeting which was held at the Old Banquet Hall of the Presidential Villa, Abuja was also attended by the heads of the Department of State Services and the Nigeria Immigration Service as well as representatives of other paramilitary services.
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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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