The Progressive Governors’ Forum (PGF), members of the Federal Executive Council (FCE) and the National Working Committee (NWC) of the All Progressives Congress (APC) yesterday resolved to work towards achieving greater economic development for the country through the implementation on the on-going bold reforms.
They ignited hope about a brighter future for Nigeria, pointing out that the World Bank/International Monetary Fund (IMF)’s rating of economic performance has vindicated President Bola Ahmed Tinubu’s reforms.
PGF Chairman and Governor of Imo State, who spoke after the meeting of the governors, ministers and party officers in Abuja, said the president has silenced the opposition by his impressive performance.
It was the first brainstorming session involving the heads of sub-nationals, ministers and the party leadership, signifying the fortifications of inter-governmental relations and strengthening of government/party ties.
According to sources, leaders at the session resolved to build on the collaboration to foster understanding between the Federal Government and states.
Discussions at the parley focused on how to tackle the opposition onslaught and propaganda deployed to paint the administration in the bad light, despite its giant strides across the sectors.
The meeting resolved to embark on aggressive projection of the achievements recorded in the strategic sectors, to counter the twisting of facts and figures by critics.
In particular, ministers are now mandated to engage their respective constituencies by explaining to them the giant strides of the administration and projections for the nearest future.
Also, the sub-nationals are to forge a synergy with the President in the battle against insecurity through novel support systems and the mobilisation of community resources critical to intelligence gathering.
Uzodinma said that despite the initial criticism of the President’s reform policies, the assessment of the performance indicators showed that he is on the right path.
Shedding light on the motivation for the meeting, he said: “You know at the beginning of this administration, when the President started with the reforms, the opposition was very loud in criticizing the policies of the government.
“But today, Mr. President is being vindicated. Gradually, international organizations like World Bank, IMF, are now beginning to commend the administration of President Bola Tinubu for taking bold decisions on embarking on a reform-driven government.”
Uzodinma highlighted the President’s focus and resilience, noting that he never allowed his administration to be distracted by the antics of the opposition.
He assured the President Tinubu and the ruling party that the governors would continue to garner the support of Nigerians for the administration to propel the country towards development and prosperity.
The PGF Chairman said the governors had resolved to coordinate and encourage party members to support the administration in its bid to erect lasting legacies.
Uzodimma said: “We have a responsibility as a party to provide support for the administration of this courageous and bold man (Tinubu) who has come to serve Nigeria.”
The Minister of Information and National Orientation, Mohammed Idris, said Nigeria is undergoing transformation under the administration.
He added: “We feel happy to say that the government of APC has done so well. We have a lot to showcase. And we have all agreed that leading up to the midpoint of this administration, we will enlighten Nigerians more about what government is doing.
“We will also take feedback from Nigerians so that we can do even better. The APC family is a very big one. And it is not out of place for all of us to come together once again to look at what we have done in the last two years and project also where we are going in the future.
“We are happy with where we are going. We know that there have been some challenges here and there, but we also know that we are in the right direction and God willing, Nigeria will get on for it.
At the meeting were Governors Babajide Sanwo-Olu (Lagos State), Mohammed Nasir Idris (Kebbi), Dapo Abiodun (Ogun), Monday Okpebholo (Edo), Sheriff Oborevwori (Delta), Hyacinth Alia (Benue) and Usman Ododo (Kogi).
The NWC was led by the National Chairman, Dr. Abdullahi Ganduje.
Other ministers at the meeting are Lateef Fagbemi (SAN) (Justice and Attorney-General) and Festus Keyamo (SAN) (Aviation and Aerospace Development).
The event is expected to draw heads of state, diplomats, religious leaders, and dignitaries from around the world.
According to a statement issued yesterday by his Special Adviser on Information and Strategy Bayo Onanuga, the invitation to President Tinubu was conveyed through Cardinal Pietro Parolin, the Vatican Secretary of State.
Barcelona have been crowned the 2024/ 2025 La Liga champions after a 2-0 victory over Espanyol at the RCD Stadium on Thursday night.
The title-clinching win was powered by two of Barça’s brightest young stars, Lamine Yamal and Fermín López who each found the back of the net in a dominant second half display.
Yamal, the teenage sensation, opened the scoring with a composed finish in the 53rd minute while López solidified the victory after being set up by Yamal in the 95th minute.
The win ensures that Barcelona cannot be caught at the top of the La Liga table, sealing the title with two games to spare.
The National Bureau of Statistics (NBS) has reported a slight decline in Nigeria’s headline inflation rate, which eased to 23.71 percent in April 2025 from 24.23 percent recorded in March.
The Bureau released the latest figures in its Consumer Price Index (CPI) update on Thursday.
According to the agency, the movement for April 2025 “headline inflation rate showed a decrease of 0.52% compared to the March 2025 Headline inflation rate.
“On a month-on-month basis, the Headline inflation rate in April 2025 was 1.86%, which was 2.04% lower than the rate recorded in March 2025 (3.90%),” NBS said.
“This means that in April 2025, the rate of increase in the average price level is lower than the rate of increase in the average price level in March 2025.”
…APC, Okpebholo seek dismissal of appeals by PDP, AA, AP, others
The Court of Appeal has reserved judgments in three appeals and a cross appeal filed in relations to the dispute over the governorship election held in Edo State on September 21, 2024, in which the Independent National Electoral Commission (INEC) declared Monday Okpebholo of the All Progressives Congress (APC) as the winner.
A three-member panel of the court, presided over by Justice M. A. Danjuma, which sat in Abuja on Thursday, told lawyers to the parties, after taking their final arguments, that the judgments are reserved till a date to be communicated to them.
The appeals heard included the one filed by the Peoples Democratic Party (PDP) and its candidate in the election, Asue Ighodalo (marked: CA/ABJ/EPT/ED/GOV/01/2025) and a cross appeal by the APC and Okpebholo (marked: CA/ABJ/EPT/ED/GOV/04/2025).
The other two appeals heard are: CA/ABJ/EPT/ED/GOV/02/2025, filed by Action Alliance (AA) and its National Chairman, Rufai Omoaje, and CA/ABJ/EPT/ED/GOV/03/2025, filed by Dr. Bright Enabulele and Accord Party (AP).
In arguing the appeals, lawyers to the appellants prayed the court to allow their appeals and reverse the judgments of the election tribunal delivered on April 2, while lawyers to the respondents urged the court to affirm the judgments by the tribunal and dismiss the appeals.
Lawyer to Okpebholo, Onyechi Ikpeazu (SAN) urged the court to affirm the judgment of the tribunal, which upheld his client’s victory and found that the PDP and Ighodalo failed to prove their allegations that the election was marred by irregularities.
Ikpeazu argued that the petition, which they filed before the tribunal, and the appeal constitute a totally academic exercise.
He stated the appellants conceded at the tribunal that if the votes, which they claimed were wrongly added, were deducted, Okpebholo and the APC still scored the majority of votes.
Ikpeazu argued that, as against the claim by the appellants that the serial numbers of the ballot papers were not filled on the Form EC25B, the form actually did not contain any provision for the recording of serial numbers.
He said what is provided for in Form EC25B are spaces for the imputation of information about the quantity of materials received and the quantity of materials returned.
Ikpeazu states that in the Form EC40A, which the appellants tendered at the tribunal, the serial numbers of the ballot papers were clearly indicated.
He noted that while the appellants pleaded Form EC25D in their petition, they failed to tender the forms before the tribunal.
He argued that the ward collation officers are not bound by the results uploaded to IREV where there is over-voting.
Ikpeazu also argued the cross appeal filed by Okpebholo and the APC and urged the Court of Appeal to allow the cross appeal and dismiss the appeal.
Emmanuel Ukala (SAN) for the APC and Kanu Agabi (SAN) for the INEC also argued similarly in praying the court to dismiss the appeal and affirm the judgment of the election tribunal.
Ukala argued that the position of the law has not changed, even with the introduction of Sections 73(2) and 137 of the Electoral Act 2022 that a petitioner alleging any form of non-compliance must call witnesses from all the affected polling units to prove the allegations.
He added, “Where there is improper collation, you still need to call witnesses polling unit by polling unit.”
While arguing that the Ighodalo and the PDP failed woefully to lead sufficient evidence to prove their case, Ukala said the tribunal held rightly when it found that the petitioners failed woefully in that regard.
He noted that in this case, the petitioners called a total of 19 witnesses at the tribunal, out of which only five were polling unit agents, who were required to give evidence in respect of the 765 polling units that they were complaining about.
Ukala also noted that while the appellants pleaded Form EC25D in the petition as one of the forms they intended to rely on at trial, they did not produce it at trial.
He said the Form EC25D is where the serial number ought to be reflected, as against Form EC25B, claimed by the appellants.
Lawyer to Ighodalo and the PDP, Robert Emukpoeruo (SAN), urged the court to allow the appeal and set aside the judgment of the tribunal.
He argued that, in relation to the appellants’ allegations of non-compliance, the tribunal failed to appreciate the nature of the non-compliance complained of.
Emukpoeruo added that there was no record of the serial number on Form EC25B as required by Section 73(2) of the Electoral Act, 2022.
He added, “The tribunal said we required evidence of polling agents or witnesses to prove how the forms were filled or not filled.
That was not our case. Our case was that the Form EC 25B did not contain the serial number.”
The appellants’ lawyer argued that the tribunal was also wrong to claim that the documents his clients tendered at trial were dumped on the tribunal.
He further argued that, as against the tribunal’s finding, oral evidence was not needed, like the case of the appellants, who were petitioners before the tribunal.
Emukpoeruo stated that his clients did not challenge the conduct of the election, but the conflict in the results collated and announced.
He noted that it was part of his clients’ contention that the results that were collated at the ward level were not the results declared at the polling units.
After taking arguments from lawyers to parties, a three-member panel of the court, presided over by Justice M. A. Danjuma, announced that judgment is reserved to a date to be communicated to parties.
Three opposition members of the House of Representatives on Thursday officially announced their defection to the ruling All Progressives Congress (APC) during plenary.
The lawmakers include Oluwole Oke from Osun State, who left the Peoples Democratic Party (PDP), and Kabiru Hassan Rumrum and Sani Abdullahi, both from Kano State, who defected from the New Nigeria Peoples Party (NNPP) to the APC.
Rumrum had earlier declared his resignation from the NNPP and his return to the APC during a meeting with the party’s National Chairman, Dr. Abdullahi Umar Ganduje.
Similarly, Oke had earlier announced his departure from the PDP in Osun State and his decision to join the APC.
Their defections were formally announced by Speaker Abbas Tajudeen at Thursday’s plenary, increasing the total number of lawmakers who have switched parties since the inauguration of the 10th National Assembly to 30.
Of the 30 defectors, 27 have joined the APC from the PDP, Labour Party, African Democratic Congress (ADC), and the NNPP.
The All Progressives Congress (APC) has officially released the chairmanship and vice-chairmanship candidates for the July 12 local government elections in Lagos State.
Last week, the APC conducted primaries at its Ikeja headquarters to select candidates for the 20 local government areas and 37 local council development areas.
Some candidates emerged via consensus while delegated elected others.
Here’s the full list of chairmanship candidates and their running mates:
*Agbado-Oke Odo – Jimoh Abiodun Ishola and Kehinde Sobayo
*Agboyi-Ketu – Adetola Oyedele and Hon. Ganiyu Fatai
*Agege – Babatunde Azeez and Ganiyu Obasa
*Ajeromi-Ifelodun – Olamilekan Akindipe and Hon. Ajibola O. Ashabi Ugbo-Anite
*Alimosho – Ibrahim Akinpelu and Francis Adebisi
*Amuwo-Odofin – Sanusi Ismail and Hon. Maureen Ashara
*Apapa – Shobanjo Idowu and Ganiyu Ismaila
*Apapa Iganmu – Jimoh Olawale and Mrs. Otitolaye Fadekemi
*Ayobo-Ipaja – Abiodun Agbaje and Otunba Oladipupo Oluwaloni
*Badagry – Humpey Babatunde and Alh. Akeem Adeyemi
*Badagry West – Rauf Ibrahim and Nutayi Oluwaremilekun
*Bariga – Bukola Omofe Adedeji and Babatunde Adesida
*Coker-Aguda – Azeez Ogidan and Mathew Olaleye
*Egbe-Idimu – Idris Balogun and Hon. Tayo Ayinde
*Ejigbo – Taoreed Taiwo and Abisola Nicholas Ike
*Epe – Sura Animashaun and Sikiru Owolomashe
*Eredo – Monsuru Ismail and Lateef Adesanya
*Eti-Osa East – Samsudeen Agunbiade and Sheriff Azeez Olubuse
*Eti-Osa – Adeola Sheriff and Dowu Badru
*Iba – Isa Jubril and Hon. Samuel Ayodele Thomas
*Ibeju-Lekki – Sesan Olowa and Isiaka Olatunji
*Lekki – Rasaq Kasali and Oluremi Alogba
*Ifako-Ijaiye – Usman Hamzat and Toluwatoyin Akerele
*Ifelodun – Olufemi Okeowo and Adejinya Ojora
*Igando-Ikotun – Lasisi Akinsanya and Adewunmi Dada
*Igbogbo-Baiyeku – Hameed Aroyehun and Ade Ayeni
*Ijede – Motunrayo Gbadebo and Femi Kabir
*Ikeja – Akeem Dauda and Hon. Jabiola Omisore
*Ikorodu – Adedayo Ladega and Hon. Alogba Bisiriyu Babatunde
*Ikorodu North – Wale Hameed and Mathew Adesanya
*Ikorodu West – Kazeem Sulaiman and Adesegun Aluko
*Ikosi Isheri – Bada Abolanle and Olayinka Ogunleye
*Ikosi-Ejirin — Anomo Adewale and Wasiu Dehinsilu
*Ikoyi-Obalende – Bola Oladunjoye and Sulaiman Ibrahim Salawe
*Imota – Sunday Benson and Princess Abisoye Jimoh
*Victoria Island – Aminat Alabi and Olatunji Ajasa
*Isolo – Adebayo Olasoju and Sodiq Shakir Adedla
*Itire-Ikate – Daniel Olufemi and Yetunde Jimba
*Lagos Island – Taiwo Oyekan and Aru-Folami
*Lagos Island East – Muibi Alade and Monsurat Balogun
*Lagos Mainland – Kolawole Emilagba and Momoh Adewale
*Mosan-Okunola – Opeyemi Akindele and Akin Falade
*Mushin – Tunbosun Aruwe and Karaole Semiu
*Odi-Olowo – Lawal Jakande and Awodogan Niyi
*Ojo – Muibat Rufia and Chimezie Emarem
*Ojodu – Olusegun Odunmbaku and Funmilayo Layeni
*Ojokoro – Oluyemisi Rosiji and Tunde Olalekan Oyekunle
When President Bola Tinubu boldly declared “subsidy is gone” on his first day in office, it triggered outrage, uncertainty and hope in equal measure. Two years on, that single statement has restructured Nigeria’s oil economy, freed trillions for development and ended an era of fuel scarcity. More than a policy shift, it marked a reckoning—confronting decades of waste and redefining the country’s path toward energy sovereignty, reports Assistant Editor MUYIWA LUCAS.
“Subsidy is gone” quickly became a defining catchphrase following the inauguration of President Bola Ahmed Tinubu on May 29, 2023. Though met with widespread criticism at the time, that bold declaration has since proven to be a turning point—laying the foundation for the revamp of Nigeria’s petroleum sector, restoring integrity to its operations, and largely ending the perennial scourge of petrol scarcity.
On his very first day in office, President Tinubu took a decisive step that had eluded many of his predecessors: he announced the immediate removal of the fuel subsidy. For years, the subsidy regime had been considered political dynamite—an issue successive administrations were reluctant to confront, fearing backlash from a population weary of rising living costs. Yet Tinubu, in what many now view as an act of political courage, tackled it head-on.
Data from the Nigeria Extractive Industries Transparency Initiative (NEITI) reveals the staggering scale of subsidy spending. Between 2005 and 2021, Nigeria expended a whopping $74.39 billion on fuel subsidies. In 2022 alone, the government spent $9.7 billion. Prior to the subsidy’s removal in 2023, the federal government had already disbursed N3.6 trillion on subsidy payments, with projections estimating a potential rise to N5.4 trillion in 2024. A draft report of the Accelerated Stabilisation and Advancement Plan (ASAP), presented to President Tinubu by Minister of Finance and Coordinating Minister for the Economy Wale Edun, warned that the figure could escalate to N6.3 trillion if the subsidy were to continue unchecked.
This unsustainable drain on public resources was frequently cited as a major factor behind Nigeria’s dwindling revenues and growing fiscal deficits. The former Nigerian National Petroleum Corporation (NNPC), now NNPC Limited, was often unable to remit funds to the Federation Account—widening budget gaps and limiting the government’s capacity to invest in critical sectors or stimulate economic growth. By eliminating the subsidy, the Tinubu administration not only averted an impending fiscal cliff but also ushered in a new era of transparency and efficiency in the downstream petroleum sector. While the transition has not been without challenges, especially in terms of cost-of-living pressures, the long-term benefits—restored macroeconomic stability, improved public finances, and the virtual disappearance of fuel queues—are beginning to justify the initial pain.
This is why many stakeholders and economists have lauded President Tinubu’s bold declaration on subsidy removal, citing its far-reaching positive impact on the nation’s economy. One of the most immediate and tangible benefits was the sharp increase in revenue available for disbursement by the Federation Account Allocation Committee (FAAC). With the elimination of subsidy payments, funds previously tied up in petrol subsidies are now being channelled into national development—shared among the federal, state and local governments. Notably, the monthly FAAC allocations surged from N760 billion in 2023 to an impressive N3.2 trillion in 2024.
The ripple effects of this policy shift extend beyond financial inflows. A series of sectoral reforms—unlocked by the end of the subsidy regime—have begun to reposition the oil and gas industry on a more sustainable and transparent path. According to stakeholders, the petroleum sector had long been the single biggest source of economic leakage. Years of wasteful spending on moribund refineries, entrenched corruption in petroleum importation, poor governance structures, and the opaque operations of the equalisation fund had left the economy haemorrhaging. These systemic issues persisted unchecked until the current administration made a decisive intervention.
The removal of the subsidy, though not without its pains, is widely regarded as a necessary trade-off. It has undeniably led to a steep increase in petrol prices at the pump, affecting cost of living and transportation. However, it has also brought about a previously elusive stability in the downstream sector. The once-frequent episodes of petrol scarcity—long a source of national frustration—have all but disappeared. Fuel queues are now a rarity, and supply chains have become more predictable and transparent. In effect, the policy has proven to be a double-edged sword—cutting into consumer comfort in the short term, but laying a firm foundation for long-term sectoral stability and economic health. What once seemed like a political gamble has, in retrospect, become a defining reform of the Tinubu administration.
Refineries and the naira-for-crude policy
Under the current administration, two of Nigeria’s long-dormant government-owned refineries—Port Harcourt and Warri—have been brought back to life by the Nigerian National Petroleum Company (NNPC) Limited, while the rehabilitation of the remaining two refineries is actively underway. This marks a significant turnaround for an industry that, for decades, had been plagued by inefficiency and underperformance.
The revitalisation of these state-owned refineries now complements the operations of the privately-owned Dangote Refinery, which boasts a production capacity of 650,000 barrels per day and was constructed at a cost of $20 billion. Notably, the Dangote Refinery alone currently produces 54 million litres of petrol daily, surpassing Nigeria’s average daily consumption of 50 million litres. This achievement has placed the country firmly on the path to self-sufficiency in petroleum product supply, drastically reducing its reliance on imports.
A standout achievement for the Tinubu administration is the successful reactivation of the Port Harcourt Refinery (PHRC), which had been in a state of disrepair for years. Although the previous administration secured a $1.5 billion loan in 2021 for its renovation, it was the present government that saw the project through to completion, culminating in the refinery’s return to operations in November 2024. This development has renewed national confidence in the possibility of reviving all four government-owned refineries and restoring Nigeria’s capacity for domestic refining.
Complementing this milestone is the introduction of the transformative naira-for-crude policy, which allows local refineries to purchase crude oil—traditionally sold in U.S. dollars—in Nigeria’s local currency, the naira. Designed to bolster domestic refining and shield operators from the volatility of foreign exchange markets, the policy ensures a stable supply of crude to local refineries while enhancing the nation’s economic sovereignty and fortifying the local currency. The policy, which officially commenced in October 2024, aligns closely with recommendations made by industry stakeholders during the Nigeria Oil and Gas (NOG) Energy Week held in May of the same year. At a key panel session themed “Addressing Post-PIA Downstream Sector Challenges for Sustainable Growth,” participants had unanimously called for the adoption of a naira-for-crude framework to accelerate post-subsidy downstream sector reform.
Six months into its implementation, the policy has yielded significant dividends. Stakeholders report reduced petrol prices, improved product availability, and increased consumer savings. Additionally, the move has contributed to food price stability—an indirect but vital economic benefit. Over 48 million barrels of crude oil have already been supplied to the Dangote Refinery under this policy, underscoring its operational success. Perhaps most notably, the policy has ignited healthy price competition within the downstream sector, a development that experts believe bodes well for both the economy and Nigerian consumers. By stabilising supply, reducing= costs, and empowering local refineries, the naira-for-crude policy is proving to be one of the most impactful reforms in Nigeria’s recent oil and gas history.
Licensing round and oil production
In just two years, the Tinubu administration has breathed new life into Nigeria’s oil block allocation process, restoring investor confidence and ensuring greater transparency and competitiveness. A major milestone was the successful conclusion of the previously suspended 2022/2023 licensing round, which culminated in the issuance of seven oil licenses in December 2023. Building on that success, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) launched a fresh licensing bid round in May 2024. This culminated in December with the award of 25 additional oil block licenses to local and international investors, marking the first such licensing exercise since the enactment of the Petroleum Industry Act (PIA) in 2021. The renewed process is aimed at expanding Nigeria’s oil and gas asset base, ramping up production, and optimising returns from petroleum resources.
The NUPRC has since linked the nation’s recent increase in oil output to these newly awarded wells. “From the 2024 bid round, more oil wells were allocated, and those wells are now producing,” a source close to the Commission confirmed.
Reviving oil production and fighting oil theft
When President Bola Tinubu assumed office on May 29, 2023, one of his first directives was to reverse Nigeria’s dwindling crude oil production. At the time, daily output had plummeted to a low of 900,000 barrels per day (bpd)—a level far below the country’s potential and its OPEC quota. Thanks to strategic interventions—such as implementation of the PIA, aggressive anti-oil theft campaigns, and reform-focused oil policies—Nigeria’s oil production has made a remarkable comeback. As of January 2025, crude oil production consistently crossed the 1.5 million bpd mark, exceeding OPEC’s set quota for December 2024. By April 2025, average production stood at 1.8 million bpd, edging the country closer to its medium-term target of 2.06 million bpd as projected in the 2025 budget, and an ambitious 2.7 million bpd by 2027.
Production data released by the NUPRC shows that crude oil output peaked at 1.79 million bpd in December 2024, with the lowest daily production recorded at 1.57 million bpd. Total crude produced in December stood at 51.69 million barrels—a modest increase of 1.9% from 50.71 million barrels in November. Recent figures for April 2025 indicate that crude oil production rose to 1,485,700 bpd, up by 6.06% from March’s 1,400,783 bpd. Including condensates, total oil output for April hit 1.683 million bpd, compared to 1.603 million bpd in March. This represents 99% of Nigeria’s 1.5 million bpd OPEC quota—an encouraging sign of consistent progress.
Further boosting the nation’s oil outlook are new discoveries and fresh investment commitments. On May 7, 2025, global energy giant ExxonMobil pledged $1.5 billion toward deep-water exploration and development in Nigeria, a testament to renewed investor confidence in the sector. In another landmark development, Nigeria added a new crude stream—Obodo Blend—to its export portfolio. Officially unveiled on May 13, 2025, the Obodo Blend is a medium sweet crude that has now become the country’s 27th distinct crude oil grade. It joins Nigeria’s globally recognised suite of high-quality crude offerings, including Bonny Light, Forcados, Qua Iboe, Brass River, and Escravos.
Asset divestment creating space for indigenous dominance
Under President Tinubu’s administration, asset divestment by International Oil Companies (IOCs) has accelerated, driven by regulatory reforms and a deliberate push to deepen indigenous participation in Nigeria’s oil and gas sector. These transitions mark a strategic pivot from foreign domination of onshore operations to the rise of local oil companies poised to shape the next chapter of Nigeria’s energy industry.
At the heart of this transformation is the divestment of 26 oil blocks valued at $6.03 billion by five major IOCs. These transactions are not only injecting fresh capital into the sector but also transferring valuable operational assets into Nigerian hands. One of the flagship deals includes Shell’s $2.4 billion sale of its onshore and shallow-water assets—operated by the Shell Petroleum Development Company (SPDC)—to Renaissance, a consortium led by Nigerian firms. This move aligns with Shell’s global strategy to refocus on deep-water and integrated gas projects.
ExxonMobil followed suit, transferring assets worth $1.28 billion to Seplat Energy, while TotalEnergies divested its 10% stake in 15 Oil Mining Leases (OMLs), including stakes in the Forcados and Bonny export terminals, to Mauritius-based Chappal Energies for $860 million. These transactions signify a seismic shift in asset control, empowering Nigerian companies to play leading roles in oil production and resource management. This wave of divestments is more than a financial reshuffling—it is a deliberate reengineering of Nigeria’s upstream ecosystem. The administration’s strategic oversight ensures that indigenous firms acquiring these assets are equipped to manage them responsibly and efficiently. More importantly, the divestments have translated into increased domestic production output and a broader distribution of economic benefits.
Asset transfer from IOCs to local operators raises critical issues, particularly around environmental responsibility, community engagement, and labour relations. To address this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has implemented a rigorous framework to guide all divestment transactions. Under this framework, the obligations of the Host Community Development Trust Fund, as prescribed by the Petroleum Industry Act (PIA) 2021, are assessed to ensure successor entities have credible social inclusion programmes and clear commitments to local development. Compliance with environmental, social, and governance (ESG) standards is mandatory, along with decarbonisation plans aimed at aligning operations with Nigeria’s energy transition goals.
The NUPRC also enforces stringent data governance, mandating that all operational data collected during the life of the asset be repatriated to the National Data Repository (NDR). Additionally, to avoid industrial unrest, a proactive labour engagement mechanism is put in place to manage workforce transitions during and after the divestment process. This robust regulatory oversight ensures that the benefits of asset divestment extend beyond economic gains, encompassing social stability, environmental responsibility, and technological continuity.
Powering Nigeria’s industrial future through gas
President Bola Tinubu’s administration has unmistakably placed gas at the heart of its renewed energy agenda—an intentional shift aligned with the Decade of Gas Initiative and in pursuit of the administration’s broader vision: to unlock value from Nigeria’s vast natural gas reserves, eliminate flaring, and drive large-scale industrialisation. With a proven gas reserve of 209.5 trillion cubic feet, ranking Nigeria as the ninth most gas-rich country globally, the potential is undeniable. Yet, for decades, this resource has remained significantly underutilised, both for domestic development and export earnings. The Tinubu administration has resolved to change this narrative.
Following the removal of petrol subsidy and the full deregulation of the petroleum products market—which led to a sharp increase in the pump price of petrol—there was a critical need to provide affordable and cleaner alternatives for transportation and power generation. The Presidential Compressed Natural Gas (CNG) Initiative (Pi-CNG) emerged as a cornerstone of the government’s energy diversification and social relief efforts. The Pi-CNG Initiative is a key element of President Tinubu’s palliative measures to cushion the transitional shocks from the subsidy removal. Designed to promote widespread adoption of CNG and Electric Vehicles (EVs), it aims to provide cheaper, cleaner, and more sustainable fuel options for Nigerians.
“We will not progress if we continue to dance on the same spot. We have the will to drive the implementation of CNG adoption across the country, and we must set the example as public officials leading the way to that prosperous future that we are working to achieve for our people. It starts with us, and seeing that we are serious, Nigerians will follow our lead,” President Tinubu said, affirming his commitment to leading by example.
Reinforcing this commitment, the President recently launched three major gas infrastructure projects, signaling a new era of gas-led economic growth: the Expanded AHL Gas Processing Plant; the ANOH Gas Processing Plant; and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline. Collectively, these projects are expected to generate over $500 million in revenue for Nigeria over the next decade. More importantly, they will significantly boost domestic gas supply. “It is pleasing that when these projects become fully operational, approximately 500 million standard cubic feet (MMscf) of gas in aggregate will be supplied to the domestic market from these two gas processing plants, which represents over 25 per cent incremental growth in gas supply,” President Tinubu noted at the launch event.
Stakeholders applaud bold reforms in oil and gas
Industry experts and economists have lauded the administration of President Bola Tinubu for the remarkable strides made in Nigeria’s oil and gas sector, particularly in the upstream segment. Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), in an appraisal over the weekend, described the reforms initiated by the Tinubu administration as among its most significant accomplishments within the first two years in office.
According to Dr. Yusuf, many of the changes now taking shape had long existed merely as proposals or policy intentions on paper. “What we have seen is a very bold step by this administration to activate and implement critical reforms that had been stalled for years,” he stated. He emphasised that the decisive actions taken—ranging from revamping the oil licensing round to driving gas development and enabling indigenous participation through asset divestments—demonstrate a political will that had been largely absent in previous years. “These are foundational moves that have the potential to reposition Nigeria’s oil and gas sector for increased investment, higher production, and greater efficiency,” Dr. Yusuf added.
“Yes, it is true that the reform has come with some pains, but the reform itself was a saving grace for the Nigerian economy, because if the status quo had been allowed to remain, the whole system would have possibly collapsed. How do we explain an oil producing country with four refineries that was spending between $10billion and $15 billion annually to import petroleum products? It was the most scandalous aspect of our economic governance. So the courage that has been taken to correct this distortion and to put an end to this bleeding, I think is something for which we must commend this administration.
“Yes, there were some pains – fuel prices have gone up and all of that, but these are sacrifices that were worth it. These are sacrifices that were inevitable. We must salvage the sector and salvage the Nigerian economy. We now have a petroleum downstream sector that is now much more transparent in its governance. I’m not saying that all the problems have gone away, but the situation is much better. The bleeding has reduced significantly. We now have players in the downstream sector who are now able to function better,” Yusuf said.
The CPPE boss agreed that the reforms have had great impact in the downstream sector. “First of all, from the perspective of the downstream sector of the oil and gas, the President Tinubu administration’s impact has been very phenomenal. We had a downstream sector of the oil economy that has been practically incompetent for over 10 years. We are perhaps the only oil producing country that has imported petroleum products for over 10 years. Our refineries were down for over 10 years and yet we are paying salaries and all of that,” Yusuf said.
According to Yusuf, the country under President Tinubu is almost even self-sufficient in terms of refined petroleum products to the point that private refineries in the country are exporting refined products even to Europe and America and Saudi Arabia, which is a major achievement. “We have seen a major turnaround in the downstream sector. We have seen a lot of savings. We have seen less smuggling. We have seen quite some level of sanity in the way the petroleum downstream is governed,” he said.
Mayowa Sodipo, an industry analyst, observed that the oil and gas sector is now experiencing a greater level of market-driven activity, thanks to the improved transparency under the current administration. This, he noted, has created a more conducive environment for domestic investment—particularly in refinery development and gas infrastructure. “The new policy regime has clearly enhanced investor confidence. We’re now seeing generous incentives for gas investors, and there’s renewed appetite for deep-water and offshore investments,” Sodipo remarked.
He also highlighted improvements in the security landscape within oil-producing regions, which had previously deterred long-term investments. According to him, the combined impact of improved policies, better fiscal terms, and enhanced security has significantly boosted investor sentiment in the upstream sector. “Investor confidence has grown remarkably. The policy environment is more stable, the incentive structure is better, and we are seeing positive results in oil output levels as a reflection of these changes,” he said.
While acknowledging that challenges still remain, Sodipo maintained that the sector is in a much better place than it was several years ago. “Of course, we are not yet where we ought to be. But compared to the situation three, four, or five years ago, the progress is unmistakable. There have been remarkable improvements in the investment environment, and this is beginning to show in production figures,” he concluded.
• Centres in Lagos, Imo, Anambra, Abia, Enugu, Ebonyi affected
Joint Admissions and Matriculation Board (JAMB) yesterday admitted that some errors marred this year’s Unified Tertiary and Matriculation Examination (UTME).
It attributed this to a combination of human and technological hiccups.
The organisation ruled out sabotage.
JAMB Registrar Prof. Is-haq Oloyede said the hitches were discovered after a review.
As a result, the board said 379,997 candidates in Lagos, Imo, Anambra, Enugu, Ebonyi and Abia states would resit the examination.
This will take place from tomorrow.
Prof. Oloyede, a former Vice Chancellor of the University of Ilorin (UNILORIN), shed tears before reporters in Abuja.
He said the affected candidates will receive Short Message Service (SMS) notifications.
He said: “It was a combination of human error and technology. We are sincerely sorry.
“What should have been a moment of joy has changed due to one or two errors.
“We apologise, sincerely, to Nigerian students, parents, and schools affected. While this was not a case of sabotage, the oversight by one of our two service providers was inexcusable.
“I apologise, I take full responsibility.”
Oloyede said despite the setback, a candidate recorded the highest individual score in the last 15 years with 374 marks.
He did not name the candidate but said the feat indicated improvements from previous years.
Oloyede added that it was regrettable that the technical hitches spotted before the release of the results were ‘’inadvertently not rectified’’ by officials of one of the board’s “service providers” in Lagos and the Southeast.
He explained that hitches were later traced to a failure in the deployment of updated grading software by the service provider’s officials.
The JAMB boss said the board was well aware of the damage done to its reputation by the current development and was prepared to make amends.
“In simple terms, while 65 centres (206,610 candidates) were affected in Lagos zone (comprising only Lagos State), 92 centres (173,387 candidates) were affected in Owerri zone, which comprises the Southeast states.
‘’In clear terms, in the process of rectifying the issue, the technical personnel deployed by the Service Provider for LAG (Lagos and Southeast zones ) inadvertently failed to update some of the delivery servers.
“Regrettably, this oversight went undetected prior to the release of the results.
“Despite being able to identify the source of the problem and the affected centres, we are conscious of the painful damage it has inflicted on the reputation of JAMB.
“As Registrar of JAMB, I hold myself personally responsible, including for the negligence of the service providers, and I unreservedly apologise for it and the trauma that it has subjected Nigerians to, directly and indirectly.
“Once again, we apologise and assure you that this incident represents a significant setback for the board’s reputation.
‘’We remain committed to emerging stronger in our core values of transparency, fairness, and equity.
‘’It is our culture to admit error because we know that despite the best of our efforts, we are human and we are not perfect.
‘’The only consolation we have in this case is that it is just one of the two service providers that did not do well by uploading.’’
He said in response to public outcry, the Board fast-tracked its typical post-exam audit, which was originally scheduled for next month.
According to him, JAMB convened emergency meetings with stakeholders, including educators, psychometricians, and student associations, to isolate the issue and chart a remediation course.
The UTME was conducted between April 24 to May 5 in over 700 computer-test centres.
The results, which were released on May 9, generated angry reactions, with many of the candidates faulting their scores.
According to statistical analysis released by JAMB, the performance of candidates in the 2025 UTME is Nigeria’s third-worst since 2016.
In the breakdown, out of the 1.9 million candidates, over 1.5 million(78.5 per cent) scored below 200 out of the maximum 400 marks.
About 334,560 candidates (17.11 per cent) scored between 200 and 249, while 73,441 candidates (3.76 per cent) had between 250 and 299 marks.
Those with 300 and above marks were 12,414 (0.63 per cent).
Only 4,756 candidates (0.24 per cent) scored 320 and above and 7,658 (0.39 per cent), 300 and 319.
A total of 983,187 candidates (50.29 per cent) scored between 160 and 199, which is widely regarded as the minimum threshold for admissions in many institutions.
In the same vein, 488,197 candidates (24.97 per cent) scored between 140 and 159, 57,419 candidates (2.94 per cent) scored 120.
Also, 139, 3,820 candidates (0.20 per cent) scored between 100 and 119, and 2,031 candidates (0.10 per cent) scored below 100.
The UTME, a prerequisite for admission into tertiary institutions, tests candidates in the Use of English and three other subjects on their proposed field of study.
Governor commends Oloyede, ASUU-UNN threatens to sue JAMB
Oloyede received commendation and a knock yesterday.
While Zamfara State Governor Dauda Lawal said he was impressed by Oloyede’s admission of error, the University of Nigeria Nsukka (UNN) branch of the Academic Staff Union of Universities (ASUU) threatened to sue JAMB for the mass failure.
Speaking on national television, Lawal said the JAMB boss should be forgiven for owning up and giving some of the affected candidates another chance to resit the examination.
The governor said: “The whole UTME issue is just unfortunate. The whole thing was not intentional. When a leader admits an error, he should be forgiven.
“They (JAMB) are ready to give a second chance to students. They have owned up to their mistakes. The lesson is to guide against a future recurrence.”
But in Enugu, ASUU-UNN said the mass failure, especially in the Southeast, was unacceptable.
Chairman of the branch, Óyibo Eze, said the union would ‘’challenge this result in a High Court if JAMB fails to review it and give candidates their merited scores.’’
Another threat, this time from the East, has rocked the Peoples Democratic Party (PDP).
This came yesterday barely three days after the party leadership resolved to move ahead in unity with the appointment of the Bukola Saraki panel.
The Southeast Caucus of the party threatened to pull out of the main opposition party unless the former National Youth Leader, Sunday Udeh-Okoye, is appointed as National Secretary.
Noting that the zonal caucus endorsed Udeh-Okoye for the position last year, it warned that PDP risked a mass exit that would decimate it in the Southeast if its demand is ignored.
The zonal caucus, which re-nominated Udeh-Okoye, vowed to resist any attempt by the party leadership to turn it down.
According to the caucus, Udeh-Okoye was nominated to complete the tenure of the national secretary in line with the directive of the National Working Committee (NWC)during its 600th meeting in Abuja.
Southeast PDP leaders, including Enugu State Governor Peter Mbah, Board of Trustees (BoT) Chairman Senator Adolphus Wabara, former Imo State Governor Achike Udenwa, and National Vice Chairman (Southeast) Chief Ali Odefa, said the party could only take the regional caucus for granted to its peril.
They vent their anger against the party leadership during the meeting of the Southeast Zonal Executive Committee held at the Government House, Enugu, the state capital.
Mbah, leader of the party in the zone, called for the sustenance of regional unity, adding that the zone should speak with one voice in its resolve to realise its objective.
Wabara and Udenwa lamented what they described as the PDP’s disrespect for Southeast, warning that it has implications.
But workers at the PDP National Secretariat, Abuja, reiterated their support for the choice of Deputy National Secretary, Setonji Koshoedo, as Acting National Secretary by the governors and the NWC.
The PDP leadership crisis escalated two years ago when the former Secretary, Senator Samuel Anyanwu, who contested for the Imo State governorship election, returned to reclaim the position.
However, Southeast PDP leaders, who rejected Anyanwu’s claim, endorsed Udeh-Okoye as national secretary at a stakeholders’ meeting in Enugu last year.
In December, attempts by Anyanwu and Udeh-Okoye to attend the BoT meeting in the capacity of Secretary led to physical fight among their aggrieved supporters.
Miffed by the violence, the BoT temporarily shifted its meeting from the party secretariat to a high brow hotel in the FCT.
Although the leadership tussle shifted to the court, the Supreme Court, which did not affirm the claims and counter-claims, ruled that the onus is on the party leadership to resolve the crisis because it is a party affair.
To restore nomalcy, the governors resolved to do away with the two antagonistic claims of Anyanwu and Udeh-Okoye, and directed Koshoedo to act as secretary till the National Executive Committee (NEC) meeting on May 27.
Wike, former governor of Rivers State, kicked against Anyanwu’s removal, describing it as unjust and vow to challenge the action in court if Anyanwu is prevented from participating in the NEC meeting.
Odefa, who read the communique of the caucus meeting, said peace can only return to the party if Udeh-Okoye’s nomination is ratified by the national leadership.
He said: “The Southeast Zonal Executive Committee exhaustively deliberated on the directive of the NWC and came to the conclusion that it offered a sure pathway to peace, unity, stability, and progress of our party.
“Consequently, the NWC unanimously recommended Hon. Sunday Udeh-Okoye as the candidate to complete the term of office of the National Secretary.”
He lamented that the Southeast PDP had to repeat the process of nominating Udeh-Okoye, urging the NWC to immediately ratify his nomination.
He emphasised that Southeast PDP, which has been loyal to the PDP, would review its membership of the platform, if its demand is rejected.
The communique reads: “The Southeast has consistently served as a stronghold of the PDP from inception. In PDP’s near three-decade existence, we have given our loyalty and all to the party.
“Currently, while the party has been losing key members post-2023 general election, the Southeast PDP is at the vanguard of strengthening the party by rallying major opposition figures such as in Enugu where the Labour Party (LP) governorship candidate, two LP House of Representatives members, numerous members of the House of Assembly, among other stalwarts into the PDP fold.
“Therefore, we hope that this time around, the position of the Southeast PDP regarding the Office of the National Secretary is accorded the honour and immediacy it deserves. This would bring to a closure to the needless lingering dispute over the matter.
“However, in the event that our position is not promptly implemented by the Party, the Southeast PDP, as a family, will be compelled to reconsider our relationship with the PDP going forward.”
Don’t take us for granted, Wabara warns
Wabara described the aloofness of the national leadership to the Southeast’s demand as an attempt to trample on the interest of the zone.
He said: “We have been trampled upon, not taken seriously. If such a position were vacant in the Southsouth, it would not be like this. And now, it came to us. I mean, the usual thing is to play politics with the Igbo man. Yes, we may have to reconsider our stand as far as the party is concerned. But I trust the NWC.”
Udenwa said: “We are expecting that this issue will be finally ironed out once and for all. We do not want to be taken for granted by anybody again.”
PDP staff back Koshoedo as acting Secretary
Workers at the Peoples Democratic Party (PDP) national secretariat yesterday supported the choice of Deputy National Secretary Setonji Koshoedo as national secretary by tge governors and the National Working Committee (NWC).
The National Director of Administration, Gurama Bawa, an engineer, told reporters in Abuja that the decision was in the best interest of the party.
Bawa said: “After a thorough consideration, the management and staff of the PDP National Secretariat unanimously align with and declare unalloyed loyalty to the recommendation of the PDP Governor’s Forum as adopted by the NWC in recognising and working with Arch Setonji Koshoedo as the Acting National Secretary of our party in line with the provisions of the PDP Constitution.”
“We believe that the NWC’s directive that Arch Setonji Koshoedo acts as National Secretary is in the overall interest of the stability of our party being the best step at the moment to restore the confidence of members of the party and preserve the integrity of our internal processes given the sensitive nature of the office of the National Secretary in the operation of a political party.
“Moreover, we are aware that the Independent National Electoral Commission (INEC) has received and acknowledged Arch Setonji Koshoedo as the Acting National Secretary of the PDP.
“We are also aware that INEC is receiving and attending to correspondences of our party signed by Arch Setonji Koshoedo, contrary to false narratives by certain quarters.”
Bawa, who spoke on behalf of the 83-member staff however, lauded Anyanwu’s contributions, particularly in terms of welfare.
However, he there is no sacrifice too high for any individual to make for the overall interest of the party.
He added: “The PDP gave him the platform from which he rose from local government chairman, to senator and also elected as the National Secretary of our Party.”
Bawa, who pledged the workers’ loyalty to Acting National Chairman Umar Iliya Damagum, urgef him to ensure that the National Executive Committee (NEC) meeting holds as scheduled on May, 27.
He said this would enable the party to address pertinent issues and reassert its values of unity, discipline, loyalty and strict adherence to its constitution.
