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Petrol price reaches all time high at N115 per litre

Published

10 years ago

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scarcity
LAGOS — Average pump price of premium motor spirit, otherwise known as petrol, across the country in the month of November was N115.35 per litre, up from N93.5 recorded in the preceding month of October.
Interim reports have pointed to further rise this month with the lingering fuel scarcity in most parts of the country.
This is contained in the monthly PMS Price Watch of the National Bureau of Statistics, NBS, released yesterday. The survey does not cover black market.
Surprisingly, the report shows that highest pump prices were recorded in the oil producing Niger Delta states while lowest pump prices were recorded in the North and South western states.
In a state-by-state report, average pump prices was highest in Akwa Ibom State which recorded N187.5 per litre followed by Abia at N146.6, Cross River at N140.4 and Rivers at N139.6 per liter.
The lowest average pump price was recorded in Bauchi State at N91.3 per litre followed by Katsina and Ogun States at N91.5 each.
On the country-wide trend, the current report shows that the average pump price at N115.35 has risen by 23.4 per cent month-on-month, the highest rate so far this year, compared to 13.66 per cent recorded during the petrol scarcity of the last days of ex-president Goodluck Jonathan’s regime.
The current fuel scarcity started during November under review following inability of petroleum marketers to continue supply due to huge outstanding subsidy payment the Federal Government was owing them and also lack of clarity of policy on subsidy payments.
Over N500 billion outstanding subsidy claims are still hanging as at last weekend even after the approval of N413 billion payment by the government last week.
Their concerns appeared worsened by the content of the 2016 Medium Term Expenditure Plan, MTEP, approved by the Federal Executive Council, FEC, last week which shows that subsidy funding was not covered adequately. The 2016 budget would be extracted from the approved MTEP.
Consequently, petrol stations and dealers have been very cautious in the trade and supply at subsidized rate of N87 per litre.
During the month of November, following the fuel crisis situation witnessed in the country, the Nigerian National Petroleum Corporation, NNPC, stated that it distributed 25.539 million litres of PMS to petrol stations across the country but the impact was not felt.
Following the crisis which the government has largely blamed on unscrupulous marketers who engage in hoarding of the products as well as panic buying by motorists, security agencies were deployed to enforce sanity in most petrol stations, while forcing marketers to sell products at official pump price otherwise the petrol stations were shut down.
But despite the efforts by security officials, black marketers continued to thrive as there were seen selling the products in plastic containers on major roads and streets in Nigeria at prices ranging from N150 to N200 per liter. Also many petrol stations still violate the official pump price selling far above the official rate.
Oil marketers had promised to support measures put in place by the Federal Government to end the fuel crisis.
The marketers, at the end of a strategy session convened by the Honourable Minister of State for Petroleum Resources, Mr. Ibe Kachikwu in November to address the fuel situation, pledged to end the fuel queues as soon as possible.
Oil marketers in attendance at the meeting included members of the Major Oil Marketers Association of Nigeria, MOMAN, Depot and Petroleum Products Marketers Association, DAPPMA and the Jetty and Petroleum Tank Farm Owners of Nigeria, JEPTFON.
Speaking on behalf of MOMAN, Femi Olawore, Secretary-General of the Association was emphatic that the majors are willing and ready to work with the Petroleum Ministry and the NNPC to restore normalcy to the fuel situation.
However, one month after this meeting the situation is far from resolutions as scarcity persists across the country while pump prices were still over 80 per cent above the official rate.

Source: Vanguard

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

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3 hours ago

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April 24, 2026

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

 

To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.

 

UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.

 

In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.

 

Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.

 

Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.

 

Thank you.

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

Published

6 hours ago

on

April 24, 2026

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

 

 

 

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

 

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

 

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

 

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

 

Speaking on the collaboration, the Laffmattazz team stated:

 

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

 

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

 

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

 

⸻

 

About Laffmattazz

 

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

 

About First Bank of Nigeria Limited

 

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.

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MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

Published

1 day ago

on

April 23, 2026

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FirstBank Set to Launch Tailored Financial Services for Blind and Physically Challenged Customers  

MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

 

 

 

Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.

 

 

 

Now, FirstBank is making homeownership more attractive.

 

 

 

FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.

 

The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.

 

 

 

You are one quick decision away from being a landlord.

 

 

 

If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.

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