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Hard times for Nigerians as FG set to increase fuel price to N180 Per litre, gives independent Marketers freedom to fix desired price
The Federal Government may increase the price of Premium Motor Spirit (PMS), popularly called petrol to a minimum price of N180 and above anytime soon.
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu who dropped the hint in Abuja on Thursday, said the current price of N145 per litre can no longer be sustained.
In a presentation he made to a joint committee on Petroleum (Downstream) of the Senate and the House of Representatives, the Minister said the landing cost for petrol stood at N171 per litre.
According to him, the Federal Government, through the Nigerian National Petroleum Corporation (NNPC) has been bearing the cost of N26 per litre, representing the difference between N171 and the current official price of N145 per litre.
Insisting that independent marketers would not be able to import the product at the current foreign exchange rate, saying the marketers were able to sell for N145 per litre when the exchange rate was N285 per Dollar. The Naira presently exchanges for N365 per Dollar.
“We now have to go back and find the solution to this problem in order to ease supply gaps and ensure availability of the product at all times,” the Minister said.
Kachikwu, however, proffered three alternative solutions to pump price increase: getting the Central Bank of Nigeria (CBN) to introduce a modulated foreign exchange rate specifically for importers of the product; giving the marketers significant tax adjustments to enable them to absorb the high cost; and a plural pricing system whereby the NNPC would continue to sell at N145 through its numerous outlets while the marketers are allowed to fix their own price.
The Minister identified causes of the last fuel scarcity to include diversion of products, logistic constraints, bottleneck associated with clearance, bad road network, insufficient product reserves, smuggling through land borders, supply gaps and enforcement challenges.
He stated that the marketers stopped importing fuel since October 2017, as a result of their inability to access foreign exchange from the CBN, leaving only the NNPC to import the product, which has left a wide gap between demand and supply.
Dr. Kachikwu lamented that the price of petrol rises with the rise in the price of crude oil in the international, stressing that in such instances, Nigeria spends more to import refined products. In effect, any rise in crude oil price increases the amount the country spends on the importation of fuel.
To address the situation, the Minister canvassed the opening up of production lines, specifically the refineries, which he said, would address supply gaps that usually leads to incessant scarcity.
“Rising prices in international market affecting domestic prices. What the country needs is to have the refineries working. It’s a shame that after 40 years, Nigeria cannot produce its domestic consumption.
“It would take 18 months to address problems of scarcity, price stability and other issues relating to the supply of petroleum products. The pipelines should be concessioned to allow private participation.
“There is huge infrastructure deficit in the system because the NNPC ought to be distributing products through their pipes but most of the pipes are damaged. The has necessitated the use of trucks to distribute the product across the country.
“Most importantly, fixing the refineries should be the lasting solution. To discuss and address the issues, we have to seek approval from the President,” the Minister said.
In his own submission at the hearing, the Group Managing Director of the NNPC, Dr. Maikanti Baru said the last scarcity was caused by rumours of price increase in the media that led marketers into hoarding the product in anticipation of higher prices.
Said he: “So there was a frenzy in the movement of products to the hinterland and diversion of products going to the hinterland in anticipation of the increase in price.
“The NNPC, or the Petroleum Products Pricing and Regulatory Authority (PPPRA) had no mandate to increase pump price.”
The GMD said that the strike action embarked upon by PENGASAN in December was partly responsible for the scarcity, saying issues raised by the association for going on strike had nothing to do with the NNPC.
According to him, the strike triggered panic buying by members of the public leading to scarcity of the product. He added that although PENGASAN called off the strike on December 18, the damage had already been done.
Baru identified other factors responsible for the last scarcity to be the higher price at which petrol is sold in neighbouring African countries, citing Cameroun where he said petrol sells for N300-N400 per litre.
Stating that the NNPC has enough product to bridge supply gaps, Baru insisted the corporation has sufficient stock to go round even without importation.
The GMD alleged that about 4500 distribution trucks failed to return to depots to complete their distribution formalities during the scarcity period, meaning that the trucks were diverted.
“There was no supply gap because we have Direct Sale Direct Purchase (DSDP) agreement with 10 consortia involved. Three of them rejected their cargoes, which were reallocated to others.”
The GMD also hinted that the refineries in Kaduna and Port Harcourt were being reactivated and restreamed and that they have been producing three million litres daily.
Baru also cited disagreements among the various private operators in the sector as part of the problems that threw up the scarcity, adding that the marketers were busy trading allegations of sharp practices.
He said: “For instance, IPMAN said MOMAN and DAPPMA were charging over N133.28/litre but when we asked them to provide evidence of overcharging, they could not provide any. If proven, NNPC would have withdrawn the licenses of the errant bodies.”
The Executive Secretary of the Department of Petroleum Resources (DPR), Mordecai Baba Ladan told the committee that at the outset of scarcity, the DPR rolled out its machinery across the country, with the directive from the Minister that defaulters be dealt with.
“Almost every marketer/filling station across the country are defaulters. And if all defaulting filing stations were to be shut down, there may not be anyone left.
“They horde, sell above official price and also divert products. But we have stepped up our monitoring process now that the NNPC is the sole importer but the corporation cannot do it alone.
Virtually all the independent marketers that attended the hearing alleged multiple charges by the Nigerian Port Authority (NPA), NIMASA and some state governments charging 3 kobo per litre wharf landing fee.
The Executive Secretary of MOMAN, Mr. Obafemi Olawore said the N800 billion owed marketers by the Federal Government has made it difficult for them to obtain credit from the banks to import the product.
He appealed to the government to give key players major roles in the importation business, saying that shutting down errant filling stations won’t solve the scarcity problem but rather aggravate it.
Olawore called for total deregulation of the sector to allow more participants from the private sector.
Curiously, however, the chairman of the joint committee, Senator Kabiru Marafa who had vowed to grill the Minister and the GMD over secret subsidy payment by the government.
Briefing newsmen at the National Assembly on Friday, Marafa had raised questions on who pays the difference of the N26 in the landing cost of N171 against the pump price of N145.
The lawmaker said there were indications that a subsidy of N26 was being paid on every litre of petrol sold in the country and wondered who has been paying the subsidy.
Marafa had said, “If there is subsidy payment, then who approved it and how much has been paid out as the subsidy so far. If you want to provide the subsidy, it should come through the National Assembly but we have not received any request for subsidy payment from the Executive arm.”
Stating that about N10 trillion has been paid out as the subsidy, Marafa had lamented that stakeholders in the Petroleum industry, particularly the NNPC, have not been transparent in the running of the sector.
He said these were some of the issues the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Baru and others would be made to explain to Nigerians at the January 4 hearing.
“We are going back to the same circle where only a few persons benefit from subsidy payment at the expense of the Nigerian people,” Senator Marafa had said.
Other members of the joint committee are Senators Tayo Alasoadura, Mao Ohuanbunwa, Sabi Abdullahi, Foster Ogola, Yahaya Abdullahi, Rose Oko, Philip Aduda among others.
Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives
A Nigerian-born designer is gradually carving out a cross-continental footprint in contemporary fashion, blending African textile heritage with British technical discipline.
Esther Fiyinfoluwa Adeosun, Founder and Creative Director of Fifi Stitches, is gaining recognition for structured womenswear and bridal couture that reinterprets traditional fabrics through architectural tailoring and precision construction.
Born in Ibadan, Oyo State, Adeosun’s fashion journey began at home, seated beside her mother’s sewing machine. What started as childhood curiosity, sometimes jamming the machine just to understand its mechanics—evolved into a disciplined design practice now operating between Nigeria and the United Kingdom.
During an interview with journalists the fifi Stitches once mentioned “I was fascinated by how flat fabric could transform into something structured and meaningful”.
In her Story , early designs made for her family, though imperfectly finished, were worn with pride—an encouragement that laid the foundation for her professional confidence.
Today, Fifi Stitches is recognised for sculpted bodices, controlled tailoring, corsetry construction, and the contemporary reinterpretation of Ankara, Aso Oke, and Adire textiles.
The brand challenges the long-held perception that African fabrics belong solely in ceremonial contexts, instead positioning them within global luxury and modern design spaces.
Adeosun’s training reflects this dual perspective. She studied Fashion Design and Entrepreneurship at the Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, and earned a Diploma in Fashion Design through Alison Online.
In the UK, she undertook industry-focused technical training with Fashion-Enter Ltd and gained fashion business exposure through Fashion Capital UK.
Her technical expertise spans pattern drafting, draping, garment technology, structured tailoring, corsetry, and bespoke fittings—skills she describes as central to credibility in fashion. “Precision builds trust,” she says. “A designer must understand construction as deeply as creativity.”
Fifi Stitches has showcased collections at the Suffolk Fashion Show, Liverpool Fashion Show – FB Fashion Ball, Red Carpet Fashion Event in London, and through editorial features in London Runway Magazine.
The brand has also received coverage in The Guardian Nigeria and Vanguard Allure, expanding its visibility across markets.
Beyond couture, Adeosun integrates community impact into her practice.
She has facilitated garment construction workshops, draping sessions, and introductory training programmes for women and emerging creatives, promoting fashion as both artistic expression and vocational empowerment.
Fifi Stcithes Boss operates between Nigeria and the UK, in order to continue to shape her brand identity.
According to her “Nigeria provides cultural richness and expressive textile traditions, while the UK offers structured production systems, sustainability conversations, and institutional frameworks”.
Looking ahead, Adeosun said she plan to establish a fully structured fashion house spanning Africa and the UK, develop scalable production partnerships, launch capsule collections, and expand independent editorial visibility.
Her broader ambition is clear: to position African textile craftsmanship within global contemporary design conversations—through structure, discipline, and technical excellence.
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
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