A magistrate court in Ado-Ekiti has granted N30 million bail to Dele Farotimi, the human rights activist.

Abayomi Adeosun, the magistrate, made the ruling on Farotimi’s bail application on Friday.

The bail conditions include two sureties, who must be responsible citizens in society, with the defendant required to leave his international passport with the court. Farotimi is also prohibited from granting media interviews during the pendency of the case.

The police had accused Farotimi of “criminally defaming” Afe Babalola, a senior advocate of Nigeria (SAN), in a book titled: ‘Nigeria and its Criminal Justice System’.

More to come…

Oil marketers operating under the Independent Petroleum Marketers Association of Nigeria have forecast a reduction in the retail price of Premium Motor Spirit, commonly known as “petrol,” to N950 per litre in Lagos State.

It also indicated that customers in the Federal Capital Territory may pay N990 per litre.

The IPMAN National Publicity Officer, Chief Chinedu Ukadike, shared this insight during an interview with our correspondent, emphasizing that the product will now be priced below a thousand naira.

He stated, “Once there is a price reduction, it will trickle down. There will be a change to the pump price. It will be less than N1,000. But the difference will be determined by location. It may be N950 in Lagos and possibly N990 in Abuja. Logistics will play a key role. Remember that the price of “diesel” hasn’t reduced and that is what we put in our tankers.”

This anticipated price decrease follows the decision by the Dangote Petroleum Refinery to lower its ex-depot price to N899.50 per litre.

The new price is the second reduction within a month and a decrease of N71 or seven.per cent from the previously adjusted price of N970 per litre on November 24.

Earlier on Thursday, a statement by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, announced the introduction of a special petrol price offer to benefit Nigerians.

In addition to the holiday discount, it said customers are now allowed to purchase an additional litre of fuel on credit for every litre bought on a cash basis.

The refinery offered a price of N899.5 (cash payment) for two million litres and a matching two million litres on a Bank Guarantee valid for 15 days (Access, Zenith & First Bank) from the N970 per litre announced by the company last month.

It also proposed an N895 (cash payment) for 10 million litres and a matching 10 million litres on a BG valid for 15 days (Access, Zenith & First Bank).

It said the reduction is to provide much-needed relief for Nigerians ahead of the holiday season.

Chiejina said, “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

The refinery also expressed its gratitude to Nigerians for their continued support as the country enters the festive season.

Chiejina further emphasised the refinery’s commitment to ensuring Nigerians have access to premium quality petroleum products that are competitively priced, as well as environmentally and engine friendly.

He highlighted that the refinery’s operations mark the end of Nigeria being a dumping ground for substandard and ‘blended’ imported products, which have posed significant risks to human health, machinery, and the environment.

He noted, “The Dangote Refinery, with a capacity of 650,000 barrels per day, is the largest single-train refinery in the world. It is fully capable of meeting 100 per cent of Nigeria’s refined petroleum product requirements, with a surplus available for export.”

Last week, the Independent Petroleum Marketers Association of Nigeria sought a reduction in the price of petrol from the refinery.

The group urged the Dangote refinery to consider reducing its ex-depot price from N970 per litre since the estimated cost of landing petrol on Nigeria’s shores has dropped to N900.28 per litre.

Reacting to the new price change, the IPMAN Chairman, Abubakar Maigandi, said the gesture was expected and will reduce the retail price of petrol once offtaking begins.

Abubakar, in an interview with Arise TV, said, “What Dangote has done is what we have been expecting. My marketers are very happy about the reduction, which they have put at the rate of N899.50 per litre for those who are buying two million litres and those buying above 10 million litres will also have their reduction. This is a welcome development. We are happy because we know that the masses will enjoy the benefits.

“We have been telling Nigerians to exercise patience; we knew the price would drop, and we all are seeing it now little by little. The offer to get one million on credit after purchasing two million is also welcome.”

On the reduction of the retail price, he noted, “Once we start picking up products, we are going to change our price so that the consumer will enjoy the benefit.

“Our major challenge was the cost of products from Dangote, so I assure you that with this, all transportation and economic activities will change, especially because transportation is a major driver, and we hope to resolve it with this new change. Now, there is no need to import products from outside the country.”

Also speaking, the Petroleum Products Retail Outlets Owners Association of Nigeria applauded the management of Dangote refinery for slashing the ex-depot price of PMS to N899.50 per litre.

According to the National President of PETROAN, Dr Billy Gillis-Harry, “The price reduction will alleviate the suffering of Nigerians and reduce the cost of living and transportation during this festive period.”

Harry commended the Nigerian National Petroleum Company Limited for ensuring sufficient PMS stocks during the yuletide season. However, he urged NNPCL to revisit its PMS selling rate to foster competition in the downstream sector.

“The reduction in petrol prices by Dangote Refinery has shown that competition can benefit consumers,”

Harry emphasised, “We call on NNPCL to facilitate the privatization of the Port Harcourt Refinery, which will introduce innovative consumer incentives, improve product quality, and enhance service delivery.”

Speaking further in an interview with our correspondent, the PETROAN President stated that its members, empathetic to the suffering of Nigerians, have lowered their prices at retail outlets to nearly N900.

Gillis-Harry said the gesture is intended to demonstrate their leadership in the downstream sector and ensure an adequate supply of petroleum products for Nigerians during the Yuletide season.

He said, “PETROAN members and leadership have reduced their price to almost N900 in several stations even before the Dangote reduction. When we made a strategic agreement with Dangote, even when we hadn’t concluded the whole process. We already know that the PMS and other products will be reviewed and reduced. PETROAN is leading the way to ensure fuel sufficiency and availability. We are making the sacrifice to show our leadership and provide relief for Nigerians.”

Meanwhile, the NNPCL has faltered in its mandate to deliver 385,000 barrels of crude to Dangote Refinery in the month of December, a new report by Argus has stated.

It said the national oil firm only supplied around 202,000 barrels per day in December.

The report further noted that the ramp-up of production at the 650,000 b/d Dangote refinery, likely to occur next year, will affect West African crude trade flows in 2025.

“The refinery remains well below full capacity for now, with estimated deliveries averaging just under 260,000 b/d since March, but Nigerian operator Dangote Group is aiming for 350,000 b/d throughout the first phase of operations.

“When this takes place, and Dangote makes full use of its 385,000 b/d monthly allocation deal with state-owned NNPC, it will affect the amount of Nigerian crude left to be exported to the country’s key outlet – the European market,” it stated.

Although NNPC only supplied around 202,000 b/d in December, the total volume under the deal is equivalent to around a quarter of Nigeria’s crude and condensate monthly exports.

“The deal will eventually bring support to Nigerian crude differentials when European demand is stronger or at least cushion the decline when demand is weaker,” it added.

As Dangote ramps up operations, the refiner could widen its crude slate, which could also affect crude trade flows.

The refinery will take receipt of a 2m barrels cargo of US light sweet WTI bought from Chevron via a tender that closed in November, after a three-month hiatus related to credit issues.

The report noted that Dangote has so far run exclusively on Nigerian crude and WTI, but Nigerian banks eased restrictions on the provision of trade finance to the refiner, which could open the door for possible purchases of non-Nigerian West African crude.

Sources close to the refinery point to Angolan heavy and medium sweet grades as likely to become part of the refinery’s basket intake.

Market participants also pointed out that the recent WTI tender might signal Dangote’s attempt to increase run rates.

Credit: The Punch

The Federal Government plans to spend N8.52tn (inclusive of government enterprises) on personnel and pension costs for federal workers next year, according to an analysis of the 2025 Appropriation Bill.

This amount represents an increase of N3.17tn or 59.16 percent from the 2024 provision of N5.35tn.

The document also revealed that government expenses on salary payments alone will reach N7.54tn, reflecting an increase of N2.75tn from the N4.79tn paid to federal workers in 2024.

The personnel and pension costs of N8.52tn, along with the debt service cost of N16.33tn, combine to a total of N24.85tn, which accounts for 53.98 percent of the total N46.02tn 2025 budget.

It was also noted that the government will spend more on debt servicing than on paying the salaries and pensions of its workers.

Recall that President Bola Tinubu presented the budget titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity” to a joint session of the National Assembly on Wednesday, outlining an ambitious N49.70tn spending plan.

The budget prioritizes defence, infrastructure, and human capital development, with a projected deficit of N13.39tn to be financed through borrowing.

Speaking at the National Assembly, Tinubu stressed his administration’s commitment to strengthening security and revamping the nation’s infrastructure.

In the appropriation bill document obtained by our correspondent, the government earmarked a total sum of N7.54tn for salaries, N984.91bn for pension and gratuities and N16.33tn for debt servicing.

It also proposed spending of N2.58tn on the service-wide votes, N3.18tn on capital supplementation and N4.44 for statutory transfers.

Further checks showed that the State House earmarked N15.09bn for the purchase of tyres for bulletproof vehicles, Sport Utility Vehicles, operational vehicles, plain cars and the construction of an office complex for Special Advisers and Senior Special Assistants.

It also proposed a total sum of N5.49bn as a provision for the annual maintenance of the Presidential Villa.

N164m will be spent on the purchase of tyres for bulletproof vehicles, plain cars, jeeps, platform trucks and other utility and operational vehicles.

Out of the sum, N1.1bn was earmarked for the replacement of SUV vehicles, and N3.66bn for the purchase of State House operational vehicles.

It stated that N127.86m will be spent on the procurement of SUVs for Mr President and the Vice President. This cost will be covered by the office of the president.

Similarly, N285m will be spent for the purchase of motor vehicles under the office of the Chief of staff to the president, while the Chief security officer to the President got an allocation of N179.63m for the purchase of security and operational vehicles.

Further checks showed that N2.12bn was allocated for honorarium and sitting allowances and proposed spending of N1.83bn for the construction of an office complex for Special Advisers and Senior Special advisers.

Observation also showed that the Federal Government earmarked N21.04bn for the Medical and Dental Council of Nigeria, the Nursing and Midwifery Council of Nigeria, and the Pharmacy Council of Nigeria in the 2025 appropriation bill.

This was according to allocations under the Federal Ministry of Health and Social Welfare for next year.

The MDCN regulates the practice of Medicine, Dentistry, and Alternative Medicine in the country.

The NMCN is the sole governing body that regulates all cadres of nurses and midwives in Nigeria.

The PCN regulates all aspects of pharmacy education, training, and practice, including Pharmacy Technicians and Patent and Proprietary Medicine Vendors.

A breakdown of the details showed that the MDCN got the largest share of the allocations among the councils. It got N18.11bn.

A total of N1.92bn was allocated to the PCN, and a total of N1.01bn was allocated to the NMCN.

Meanwhile, the government had said in 2023 that it would discontinue budgetary allocations to professional bodies and councils.

In a memo to one of the affected councils, which was signed by the signed by the former Director-General of the Budget Office of the Federation, Ben Akabueze, and dated June 26, 2023, the Budget Office of the Federation said the move was in line with the decision of the Presidential Committee on Salaries.

The memo stated that funding would be stopped for at least 30 of the professional bodies, and councils by December 2024 whilst budgetary allocations would be stopped for other bodies by December 2026.

The memo sent to one of the professional bodies read, “I wish to inform you that, the Presidential Committee on Salaries, at its 13th meeting, approved the discontinuation of budgetary allocation to Professional Bodies/Councils effective December 31, 2026.

“The purpose of this letter, therefore, is to inform you that, in compliance with PCS’s directive, this Office will no longer make: budgetary provisions to your Institution with effect from the above-stated date, and you will be regarded as a self-funded organisation.

“For the avoidance of doubt, you will be required, effective December 31, 2026, to be fully responsible for your personnel, overhead, and capital expenditures.”

Findings revealed that several professional bodies within the Ministry of Health and Social Welfare are scheduled not to receive budgetary allocations for 2024.

These include the NMCN, PCN, MDCN, Medical Laboratory Science Council of Nigeria, Community Health Practitioners Registration Board, Medical Rehabilitation Therapy Board, Dental Technologists Registration Board, and Environmental Health Registration Council of Nigeria, among others.

Further checks showed that the Federal Ministry of Agriculture and Food Security has proposed spending N54.38bn from its N636bn allocation in the 2025 proposed budget on Federal Universities of Agriculture.

The proposed expenditure on the universities represents 8.4 per cent of the ministry’s total allocation.

Allocations to the universities include N13.77bn for the Federal University of Agriculture, Abeokuta, Ogun State; N14.17bn for the Federal University of Agriculture, Makurdi, Benue State; N3.98bn for the Federal University of Agriculture, Zuru, Kebbi State; N2.96bn for the Federal University of Agriculture, Bassam-Biri, Bayelsa State; and N3.58bn for the Federal University of Agriculture, Mubi, Adamawa State.

While the ministry’s budget prioritizes education and research, the overall federal budget emphasises infrastructure and human capital development.

However, the budget also includes a projected deficit of N13.39tn, to be financed through borrowing.

A lecturer at the Joseph Sarwuan Tarka University, Makurdi (formerly University of Agriculture, Makurdi),

Dr Moses Ogah described the N54bn allocation as a positive development but emphasized the need for strategic implementation to ensure meaningful outcomes.

“Yes, it is a step in the right direction. We cannot say it is enough, but I think it has never been like this before. So, if someone is coming out with a proposal like that, it’s good,” he said.

Ogah highlighted the potential of these universities to address food security challenges, reduce food costs, and contribute to national development.

He noted, “The essence of establishing the University of Agriculture is to engage in food production so that food can be sold to the populace at subsidized rates. Unfortunately, we are not living up to the expectations and mission of these institutions. Food remains very expensive.”

He also stressed the importance of utilizing the universities’ vast resources.

“They have vast land. If the government implements this allocation effectively, it will be beneficial,” he said.

Linking the funding to the country’s food inflation challenges, which stood at 37.7 per cent as of November according to the National Bureau of Statistics, Ogah urged the government to support critical infrastructure like processing industries, bakeries, and livestock facilities.

“The whole of Benue State doesn’t even have a hatchery. Livestock comes from Plateau or Ibadan under stressful conditions and some die before arrival. If a university like ours can have such facilities, it would be a relief,” he explained.

Despite past challenges, Ogah expressed optimism, citing the availability of skilled manpower in these institutions.

“We have specialists in different areas. If these universities focus on food production, it will significantly benefit the country,” he added.

Reflecting on the original purpose of these institutions, he recalled their establishment during the Babangida administration, inspired by the Indian model.

However, he lamented that some of the core mandates, such as the development of grasslands and animal husbandry, remain unmet.

Speaking at the National Assembly, President Tinubu reiterated his administration’s commitment to strengthening security and revamping infrastructure.

The budget is based on key economic assumptions, including a projected decline in inflation from 34.6 per cent to 15 per cent and an improvement in the naira exchange rate from N1,700 per dollar to N1,500 per dollar.

With the proposed allocations and strategic focus, stakeholders believe the initiative could be a significant step toward achieving food security and economic development in Nigeria.

Credit: The Punch