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Economy

NMDPRA Targets End to Fuel Imports as Downstream Reforms Deepen

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By Onyeanya Ebere Immaculata

Nigeria is moving towards ending its dependence on imported petroleum products, with a plan to transition from full importation to zero imports and eventually become a net exporter, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has said.

The Authority’s Chief Executive, Saidu Mohammed, disclosed this on Wednesday in Abuja while delivering a keynote address at the 2026 Nigerian International Energy Summit.

Mohammed said Nigeria saved more than ₦6 trillion in fiscal and foreign exchange losses in the first nine months of 2025 through downstream reforms aimed at reducing reliance on imported fuel and boosting domestic refining.

He attributed the savings to full deregulation of the downstream sector, foreign exchange harmonisation, expanded gas utilisation, and naira-based crude oil and petroleum product transactions.

“The cumulative impact of these reforms has reduced the fiscal and economic losses of importing petroleum products by over ₦6 trillion in the first nine months of 2025,” he said.

Mohammed, speaking publicly for the first time since his appointment in December 2025, said the Petroleum Industry Act had transformed the sector into a liberalised market, easing fuel scarcity and supply distortions while promoting market-based pricing.

He said Nigeria was now meeting a significant portion of its domestic fuel demand locally, adding that refinery revival remained central to the strategy.

According to him, government-owned refineries were returning to operation, while more licences had been issued to private investors.

Mohammed also said the country was expanding gas-based alternatives to strengthen its push to become a continental energy hub.

He assured investors of a transparent regulatory environment and called for stronger collaboration to sustain reforms and reposition Nigeria as Africa’s leading energy hub.

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Economy

Alia Seeks Collaboration with North-Central Development Commission

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By Segun Adeyanju

Governor of Benue State, Hyacinth Alia, has called for stronger collaboration between the North-Central Development Commission (NCDC) and the Benue State Government to tackle insecurity, promote rural development and improve livelihoods in the state.

Alia made the call on Wednesday while receiving the board and management of the commission during a courtesy visit at the Old Banquet Hall, Government House in Makurdi.

The delegation was led by the Chairman of the commission, Cosmos Akighir, alongside a board member, Cyril Tseenyil.

Speaking during the meeting, the governor said his administration remained committed to restoring peace across the state and ensuring that internally displaced persons (IDPs) return to their ancestral homes.

According to him, the state government has already recorded progress in addressing insecurity in several local government areas previously affected by violence.

“We have done a lot to ensure peace in the state. We have drastically reduced the number of local governments that were gravely infested by insecurity,” Alia said.

He noted that although relative peace had returned to many parts of the state, security challenges remained complex and required sustained collective efforts.

“Security is like a monster. Cut the tail and another part of the body will spring up. Cut the hand and you see another part of the body developing to cause havoc,” he added.

The governor stressed that the ultimate goal of his administration was to ensure that displaced communities safely return to their homes.

“Most importantly, we are resolute that our people must go back to their ancestral homes. The people of Benue State deserve peace to continue to feed the nation,” he said.

Alia also urged the commission to support the state government in key sectors including agriculture, employment generation and rural infrastructure.

He emphasised that strengthening the agricultural value chain would play a critical role in boosting productivity and creating economic opportunities for residents.

“Agriculture value chain must be in the front burner to create overreach on the demands,” the governor stated.

He explained that the state’s 2026 budget prioritises rural development, noting that many rural communities had suffered years of neglect.

“In our budget this year, we have prioritised rural development. But because these particular areas were neglected for a long time, no matter how much money you budget for this area, it will not be easy to have immediate impact, hence the need for support from your commission,” he said.

The governor also advised the leadership of the North-Central Development Commission to remain apolitical in the discharge of their duties.

According to him, introducing partisan politics into the operations of the commission could undermine its core mandate of development.

He urged the board and management to focus on delivering projects and programmes that would directly benefit communities across the region.

The development was contained in a statement signed by the Chief Press Secretary to the Governor of Benue State, Tersoo Kula.

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Economy

Tinubu Nominates Oyedele as Minister of State for Finance

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By Patrick Idowu

President Bola Ahmed Tinubu has nominated Mr Taiwo Oyedele as Minister of State for Finance, replacing Dr Doris Uzoka-Anite.

In a letter to Senate President Godswill Akpabio, the President sought the Senate’s confirmation of Oyedele’s appointment. Uzoka-Anite has been redeployed to the Ministry of Budget and National Planning as Minister of State.

Oyedele, from Ikaram-Akoko in Ondo State, was until his nomination the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which led major reforms of Nigeria’s tax system.

An economist and accountant, Oyedele holds a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and a BSc in Applied Accounting from Oxford Brookes University.

He has attended executive programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

He spent 22 years at PwC, rising to Fiscal Policy Partner and Africa Tax Leader. Oyedele is also a professor at Babcock University and a visiting scholar at Lagos Business School.

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Abuja Reports

FCTA Suspends Enforcement of Drivers, Riders’ Permit Levy

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By Patrick Idowu

​The Transportation Secretariat of the Federal Capital Territory Administration (FCTA), has suspended the enforcement of its Drivers and Riders Permit Levy to allow for further stakeholder engagement.

The Mandate Secretary, Dr. Chinedum Elechi, issued the directive in a letter to First Capital Cargo Ltd, the firm contracted for collection.

The decision follows a meeting on February 19 with leaders of dispatch riders who raised serious concerns regarding multiple taxation by various authorities within the capital.

​The suspension comes after thousands of dispatch riders recently stormed the FCTA Secretariat in protest, appealing to FCT Minister Nyesom Wike to end perceived extortion. The protesters highlighted a significant financial burden, noting they already pay an annual N13,000 levy to multiple Area Councils, including Abuja Municipal, Bwari, and Gwagwalada.

This is in addition to the newly introduced N25,000 permit levy and daily market entry fees of N300.

​Dr. Elechi’s directive emphasized the need for compliance while the administration reviews the taxation structure. By halting the collection, the FCTA aims to address the grievances of the Association of Dispatch Riders and ensure a more streamlined payment process.

The Secretariat has urged the collection firm to accord the directive the necessary attention to maintain order and fair play within the transport sector.

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