Business
FG might increase Petrol Price to N130 per litre – Reports
THE Federal Government may be considering increasing petrol price as part of efforts to resolve perennial fuel shortages.
If the plan sails through, government may also have to abandon its policy of fixing the pump price of petrol in order to allow independent marketers resume the importation of fuel to sell at profitable margins, sources at the Petroleum Product Pricing Resulated Agency (PPPRA) have said.
According to the sources, the resumption of products importation by marketers will be an indication that price regulation by government may no longer be feasible since the recent price modulation by the Petroleum Products Pricing Regulatory Agency (PPPRA) has failed to resolve the crises.
A credible source from the agency further stated that petrol may now be sold for N130 per litre. Already, fuel queues have resurfaced at most fuel stations in Abuja few days after disappearing.
This is even as fears have been expressed that the national budget could suffer a major cash flow setback as prices of crude shed $5 per barrel as at weekend while output dropped further due to attacks on Chevron facility by militants just before the budget was signed last week.
Government estimates that it may be losing over $22.8 million daily as a result of the attack.
Sources revealed that after several meetings between oil sector regulators and independents, government last week gave marketers approval to source foreign exchange from the parallel market, which means that the price of petrol may top N130 per litre from the current modulated price set at N86.
However, petrol stations operated by the NNPC will continue to sell petrol at the current price of around N86 as government intends to continue to adjust prices at its stations under the modulation template it recently introduced, the sources further said.
It was also learnt that the Federal Government will not publicly announce this policy shift.
Meanwhile, Minister of State for Petroleum Resources, Ibe Kachikwu, has said Nigeria was considering privatising its refineries within the coming 12 months.
The Minister said his team was working with oil majors on improving Nigeria’s four refineries.
Kachikwu was quoted in the April bulletin of the Organisation of Petroleum Exporting Countries (OPEC) report to have said discussions are ongoing on how to partner Chevron, Total and ENI.
According to the report, Nigeria has “seen a growing dependency on fuel imports as a result of the underperformance of its refining plants in Port Harcourt, Warri and Kaduna.”
Kachikwu was quoted by Reuters as saying that Nigeria wants to privatise the refineries within 12 months following the much-need maintenance work.
“We have gotten commitments from some of the majors. Agip has indicated interest to work with us on Port Harcourt, Chevron on Warri. We are talking to Total on Kaduna,” Kachikwu was quoted to have said.
Prof Lawan Bala Buratai Appointed Vice Chancellor of Nigerian Army University Biu After Rigorous Selection
In a significant leadership transition at one of Nigeria’s foremost military-civilian academic institutions, Professor Lawan Bala Buratai has been appointed as the new Vice Chancellor of the Nigerian Army University Biu (NAUB).
The appointment was announced following an intensive and merit-based selection process conducted by the Governing Council of NAUB at the Armed Forces Officers Mess and Suites, Asokoro, Abuja. The Council, under the chairmanship of Dr. Awwal Moriki, concluded its deliberations and formally presented the letter of appointment to Prof Buratai in a brief but momentous ceremony.
Dr. Moriki, while congratulating the new helmsman, described the selection as the culmination of a transparent and rigorous process aimed at identifying a visionary academic leader who embodies the university’s core values of excellence, discipline, and innovation.
With this appointment, Prof Buratai succeeds Professor Kyari Mohammed, whose single five-year tenure is widely credited with laying a strong foundation for the university’s academic and structural growth.
The Nigerian Army University Biu (NAUB) was established in 2018 as a unique public institution owned by the Nigerian Army and designed to serve both military personnel and civilians. Located in Biu, Borno State, the university was conceived as a strategic response to the security and developmental challenges facing Nigeria and the wider Sahel region.
NAUB is focused on entrepreneurship, innovation, defense studies, and technology-driven research. It offers undergraduate and postgraduate programs in diverse fields ranging from engineering and environmental sciences to social sciences, computing, and military history.
What sets NAUB apart is its civil-military partnership model, which aims to foster mutual understanding and collaboration between Nigeria’s armed forces and the general populace. The university plays a key role in developing indigenous solutions to security challenges while also contributing to national capacity building and economic resilience through education.
With increasing national and international recognition, NAUB continues to attract scholars and partnerships across Africa and beyond, committed to transforming it into a world-class institution in security and development research.
Professor Lawan Buratai, a respected scholar and administrator, is expected to lead the university into its next chapter—deepening academic standards, expanding infrastructure, and strengthening NAUB’s role in national transformation.
His appointment signals a continuity of vision with a renewed focus on excellence, innovation, and service to the nation.
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