Business
Oshiomhole Alleges Buhari’s Policies Devalued Naira
The former Edo State Governor, Adams Oshiomhole, said on Saturday the “excessive printing of money” by the Central Bank of Nigeria (CBN) during former President Muhammadu Buhari’s administration crippled the naira.
Oshiomhole, the Senator representing Edo North in the National Assembly, spoke at the Progressive Governors Forum’s Meeting in Benin City.
He stressed that the excessive printing of money by the CBN through the “Ways and Means” led to the collapse of the Naira against the United States dollar.
The Ways and Means allows the Federal Government to borrow from the CBN for emergency financing of projects or to address pressing national needs.
“We are coming from a country that was almost like Zimbabwe or Idi Amin’s Uganda, where he asked the Central Bank governor, ‘go and print more money for us to share with the people’. And the governor said, ‘If we print more money, Uganda currency will be like a sheet of paper.
“This is what the immediate past CBN governor was doing. In the Senate, we have the record that they printed over ₦31 trillion, which they called Ways and Means. You know, when the government wants to deceive people, they use jargon.
“They called it Ways and Means, but I can tell you what it means: it means a situation in which the government prints banknotes, not based on what we have earned or any resources, just prints banknotes to go and share with the people to meet their money illusion. It is the result of that excessive printing of banknotes that led to the collapse of the naira,” the former governor stated.
Ripplesnigeria.com
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.
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.
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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