Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday.

This price adjustment is said to be in response to favourable developments in the global energy sector and a significant decline in international crude oil prices. Dangote Refinery said its decision to crash the price reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.

Dangote refinery, in a statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that this latest move follows a similar decision made on 19th January, when a modest price increase was implemented due to rising crude oil costs. However, with recent global market trends indicating a decline, Dangote Refinery added that adjusting its pricing structure was a bold move to drive economic relief for Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.

The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub¸” it noted.

It stressed that Dangote Petroleum Refinery would continue to introduce innovative strategies aimed at safeguarding the interests of Nigeria and its citizens.

Dangote Petroleum Refinery’s decision is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.

The Federal Government says it has allocated N940.5 billion to the Tertiary Education Trust Fund (TETFund) in the 2025 fiscal year to enhance manpower and infrastructure development in the education sector.

President Bola Tinubu stated this on Saturday at the 42nd Founders’ Day and 33rd Convocation of the Federal University of Technology, Minna.

Represented by Rakiya Iliyasu, Director of Tertiary Education, Federal Ministry of Education, Tinubu said the gesture was demonstrating his administration’s commitment towards improving educational infrastructure and manpower.

He said the federal government had disbursed over N104 billion in loans to more than 600,000 students across tertiary institutions under the Nigerian Education Loan Fund (NELFUND).

Tinubu reiterated his administration’s commitment to fostering a knowledge-driven society, prioritising education in its policies and funding initiatives.

He urged universities to deepen collaborations with industries, aligning research with societal needs to contribute meaningfully to national development.

The president congratulated the graduates for their resilience and determination and enjoined them to embrace their new chapter with confidence and purpose.

The Vice-Chancellor, Prof. Faruk Adamu-Kuta, described the institution’s 42nd Founders’ Day and 33rd Convocation Ceremony as historical.

He said the university had grown to become a leading institution in technological education in the country, ranking 8th on the index of best universities in Nigeria and 2nd among specialised universities.

Gov. Umaru Bago of Niger expressed gratitude to the university for conferring on him a Doctorate Degree in Agriculture, saying that it served as a call to do more in the sector.

He reiterated a commitment to collaborate with individuals to make education accessible to every citizen of the state and urged the university to continue to take the lead in training and innovative research.

The governor donated N100 million to the endowment fund established by Sen. Muhammad Sani-Musa, who also donated N200 million.

The News Agency of Nigeria (NAN) reports that the university produced 5,816 graduates for the 2023/2024 academic session, comprising 4,955 undergraduates, 632 master’s degrees, 105 postgraduate diplomas, and 124 PhD holders.

(NAN)

The Judiciary Staff Union of Nigeria (JUSUN) has issued a 21-day ultimatum for the commencement of an industrial action over the non-implementation of the new national minimum wage and judiciary financial autonomy, ABN TV reports.

In a communiqué released at the end of its National Executive Council (NEC) meeting held in Abuja, JUSUN commended President Bola Ahmed Tinubu for signing the new minimum wage bill into law, increasing the minimum wage to ₦70,000. However, the union urged the federal government to take more concrete fiscal steps to alleviate the economic hardship faced by Nigerians.

JUSUN also acknowledged state governors who have begun implementing the new minimum wage but urged those yet to comply to do so immediately.

The union expressed dismay over the non-implementation of the national minimum wage, the 25%-35% salary increment since January 2024, and the ₦35,000 wage awards for federal judiciary workers. It called on President Tinubu to ensure the prompt implementation of these payments.

As part of its resolutions, JUSUN issued a 21-day ultimatum starting January 23, 2025, warning that failure to meet its demands would lead to an industrial action by judiciary workers across the country.

Furthermore, the union criticized state governors for failing to implement judiciary financial autonomy despite constitutional provisions and court rulings. JUSUN urged state governments to urgently take necessary actions to uphold judicial independence and safeguard democracy and the rule of law.

The Nigerian Export Promotion Council has announced a remarkable 20.79 per cent increase in the value of the country’s non-oil exports, reaching a total of $5.456bn in 2024.

It stated that the amount surpassed the $4.5bn generated in 2023.

The Executive Director of the Nigerian Export Promotion Council, Nonye Ayeni, disclosed the figures while addressing the media on the performance report of the non-oil export sector for 2024 on Friday in Abuja.

She said the significant growth reflects the resilience and diversification of Nigeria’s export sector beyond crude oil, a shift aimed at reducing the country’s reliance on oil revenue.

According to her, the surge in non-oil exports was driven by increased economic activity in the agriculture, manufacturing, and solid minerals sectors.

She noted that the growth was largely propelled by the expansion of agricultural exports, including cocoa seeds, cocoa butter, sesame seeds, and cashew nuts, alongside a rise in the export of urea and manufactured goods.

She said, “Despite economic challenges and the global downturn, the Council, through collaborations with relevant agencies and institutions, has contributed to economic diversification, achieving an impressive non-oil export performance of $5.456bn in 2024. This represents a significant 20.79 per cent increase compared to the $4.517bn recorded in 2023.

“This achievement can be attributed to the active diversification of the economy through the non-oil sector, with a focus on promoting agriculture, solid minerals, and manufacturing.

“It also reflects the positive impact of the federal government’s efforts to enhance trade through effective fiscal and financial policy implementation.”

President Bola Ahmed Tinubu has appointed Abba Abubakar Aliyu as the Managing Director of the Rural Electrification Agency (REA) for an initial four-year term, effective January 23, 2025, News360 Nigeria reports.

Aliyu, who had been acting as the agency’s head since March 2024, brings over 20 years of experience in energy and organizational development across both the public and private sectors.

His expertise spans on-grid and off-grid power solutions, as well as contributions to water resources and transportation.

Prior to this appointment, Aliyu served as:

Head of the Project Management Unit at the Nigeria Electrification Project

General Manager of Corporate Services, Projects, and Research

Deputy General Manager at Nigeria Bulk Electricity Trading PLC (NBET)

The full statement reads:

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU APPOINTS ABBA ALIYU AS MANAGING DIRECTOR OF THE RURAL ELECTRIFICATION AGENCY

President Bola Ahmed Tinubu has appointed Abba Abubakar Aliyu as the substantive Managing Director of the Rural Electrification Agency (REA).

The appointment, effective from January 23, 2025, is for an initial term of four years.

Aliyu has been acting as the agency’s managing director since March 2024 until his appointment.

He has over 20 years of experience in energy and organisational development in the private and public sectors. He has played key leadership roles in the on-grid and off-grid power sectors, as well as the water resources and transportation sectors of Nigeria’s economy.

Previously, he was head of the Project Management Unit at the Nigeria Electrification Project; General Manager of Corporate Services, Projects, and Research, and Deputy General Manager at Nigeria Bulk Electricity Trading PLC (NBET).

President Tinubu anticipates that Aliyu will leverage his extensive expertise to further the REA’s mission of providing rural communities with reliable electric power and contributing to the administration’s Renewed Hope Agenda on sustainable energy and power.

The Niger Delta Development Commission (NDDC) has dismissed reports circulating in the media claiming that palliatives meant for critical groups in Cross River State were not fairly distributed.

According to the NDDC, nothing could be further from the truth, as residents in the nine mandate states, including Cross River State, received the palliatives with joy and gratitude.

Seledi Thompson-Wakama, Director of Corporate Affairs, stated that the NDDC distributed palliatives, not money, as alleged in the false reports. The list of beneficiaries was duly approved by the NDDC Board, she explained.

The NDDC maintained that it is committed to transparency and accountability, acknowledging the need to conduct its affairs more openly. To achieve this, the commission engaged KPMG, a reputable global business consultancy, to review and strengthen its corporate governance system.

The NDDC is determined to uphold its mantra, “Making a Difference,” in the lives of the people of the Niger Delta region. The commission urged the public to disregard false stories spread by mischief-makers aimed at derailing its innovations.

Under the leadership of Chairman Mr. Chiedu Ebie and Managing Director Dr. Samuel Ogbuku, the NDDC is committed to driving the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.

“To set the records straight, NDDC distributed palliatives, not money, as alleged in the story circulating in the media and the list of beneficiaries was duly approved by the NDDC Board.

“The Board and Management of the NDDC is now more than ever determined to uphold its mantra, which is: “Making a Difference,” in the lives of the people of the Niger Delta region.

“We urge public members to disregard the false stories spread by mischief-makers to derail the various innovations introduced by the NDDC Board and Management, led by the Chairman, Mr. Chiedu Ebie and the Managing Director, Dr Samuel Ogbuku.

“We are fully aware of the increasing need to be seen as more accountable to the public and to conduct our affairs more transparently.

“Responding to this reality, we engaged KPMG, a reputable global business consultancy, to review and strengthen our corporate governance system and improve our internal processes and institutional protocols. They have helped us establish a new institutional culture anchored on sound ethics and good corporate governance.

“We are committed to working with all our stakeholders to drive the Renewed Hope Agenda of the administration of President Bola Ahmed Tinubu. To achieve this goal, we are collaborating with development partners, including the state governments in the Niger Delta region, “to build a region that is socially stable, economically prosperous, ecologically regenerative and politically peaceful.

“We assure our stakeholders and members of the public that the NDDC Board and Management will not be distracted in its resolve to do things differently and make a difference in the Niger Delta region” the statement reads