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BREAKING: Dangote refinery slashes petrol price to N865

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As exclusively predicted by The PUNCH, the Dangote refinery has informed marketers and its customers of a downward review of its ex-gantry loading cost to N865 per litre.

The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday.

Our correspondent gathered that the refinery informed its customers in a notice sent out on Thursday morning.

A Pro forma invoice was sighted by our correspondent and checks into petroleumprice.ng also confirmed the development.

Recall that marketers had exclusively informed our correspondent that the 650,000 barrels refinery was anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement.

On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.

It said the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.”

The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.

The committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.

It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.

The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”

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JUST IN: FG Announces New Minimum Salary for Ministry in 2026

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The Federal Government says it has doubled the minimum monthly salary of Nigerian soldiers from N49,000 to N100,000 in its latest effort to improve troop welfare and strengthen morale.

Minister of Defence, Christopher Musa, disclosed the salary review during an interview with News Central.

He described the development as one of the welfare improvements introduced by the current administration for military personnel.

“When they started, a soldier was collecting N49,000 monthly. We tried so hard, now he’s collecting N100,000,” the minister said.

For decades, concerns over poor salaries, inadequate accommodation, delayed benefits and rising living costs have dominated discussions on military welfare.

Musa also dismissed allegations that soldiers were being poorly fed, describing claims circulating on social media as misleading.

Referring to a viral video involving a military officer identified as Justice Crack, he alleged that the footage was deliberately manipulated to create a false impression about the quality of meals served to troops.

“The soldier’s food was okay. There was meat; there was all this. But he told them to pull out those things and make it look as if those things were not there,” he said.

The minister’s remarks come as the Federal Government continues to pursue a mix of welfare reforms, increased security spending and renewed military operations aimed at improving the effectiveness of troops battling insecurity across the country.

But calls persist for greater investment in equipment, intelligence gathering and personnel welfare.

Musa maintained that Nigeria’s defence allocation remains inadequate to meet the enormous demands placed on the Armed Forces.

Responding to a question on whether the current defence budget was sufficient, he replied, “It’s not enough.”

He noted, however, that the government would continue investing in the welfare and operational capacity of the military to enable personnel to respond more effectively to the country’s security challenges.

The minister also advocated tougher punishment for kidnappers, calling for the introduction of the death penalty to discourage the growing wave of abductions across the country.

According to him, existing sanctions have failed to deter perpetrators.

“I think we should do that. There must be deterrence. The laws are soft, and that’s why people take advantage. If they know once you commit an offence, there must be punishment,” he said.

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Ex-Vice President Osinbajo Gets Fresh Appointment

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Former Vice President, Yemi Osinbajo, has pledged to strengthen environmental conservation and climate action following his emergence as President of the Board of Trustees of the Nigerian Conservation Foundation (NCF).

Naija News reports that Osinbajo made the pledge on Wednesday while delivering his acceptance speech at the Foundation’s 37th Annual General Meeting in Lagos.

He paid tribute to the founding fathers of the NCF, particularly its President Emeritus, Chief Philip Asiodu, for their foresight in promoting environmental conservation decades before climate change became a global concern.

The former vice president also acknowledged the contributions of the late Chief S.L. Edu and other founding trustees, saying their vision laid the foundation for Nigeria’s environmental conservation movement.

According to him, the founders recognised the importance of biodiversity conservation long before climate change gained global prominence.

“They deserve our commendation and gratitude because, but for their vision, Nigeria would not have had the strong foundation it has today for climate action,” he said.

Osinbajo said the effects of climate change had become increasingly evident across Nigeria through flooding, rising temperatures and other environmental challenges.

He noted that parts of Europe were experiencing temperatures of between 38 and 41 degrees Celsius, a development he said underscored the urgency of collective climate action.

“There is no question that we are living in the most challenging times with respect to climate change,” he said.

The former vice president, however, expressed optimism that advances in technology, innovation and scientific knowledge would provide opportunities to tackle environmental problems more effectively.

According to him, Nigeria has the tools required to make significant progress in biodiversity conservation and environmental sustainability.

Osinbajo described the NCF as Nigeria’s foremost non-governmental organisation dedicated to environmental conservation and climate action.

He commended the Foundation’s trustees, members, management, staff, volunteers and development partners for sustaining its conservation programmes over the years.

Accepting his new role, Osinbajo pledged to build on the achievements of his predecessors and deepen collaboration with stakeholders.

“I accept this responsibility with great humility and gratitude.

“I look forward to working with the Board, management, staff, volunteers and partners to advance the Foundation’s mission and secure a healthier environment for future generations,” he said.

He also reaffirmed his commitment to strengthening the Foundation’s leadership role in biodiversity conservation and environmental sustainability in Nigeria.

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Tinubu Names Fresh Top Appointment, Writes Senate for Confirmation

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Nigeria, Benin Sign Integration Pact

President Bola Ahmed Tinubu has asked the Senate to confirm the appointment of Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).

Naijaonpoint reports that Tinubu’s request was contained in a letter read by Senate President Godswill Akpabio during plenary on Wednesday.

The President said the nomination was made in line with Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act, 2019, as amended.

“I am pleased to present for confirmation by the Senate the appointment of Mr Lamido Yuguda Abubakar as chairman of the board of the Asset Management Corporation of Nigeria,” the letter read.

Tinubu said the nomination followed the exit of the immediate past chairman of the AMCON board.

After reading the letter, Akpabio referred the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions.

The committee was directed to screen the nominee and report back within two weeks.

AMCON was established in 2010 to stabilise Nigeria’s financial system by acquiring non-performing loans from banks and recovering outstanding debts.

Appointments to the corporation’s board are subject to Senate confirmation.

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