Business
Senate invites Minister of State for Petroleum Resources, Dr. Ibe Kachikwu over lingering fuel scarcity
Due to the aggravating petroleum scarcity in the country, the Senate, yesterday, summoned the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to appear before it today.
The development came just as senators of the Peoples Democratic Democratic Party, PDP, charged President Muhammadu Buhari to immediately take charge of the country and live up to his campaign promises, which they noted, centred on positive change for the country. Kachikwu was summoned by the Senate Committee on Petroleum Resources (Downstream), after the committee carried out on-the-spot assessment of the crisis in major filling stations within Abuja metropolis.
Members of the committee were angry that many filling stations were not selling the product due to alleged lack of supply from the NNPC depot at Suleja, leading to long queues of motorists waiting under the scorching sun for the non-available product. The committee’s Acting Chairman, Jibrin Barau, alongside two other members, said the Petroleum Minister must definitely appear before them today to explain what led to the situation and possibly proffer a lasting solution. Barau, who addressed journalists after the assessment of some filling stations, described the situation as not only pathetic but also bad, stressing that it must be urgently arrested. He said the development made the Senate President, Dr. Bukola Saraki, to call on the committee to swing into action as a way of bailing Nigerians out of the crisis. He said: “This situation is very bad and unacceptable, hence the need for the minister to appear before us tomorrow (today), and unveil his plan of a way out to us. Even if he doesn’t have any plan yet out of the lingering problem, the Senate President and the entire members of the committee are more than ready to rub minds with him for that needed purpose.“ Live up to promise of change, PDP senators tell Buhari On his part, Senate Minority Whip and a member of the committee, Senator Philip Aduda, who said he was speaking for PDP senators, called on the Federal Government to arrest the situation fast by making fuel available to Nigerians, adding that what Nigerians needed was fuel and not blame game. He tasked President Muhammadu Buhari to live up to his campaign promises of delivering change to Nigerians.
According to him, what Nigerians are passing through at the moment is unacceptable. His words: “The government should look for petrol and ensure that it is given to the people. It is unacceptable, we are Nigerians and it will be bad for us to continue remaining on queues. If the APC leaders like, let them blame themselves, that’s their problem but the most important thing is for us to have fuel in the Federal Republic of Nigeria. “That is what we are looking for and that is what we want. We want to see all these queues disappear.’’ Meanwhile, petrol marketers at various stations visited lamented that lack of supply and in adequate supply of petroleum products from the Nigerian National Petroleum Corporation, NNPC, in recent time , resulted in product scarcity being witnessed across the country. Manager of Oando Filling station, Zone 4, who identified himself as Isa Friday, disclosed that it had been long the station got supply from NNPC depot at Suleja. Also, the manager of Forte Oil , opposite Transcorp Hilton in Maitama District, said only three fuel tankers were being supplied daily now, against the previous five or six. NNPC calls for calm Meanwhile, the Nigerian National Petroleum Corporation, NNPC, said yesterday it empathized with the difficulties Nigerians were going through due to the current fuel situation and assured that it and the government were not taking their patience for granted. According to the Group General Manager, Public Affairs, Garba Deen Mohammed, Nigerians should continue to be patient because difficulties being experienced as a result of the situation will soon be alleviated. He said: “We would like to assure all Nigerians that the Minister of State for Petroleum Resources/Group Managing Director of NNPC, Dr. Ibe Kachikwu, and everybody else associated with this situation are working round the clock to ensure relief is brought to Nigerians. “Our immediate concern is to make petrol available through the interventions and processes put in place so that the queues will disappear within the next one to two weeks. We have enough products lined up to ensure that the supply gap which created the problem is bridged. “In order to ensure effective distribution, we are working with Independent Petroleum Marketers Association of Nigeria (IPMAN), oil majors and over 1,000 NNPC staff nationwide to ensure we overcome the obstacles in the distribution of the products. “While not resorting to excuses, we would like to re-emphasize that the present management of NNPC and, indeed, the government inherited huge and complicated problems with respect to importation, distribution and pricing of petroleum products. “Nigerians would recall that N522,258,934,505 meant for payment of fuel subsidy, covering the last quarter of 2014 (October to December) and the entire 2015 was approved by the Senate in December 2015 in order to pay for subsidy arrears inherited by this government. “For long term solutions, the NNPC and the government are working to put in place machineries to ensure that our refineries are fixed and working optimally, while the pipelines which have been under attack for some time now are repaired. “The Direct Sale Direct Purchase (DSDP) arrangement for crude would commence in the first week of April and all these, coupled with the fact that the President has given his support to increase the crude supply to NNPC to ensure local sufficiency of products, will go a long way to solve the problems in the short and long term.”
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING
You must be logged in to post a comment Login