Business
President Tinubu Launches 2,000 Tractors For Agri-Drive
President Bola Ahmed Tinubu has launched 2,000 tractors under the Renewed Hope Agriculture Mechanization Programme (HEDA).
This disclosure is contained in a post by the Special Adviser to the President on Media and Public Communication, Sunday Dare, on his official X (formerly Twitter) account on Monday, June 23, 2025.
Dare, in his statement, revealed that 9,000 specialized farming implements were also launched.
What the president said
According to the statement, President Bola Tinubu recalled declaring an emergency on the agricultural sector in order to achieve food security two years ago.
The statement further quoted the President saying the newly launched equipment would make farming easier and introduce a 21st-century farming system.
“…Two years ago, we made a promise when we came in on a Renewed Hope agricultural program. Then I declared an emergency in Agriculture towards achieving food security and sovereignty, which is the Bedrock of any prosperous nation.
“We envision Nigeria as a global power supplying quality farm products around the world. We are just beginning. We will do more. These modern implements will make farming easier and more sexy. We don’t have to use 18th-century methods for a 21st-century farming system. Nigeria must seek to achieve full agricultural independence and food security. Let history record this day as the beginning of Nigeria’s Agricultural renewal…”
The multi-billion-dollar equipment, delivered under the Nigeria-Belarus partnership, represents the largest agricultural mechanization initiative in the country’s history. President Tinubu is expected to inaugurate the tractors in Kwali, Abuja.
What you should know
The Federal Government had earlier, in February 2025, received a boost in its agricultural mechanization drive with the delivery of the first batch of 2,000 Belarus tractors.
It could be recalled that President Bola Ahmed Tinubu approved the purchase of 2000 tractors from Belarus, an eastern European country.
The Minister of Agriculture and Food Security, Senator Abubakar Kyari, made the revelation when he paid an unscheduled visit to the site to see for himself the number of units delivered so far and how many the country is still expecting.
He said, “We are excited that we have received more than 30%. As we were leaving, another two trucks just arrived.
“The tractors would be deployed for the 2025 wet season farming. We have enough spare parts for the next four years. We will train youths in 774 LGAs.’’
The minister, during the inspection, expressed satisfaction with the progress of the Nigeria-Belarus mechanisation partnership, which was formalised in September 2024.
Kyari said, “As we speak, over 200 containers carrying tractors and implements have arrived in Lagos, with about 20 containers currently in transit to Abuja. Today alone, we have successfully taken delivery of five containers, each carrying three tractors, making a total of 15 tractors in this batch.
“Under this initiative, 2,000 tractors are being deployed, each complemented by 9,072 assorted agricultural implements designed to support different farming operations. The tractors come in four models tailored for various terrains and farming needs: 90-horsepower (2-wheel drive), 90-horsepower (4-wheel drive), 80-horsepower (2-wheel drive), and 80-horsepower (4-wheel drive).
“Each category consists of 500 units to ensure that farmers across the country have access to the appropriate machinery.
“This delivery is a direct fulfilment of President Bola Ahmed Tinubu, GCFR’s Renewed Hope Agenda, which prioritises agricultural mechanisation as a key driver of food security and rural economic growth.’’
The federal government is expected to use three models to distribute the equipment to maximise impact.
The three key schemes include direct purchase for individuals and organisations seeking to acquire them outright; a leasing scheme that provides affordable access to mechanisation without full ownership costs; and a service provider model that establishes tractor service centres in farming communities, allowing smallholder farmers to lease tractors as needed.
Nairametrics.com
Business
Filling Stations Adjust Petrol Prices Again as New Landing Cost Emerges
Fresh petrol depot prices have emerged across Nigeria as marketers adjust to rising crude oil prices and renewed tensions in the Middle East.
The latest pricing changes come amid growing uncertainty in the global energy market following fresh military exchanges between the United States and Iran near the Strait of Hormuz, one of the world’s most important oil transit routes.
ndustry data tracked by PetroleumPriceNG and monitored by Legit.ng show that depot owners raised their Premium Motor Spirit (PMS) prices as a protective measure against potential losses linked to volatile international oil prices.
Global crude oil prices climbed during early trading on Wednesday, June 10, 2026, after the United States launched strikes on Iranian military infrastructure near the Strait of Hormuz.
As of 5:08 a.m. WAT, Brent crude rose by 1.03% to $92.39 per barrel, while the U.S. West Texas Intermediate (WTI) crude gained 0.91% to trade at $89.00 per barrel, according to a report by Oilprice.com
The market rally followed reports that American forces targeted Iranian air defence systems, radar installations and surveillance facilities after Washington accused Tehran of bringing down a U.S. Army Apache helicopter operating within the region.
The U.S. Central Command described the strikes as a defensive response. However, Iran denied responsibility for the helicopter incident and accused the United States of escalating tensions unnecessarily. The development has raised fears of a broader regional conflict that could disrupt global crude oil supplies.
Checks across fuel depots nationwide show that marketers have adjusted their petrol prices upward in response to the changing global market conditions.
According to the latest data: AIPEC now sells petrol at N1,247 per litre RainOil Lagos sells at N1,248 per litre Integrated depot price stands at N1,247 per litre Liquid Bulk has also fixed its price at N1,248 per litre Industry experts say the latest adjustments are largely precautionary as marketers attempt to shield themselves from potential losses should crude oil prices continue to rise.
Business
JUST IN: Marketers Crash Petrol Prices Nationwide, New Pump Prices Emerge
The cost of importing petrol into Nigeria has dropped sharply following the recent decline in global crude oil prices, creating fresh competition for local refiners, including the $20 billion Dangote Refinery.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of imported Premium Motor Spirit (PMS), also known as petrol, has fallen to N1,117 per litre.
The figure is now significantly lower than Dangote Refinery’s gantry price of N1,250 per litre, leaving a difference of N133 per litre.
The development comes days after the mega refinery reduced its ex-depot petrol price from N1,275 to N1,250 per litre in response to changing market conditions.
The latest MEMAN pricing template suggests that fuel importers may now enjoy a competitive edge over domestic refiners as international crude prices continue to soften. Aside from petrol, the landing costs of other petroleum products also recorded notable declines.
According to the data, diesel landing cost dropped to N1,470 per litre, compared to Dangote Refinery’s price of N1,700 per litre. Aviation Turbine Kerosene (ATK), commonly known as aviation fuel, also fell to N1,426 per litre, while Dangote’s price remains N1,650 per litre.
MEMAN estimated the exchange rate for fuel imports at N1,366.85 per dollar, reflecting the prevailing official foreign exchange rate at the time of the calculation.
Business
No More N1,330, Petrol Prices Crash Nationwide; New Rates Emerge
Some filling stations along the Lagos-Ibadan Expressway and in other locations across Lagos and Ogun states have reduced petrol prices below N1,300 per litre.
This follows a price cut announced by the Dangote Petroleum Refinery on Sunday.
The refinery adjusted its ex-depot gantry price of petrol down to N1,250 per litre from N1,275 per litre, while also slashing the price of diesel to N1,700 per litre from N1,800 per litre.
According to Dangote officials, the price review reflects a recent decline in global oil prices and reinforces the company’s commitment to making refined products more affordable while providing cost relief to Nigerian consumers and businesses.
Following the announcement, observations across the Mowe/Ibafo axis of the Lagos-Ibadan Expressway in Ogun State showed that several independent marketers immediately adjusted their pumps. For instance, MRS filling stations reduced their petrol pump price to N1,286 per litre, NIPCO and Heyden retailed the product at N1,290 per litre, and SGR adjusted its price to N1,297 per litre.
Reductions were also recorded in the diesel market, with many filling stations dropping their prices to N1,800 per litre from the previous N1,900 per litre.
Despite these downward adjustments, many retail outlets still sell petrol above the N1,300 mark. Outlets operated by the Nigerian National Petroleum Company Limited (NNPC) in Ibafo adjusted their pumps to N1,305 per litre, while Mobil and Asharami sold the product at N1,310 and N1,320 per litre, respectively.
The overall price drop comes after a prolonged period of high fuel costs in Nigeria, which saw petrol skyrocket from N830 per litre to over N1,300 after global crude oil climbed past $115 per barrel due to tensions between the United States and Iran.
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