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Tinubu Approves 15% Import Tariff On Petrol, Diesel Amid Push For Energy Security

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Tinubu Approves 15% Import Tariff On Petrol, Diesel Amid Push For Energy Security

Fuel prices in Nigeria are projected to rise by as much as ₦150 per litre following President Bola Tinubu’s approval of a 15 per cent import tariff on petrol and diesel, a policy aimed at protecting local refineries and stabilising the downstream petroleum market.

According to an official document seen by ADBN TV, the tariff will apply immediately to all imported Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel), with payments directed into a designated Federal Government revenue account verified by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The policy, which aligns with the Renewed Hope Agenda, is designed to strengthen domestic refining, ensure energy security, and curb unfair pricing practices between importers and local producers.

Although initial projections indicated that the impact might not exceed ₦100 per litre, estimates suggest pump prices in Lagos could now reach about ₦964.72 per litre, still below regional averages in countries such as Senegal ($1.76), Côte d’Ivoire ($1.52), and Ghana ($1.37).

Officials described the tariff as a corrective measure rather than a revenue drive, intended to align import parity pricing with local cost recovery, protect investment in Nigeria’s emerging refining sector, and encourage competition without undermining affordability.

The new directive empowers the NMDPRA and the Nigeria Customs Service to enforce the import duty under Sections 71 and 72 of the Petroleum Industry Act (PIA), which allow for public service obligations to safeguard national economic interests.

Implementation will include digital verification systems to ensure transparency and compliance, while Customs and the NMDPRA update import templates and enforce clearance conditions tied to proof of tariff payment.

Despite government assurances, the policy has sparked concerns among downstream operators, who warn that Nigeria’s limited refining capacity — with over 60 per cent of refined products still imported — could lead to sharp price hikes and market disruptions.

Analysts say the measure represents another key step in Tinubu’s broader reform agenda aimed at achieving fuel self-sufficiency and fiscal stability through local production and reduced import dependence.

FG, Inner Galaxy Group Sign $400m Deal To Build Integrated Steel Plant In Ogun

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FG, Inner Galaxy Group Sign $400m Deal To Build Integrated Steel Plant In Ogun

The Federal Government has signed a $400 million strategic cooperation agreement with Inner Galaxy Group’s Stellar Steel Company Limited for the establishment of a modern integrated steel plant in Ewekoro, Ogun State.

The agreement, sealed at the Federal Ministry of Steel Development in Abuja, is part of Nigeria’s broader effort to accelerate industrialisation, achieve self-sufficiency in steel production, and advance President Bola Tinubu’s Renewed Hope Agenda for sustainable economic growth.

Minister of Steel Development, Prince Shuaibu Abubakar Audu, who signed on behalf of the government, said the project represents a “major milestone” in reviving Nigeria’s steel industry and positioning it as a regional hub for West Africa.

According to Audu, the plant will be developed in phases, with the first phase expected to commence production by the end of 2026. The facility will integrate the full steel value chain — from iron ore mining and smelting to processing and sales.

The partnership supports Nigeria’s goal of producing 10 million tonnes of crude steel annually by 2030, reducing import dependence, and saving over $1 billion in foreign exchange. It is also projected to create more than 2,000 direct and 20,000 indirect jobs.

Under the agreement, the ministry will provide infrastructure support, fiscal incentives, and a regulatory framework to ensure the plant’s long-term sustainability.

Signing on behalf of Stellar Steel, Group Chairman Xiaotian You pledged to deploy advanced technologies and adhere to global best practices in environmental sustainability and production quality.

The project, first inaugurated in April 2025, is expected to serve as a benchmark for modern steel manufacturing in Nigeria, driving infrastructure development, industrial diversification, and clean energy adoption.

Trump Honoured With South Korea’s Highest Award For Role As ‘Peacemaker’ On Korean Peninsula

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Trump Honoured With South Korea’s Highest Award For Role As ‘Peacemaker’ On Korean Peninsula

South Korean President Lee Jae Myung has conferred the nation’s highest distinction, the Grand Order of Mugunghwa, on former US President Donald Trump, hailing him as a “peacemaker” for his efforts toward stability on the Korean Peninsula.

The ceremony, held in Gyeongju on Wednesday, marked the final leg of Trump’s Asia tour, which also included stops in Malaysia and Japan. South Korea’s presidential office said the award — named after the national flower — was granted in recognition of Trump’s “role as a peacemaker on the Korean Peninsula.”

A replica gold crown inspired by the ancient Silla kingdom was also presented to Trump. “I’d like to wear it right now,” he quipped, becoming the first US president ever to receive the honour.

Trump’s arrival was celebrated with full military pageantry as US and South Korean fighter jets escorted Air Force One, while a military band played “YMCA” and a 21-gun salute echoed across the tarmac.

President Lee, wearing a gold tie “to reflect President Trump’s taste for gold,” described the honour as symbolising the “golden future of the South Korea-US alliance.”

During a working lunch, both leaders dined on a customised menu tailored to Trump’s preferences, including mini beef patties with ketchup, grilled fish glazed with ketchup and gochujang, and a “Peacemaker’s Dessert” — a brownie dusted with edible gold.

Lee’s office said the Thousand Island dressing served with the meal was “a nod to President Trump’s success story in his hometown of New York.”

The day concluded with a banquet attended by leaders from Vietnam, Australia, New Zealand, Canada, Thailand, and Singapore, where Trump wines — Chardonnay and Cabernet Sauvignon — from his family’s Virginia estate were served.

Reiterating his call for dialogue, Trump again invited North Korean leader Kim Jong Un to resume peace talks, though Pyongyang has yet to issue a response.

“The honour symbolizes the history of Silla, which maintained a long-term era of peace on the Korean Peninsula, and the new era of peaceful coexistence and growth that South Korea and the United States will work together for,” President Lee’s office said.

Despite reports of logistical challenges in Gyeongju, South Korea’s Foreign Ministry dismissed concerns about accommodation shortages, noting that only about half of available hotel rooms were booked.

Downgraded Hurricane Melissa Slams Into Cuba After Devastating Jamaica

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Downgraded Hurricane Melissa Slams Into Cuba After Devastating Jamaica

A weakened but still powerful Hurricane Melissa made landfall in Cuba early Wednesday, unleashing torrential rains and strong winds across the island’s eastern provinces after leaving a trail of destruction in Jamaica.

According to the US National Hurricane Center (NHC), Melissa had downgraded to a Category 3 storm before hitting Santiago de Cuba province with maximum sustained winds of about 120 miles (195 kilometres) per hour. The storm, which had fluctuated between Category 3 and Category 5 intensity, was earlier described by the NHC as “extremely dangerous.”

Cuban authorities placed six eastern provinces under a state of alert and reported that about 735,000 people had been evacuated ahead of the storm’s landfall. President Miguel Díaz-Canel said on social media that “it will be a very difficult night for all of Cuba, but we will recover.”

Residents in affected areas said they had been stockpiling food and essentials since Monday. “We bought bread, spaghetti, and ground beef. This cyclone is serious, but we’ll get through it,” said Graciela Lamaison from Santiago de Cuba.

In neighbouring Haiti, authorities ordered schools, businesses, and government offices closed as the storm’s outer bands brought heavy rainfall and strong winds.

Melissa’s impact has been catastrophic in Jamaica, where it struck on Tuesday as a Category 5 hurricane, the strongest ever recorded in the country. Prime Minister Andrew Holness declared Jamaica a “disaster area” as widespread flooding, power outages, and infrastructure damage crippled much of the island.

“The damage to Saint Elizabeth is extensive,” said government minister Desmond McKenzie, adding that several hospitals and public facilities had been hit hard. “The entire Jamaica has felt the brunt of Melissa.”

Jamaica’s Climate Change Minister described the storm’s effects as “catastrophic,” citing submerged homes and destroyed infrastructure.

Experts say Melissa’s severity underscores growing concerns about the impact of human-driven climate change on tropical storm intensity. “Human-caused climate change is making all of the worst aspects of Hurricane Melissa even worse,” said climate scientist Daniel Gilford.

The United Nations announced plans to airlift 2,000 relief kits to Jamaica from Barbados once weather conditions improve, with additional aid expected for Cuba and Haiti.

Jamaican officials said about 25,000 tourists remain stranded on the island as recovery and rescue efforts continue amid widespread communication blackouts.

ADC Endorses Sadiq Dasin As Adamawa Interim Chairman Amid Leadership Crisis

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ADC Endorses Sadiq Dasin As Adamawa Interim Chairman Amid Leadership Crisis

The African Democratic Congress (ADC) has officially recognised Sadiq Dasin as the interim chairman of its Adamawa State chapter, following weeks of internal wrangling and rival claims to the position.

The party’s National Publicity Secretary, Bolaji Abdullahi, confirmed the decision in a statement on Wednesday, explaining that the recognition followed investigations and approval by the National Working Committee (NWC).

“It has come to the notice of the national headquarters of the ADC that there appears to be a growing division in the ranks of the party leadership in Adamawa State,” Abdullahi said.

He noted that the NWC had earlier resolved on October 8 to establish interim executive committees across states, adding that the process held on October 25 — which produced Dasin under the supervision of the National Vice Chairman (North East) — aligned with party guidelines.

Abdullahi urged all factions to embrace reconciliation, stressing that the new interim chairman should reach out to aggrieved members and promote unity.

“The party will not tolerate any act of indiscipline that could undermine ongoing efforts to build a strong and truly democratic organisation,” the statement added.

The leadership tussle in the Adamawa ADC had pitted supporters of former Secretary to the Government of the Federation, Babachir Lawal, against those loyal to Senator Aishatu Binani, with incumbent chairman Shehu Yohanna also insisting he remains the substantive leader.

ADC Candidate Urges Unity, Grassroots Mobilisation Ahead Of Anambra Governorship Election

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ADC Candidate Urges Unity, Grassroots Mobilisation Ahead Of Anambra Governorship Election

The African Democratic Congress (ADC) governorship candidate in Anambra State, John Nwosu, has called on party members to unite and intensify mobilisation efforts ahead of the November 8 election.

Speaking during a meeting with supporters in Orumba South Local Government Area, Nwosu urged members to work collectively to expand the party’s support base and dislodge the ruling All Progressives Grand Alliance (APGA) from power.

“Let us work together as a team so that we can win the election. Talk to people out there to join our party because it is the biggest and main opposition party in Nigeria today,” he said.

Former Deputy Speaker of the State House of Assembly and member of the ADC Governorship Campaign Council, Hon. Ben Nwosu, appealed for vigilance and cooperation with security agencies to ensure a peaceful and credible election.

“Cooperate with the police and other security agencies to ensure a free, fair and peaceful election,” he advised.

ADC Women Leader for Orumba South, Amara Onuebu, also expressed confidence in the party’s prospects, stating that women in the area had been adequately mobilised to vote.

The ADC campaign team has continued its grassroots sensitisation and voter outreach across the state as election day approaches.

Senate Suspends Debt Report To Screen Newly Appointed Service Chiefs

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Senate Suspends Debt Report To Screen Newly Appointed Service Chiefs

The Senate on Wednesday stepped down consideration of the Committee on Local and Foreign Debts report to commence the screening of newly appointed service chiefs.

The report, presented by Senator Aliyu Wamakko, covered new external borrowing in the 2025 Appropriation Act, the refinancing of maturing Eurobonds, and the proposed issuance of Nigeria’s debut Sovereign Sukuk in the international capital market.

However, midway through plenary, lawmakers moved a motion to defer deliberation on the report to another legislative day to prioritise the screening exercise.

The Senate thereafter dissolved into a Committee of the Whole and relaxed its standing rules to admit the service chiefs and the Chief of Defence Staff into the chamber, led by the Sergeant-at-Arms.

They were accompanied by the Minister of Defence, Abubakar Badaru, members of their families, and other top military officers.

Nigeria’s Money Supply Falls To ₦118 Trillion In September

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Nigeria’s Money Supply Falls To ₦118 Trillion In September

Nigeria’s broad money supply (M2) declined month-on-month to ₦118 trillion in September 2025, down from ₦119.7 trillion recorded in August, according to the Central Bank of Nigeria (CBN).

The apex bank disclosed this in its Money and Credit Statistics Data for September, showing that most components of the money supply decreased during the period, except Currency Outside Banks (CoB).

The drop was largely attributed to a five per cent decline in banks’ credit to the economy, reflecting the impact of the CBN’s sustained monetary tightening aimed at curbing inflation, which remains persistently high.

Since mid-2023, the CBN has raised the Monetary Policy Rate (MPR) by more than 800 basis points to tighten liquidity and stabilise prices.

Narrow Money (M1) fell by 0.76 per cent month-on-month to ₦39.1 trillion, while Quasi Money dropped by 1.99 per cent to ₦78.7 trillion. Demand Deposits also declined by 0.86 per cent to ₦34.6 trillion.

However, Currency Outside Banks edged up slightly by 0.45 per cent to ₦4.47 trillion in September.

The report also showed that total credit to the economy fell by 2.1 per cent to ₦96.7 trillion, driven by a 4.4 per cent drop in credit to the private sector, which stood at ₦72.5 trillion.

This decline offset a 5.67 per cent rise in credit to the government, which increased to ₦24.2 trillion in September from ₦22.9 trillion in August.

170 Foreign Nationals Apply For Nigerian Citizenship, Says Tunji-Ojo

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170 Foreign Nationals Apply For Nigerian Citizenship, Says Tunji-Ojo

Minister of Interior, Dr. Olubunmi Tunji-Ojo, has revealed that 170 foreign nationals have applied for Nigerian citizenship.

Tunji-Ojo made the disclosure on his X handle after presiding over a meeting of the newly constituted Citizenship Advisory Committee in Abuja.

The committee, tasked with reviewing and recommending citizenship applications for President Bola Tinubu’s approval, includes representatives from the Ministries of Justice and Foreign Affairs, the Department of State Services (DSS), and the Nigeria Immigration Service (NIS).

The minister reaffirmed the government’s commitment to maintaining transparency and integrity in the process, stressing that Nigerian citizenship remains a highly valued privilege.

“Citizenship of the biggest black nation on earth is a valuable asset that requires careful consideration,” Tunji-Ojo stated. “We will prioritise integrity and proven character above all else.”

He added that under President Tinubu’s leadership, the government would continue working to make Nigeria “a prosperous nation and a destination of interest for all.”

At Least 50 Killed In Israeli Air Strikes, Says Gaza’s Civil Defence

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At Least 50 Killed In Israeli Air Strikes, Says Gaza’s Civil Defence

Gaza’s civil defence agency says at least 50 people were killed overnight after Israeli air strikes hit several locations across the territory, describing the assault as “a clear and flagrant violation” of the US-brokered ceasefire.

Agency spokesman Mahmud Bassal said the strikes targeted tents for displaced persons, homes, and areas near hospitals, killing 22 children and injuring around 200 others.

The Israeli military launched the air raids after accusing Hamas of attacking its troops in Rafah, where a soldier, Yona Efraim Feldbaum, was killed when an engineering vehicle came under fire.

Hamas denied involvement in the incident, reiterating its commitment to the truce mediated by the United States.

US President Donald Trump, who brokered the ceasefire earlier this month, defended Israel’s response but maintained that “nothing’s going to jeopardise” the agreement.

“They killed an Israeli soldier, so the Israelis hit back. And they should hit back,” Trump told reporters aboard Air Force One during his ongoing Asia tour.

Hospitals in Gaza reported receiving numerous casualties, including children. Al-Awda Hospital confirmed that four children were among those killed in Nuseirat refugee camp, while Al-Shifa Hospital said one of the strikes landed in its backyard.

Residents expressed fear and frustration over the renewed hostilities. “It’s a crime. Either there is a truce or a war — it can’t be both,” said Khadija al-Husni, a displaced resident of Al-Shati camp.

The truce, which took effect on October 10, has been strained by disputes over the return of hostage remains. Israel accuses Hamas of breaching the agreement by delaying handovers, while Hamas says the bombardment has hindered recovery efforts.

According to Gaza’s health ministry, more than 68,000 people have been killed in the territory since the conflict erupted in October 2023. Despite the ceasefire, the death toll continues to rise as bodies are recovered from the rubble.

Rabat Confirmed As Venue For Super Eagles’ 2026 World Cup Playoff Against Gabon

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Rabat Confirmed As Venue For Super Eagles’ 2026 World Cup Playoff Against Gabon

The Confederation of African Football (CAF) has confirmed that Nigeria’s Super Eagles will face Gabon in their 2026 FIFA World Cup playoff match at the Olympic Stadium in Rabat, Morocco, on Thursday, November 13.

CAF’s announcement ends weeks of speculation following Morocco’s earlier designation as host nation without confirmation of the specific city or stadium. Journalist Osasu Obayiuwana revealed that the Rabat Olympic Stadium — a premier venue that hosted the 2024 Women’s Africa Cup of Nations opening and closing ceremonies — will stage the decisive fixtures.

The playoff will feature two semi-finals and a final. Nigeria will meet Gabon in the first semi-final, while Cameroon will take on Congo DR in the second, both slated for November 13. The winners will clash in the final on Sunday, November 16, to determine which team secures qualification for the 2026 World Cup.

The Super Eagles, one of Africa’s most decorated national teams, are seeking to return to the global stage and will be banking on experience and quality to secure a spot at the expanded tournament.

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