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Hardship: FG proposes N1,350 ceiling for petrol ex-gantry price

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The Federal Government is planning to negotiate a ceiling of N1,350 per litre on the ex-gantry cost of petrol in a move aimed at shielding pump prices from fluctuations in global crude oil prices and exchange rates.

Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, disclosed this on Thursday in Abuja while addressing a press conference on fuel prices and subsidy-related questions.

However, Oyedele acknowledged that the measures being proposed by the Federal Government would not completely ease the pressure on households.

He then outlined the proposed measures, including the N1,350 ceiling on the ex-gantry or landing cost of petrol, which he said was designed to reduce volatility in pump prices.

“We are introducing price modulation. Pump prices should not have to follow every swing in global crude or exchange rate. The government is negotiating a ceiling of N1,350 a litre on the ex-gantry cost of petrol to keep pump prices stable,” he said.

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According to him, where the actual cost rises above the ceiling, refiners and importers would bear the shortfall and recover it later when crude prices or exchange rates become favourable, without breaching the ceiling.

“This is neither a subsidy nor a price control; it is designed to smooth prices over time, rather than suppressing them,” Oyedele said.

He explained that the objective was to prevent sharp swings in pump prices, saying, “The reason is simple: N1,400 a litre today and tomorrow is better than N1,500 today and N1,300 tomorrow, because volatility itself adds to uncertainty and fuels go up sharply; they rarely come down as fast.”

Oyedele said the ceiling would be reviewed monthly, with adjustments made where necessary and the figures published for transparency.

He also announced a 30-day discount on petrol dispensed by NNPC Limited, with priority given to public transporters nationwide, while insisting that the measure was not a subsidy.

The NNPC limited had announced a ₦66 fuel discount for customers using the NNPC Fuel App at its stations nationwide.

“We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance with priority for public transporters nationwide. It’s not a subsidy; the government is saying we sell to you at a cost,” he said.

The minister said the government was also working on forward crude sales to domestic refiners, adding that rising production would help shield pump prices from volatility in the international market.

“We’re working with the states across the federation under the new tax laws. We are reigning in the taxes and levies that inflate fuel and logistics costs,” he added.

Oyedele said the government was also increasing funding for cash transfers to vulnerable households and subsidising credit for small businesses and consumers, while working with state governments to accelerate the rollout of compressed natural gas.

The proposed measures come amid a renewed political debate over fuel subsidies, with African Democratic Congress (ADC) presidential candidate Atiku Abubakar and Nigeria Democratic Congress (NDC) presidential candidate Peter Obi promising to restore the subsidy if elected in 2027.

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Tinubu Departs for Saudi Arabia to Perform Umrah, Pray for Nigeria

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President Bola Tinubu will depart Abuja on Thursday, October 29, for Makkah, Saudi Arabia, to perform Umrah, an Islamic pilgrimage involving religious rites in the holy city.

The President’s visit will provide an opportunity for spiritual reflection and prayers for Nigeria’s peace, unity, stability and continued progress.

His Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this in a statement on Wednesday.

According to Onanuga, Tinubu will seek Allah’s guidance and blessings for Nigeria and its people during the spiritual exercise.

“While in Makkah, President Tinubu will perform the religious rites associated with Umrah, seeking Allah’s guidance and blessings for Nigeria and its people,” the statement read.

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Before departing Abuja, the President is scheduled to commission equipment acquired by the Nigerian Air Force for its operations.

The commissioning will take place at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja.

Onanuga said Tinubu was expected to return to Nigeria next week after completing the religious exercise.

Umrah is an Islamic pilgrimage to Makkah that can be undertaken at any time of the year, unlike Hajj, which takes place during a specific period on the Islamic calendar.

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Mbah Denies Alleged Order to Block Opposition Town Hall Meeting

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Enugu Governor, Dr Peter Mbah
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…Warns  Opposition Against Defamation

Enugu State Governor, Peter Mbah, has dismissed as false a viral social media allegation that he ordered a political party to be denied access to a private facility for its town hall meeting, warning opposition figures against making defamatory statements.

Mbah, in a statement issued in response to the circulating video, described the allegation as “preposterous and utter falsehood,” insisting that he neither issued such a directive nor had any involvement in preventing the party from using the facility.

The controversy followed the circulation of a video on social media alleging that the governor directed the management of Amadeo Event Centre, a private facility, to deny a political party the use of its premises for a town hall meeting.

Reacting to the allegation, the governor said his attention had been drawn to the video, which he described as an attempt by the opposition to mislead the public and attract attention.

“My attention has just been drawn to a video circulating on some social media platforms, alleging that I gave an order denying a political party use of a private facility for their town hall event. This is preposterous and utter falsehood, because I did not,” he said.

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Mbah further accused the opposition of relying on what he described as propaganda and falsehood rather than presenting substantive issues to the electorate.

“This is shameful and reveals a desperate pattern adopted by the opposition to attract attention,” the governor stated.

He emphasised that although freedom of expression was a fundamental feature of democracy, it should not be used as justification for making defamatory allegations against individuals.

“There’s no doubt that democracy guarantees freedom of expression. It should be noted, however, that it does not grant anyone the right to defamation,” he said.

The governor also maintained that democratic institutions provide avenues for individuals and groups to seek redress when they believe they have been wronged, rather than resorting to statements capable of damaging the reputation of others.

“Democracy also offers avenues to seek redress. So, let it be known that there are redlines that should never be crossed,” he added.

The statement’s accompanying commentary questioned why Mbah would interfere in the operations of a private establishment, stressing that Amadeo Event Centre was not a government-owned facility.

It also accused opposition figures of making allegations against the governor to gain public attention, insisting that the claims were politically motivated.

The development comes amid political activities in Enugu State, where opposition parties and the ruling All Progressives Congress (APC) continue to engage in political campaigns and public debates ahead of future electoral contests.

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Bandits Abduct 29 Women, Child in Niger Communities as 11 Escape

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Gunmen kill Governor’s aide, wife during night raid
Bandits
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Suspected bandits have abducted 29 women and a male child during attacks on four communities in Mariga Local Government Area of Niger State, with 11 of the female victims reportedly escaping from captivity.

The affected communities are Kwimo, Kalgo, Kakaki and Mabona.

The latest development was disclosed in an operational update by the Nigeria Police Force covering security operations across several states between October 27 and 28, 2026.

According to the report, the 11 women escaped from their abductors’ hideout following sustained tactical pressure from police operatives.

Security personnel are continuing efforts to secure the release of the remaining victims and apprehend those responsible for the abduction. The State Criminal Investigation Department in Minna is investigating the incident.

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A resident, Mohammed Ibrahim, said a joint security team led by operatives of the Bangi Police Division immediately launched a pursuit of the attackers after the incident.

He said the security operatives tracked the assailants, leading to efforts to rescue the abducted residents.

The Police Public Relations Officer of the Niger State Command, SP Wasiu Abiodun, also confirmed the attack and the ensuing security operation.

Mariga Local Government Area has experienced repeated attacks and kidnappings in recent months, raising concerns over the safety of residents, particularly those in rural communities.

In September, suspected bandits abducted dozens of farmers, most of them women, while they were harvesting groundnuts in the area. The police confirmed that more than 20 people were abducted, while the local government chairman put the figure at 47.

The recurring attacks have heightened concerns about the security of farming communities and the impact of kidnappings on residents’ livelihoods.

As of the latest available report, efforts were ongoing to rescue the remaining victims of the latest abduction.

The status of the male child and the exact number of victims still in captivity had not been independently established in the reports reviewed.

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