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Oil Marketers Kick Against N5 Reduction In Petrol Pump Price, Says N162 Not Possible

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Against the backdrop of the N5 reduction in the price of Premium Motor Spirit (petrol) announced by the Federal Government, fuel marketers have said it is not possible to sell the product at N162 per litre amid the current market realities.

The Minister of Labour and Employment, Dr Chris Ngige, had announced the petrol price cut at the end of a meeting with labour leaders which began around 9 pm on Monday and ended at 1:30 am on Tuesday.

“Our discussion was fruitful and the Nigerian National Petroleum Corporation, which is the major importer and marketers of petroleum products, and customers have agreed that there will be a slide down of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week today,” he had said.

Top officials of the marketers’ associations who spoke with our correspondents on Tuesday said the price decrease had not been communicated to them, adding that they only read media reports that the government had reached an agreement with the organised labour to reduce petrol price by about N5 per litre.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, told one of our correspondents that given the recent increase in global oil prices and the devaluation of the naira, “petrol price of N162 cannot work, except we are going back to the subsidy.”

He said, “The government said it had deregulated; so, it is not possible to sell petrol at N162 on December 14. If you ask anybody now in the industry, they will tell you the price at which they can sell is about N170 to N180.

“The minister of labour does not have the power to determine the price of petrol. Even the President can only do that if we go back to the subsidy.”

The National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Dr Billy Gillis-Harry, said the interference by government in petrol pricing had continued to defeat the purpose of deregulation.

The Minister of State for Petroleum Resources, Chief Timipre Sylva, had said in September that the Federal Government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would determine the cost of the product.

Gillis-Harry said marketers had lost millions of naira as a result of the frequent price adjustments.

“We have no circular to confirm that price adjustment, and as far as we are concerned, we cannot say it will be implemented until we get an official communication about it,” he added.

When contacted to find out when the government would issue a circular to marketers regarding the price reduction, the Special Assistant to the Minister of State for Petroleum Resources, Mr Garba-Deen Mohammed, promised to revert but had yet to do so as of the time of filing this report.

“We are waiting for the circular from the government. We can only implement the price reduction when we get the circular,” the Vice President, IPMAN, Mr Abubakar Maigandi, said.

The Federal Government removed the petrol subsidy in March this year after reducing the pump price of petrol to N125 per litre from N145 on the back of the sharp drop in crude oil prices. The price reduction lasted till June.

Nigerians have seen increases in the pump prices of petrol four times in the past five months, rising from N121.50–N123.50 per litre in June to N140.80-N143.80 in July, N148-N150 in August, N158-N162 in September and N163-N170 in November.

BIG STORY

Nigeria’s FX Reserves To Hit $41bn As Naira Seen Sustaining Gains

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Nigeria’s foreign exchange reserves are projected to reach $41 billion by the end of the year, slightly higher than the 2024 figure, as the naira continues to strengthen, according to CardinalStone’s mid-year outlook.

The expected increase in reserves is linked to the federal government’s plan to raise $3.2 billion in the second half of the year to address certain fiscal needs. Potential inflows from portfolio investors are also anticipated to support this outlook.

“These proposed external borrowings, alongside other anticipated inflows, will likely boost the FX reserves to $41.00 billion by year-end, compared to $37.27 billion as of H1’25,” the Lagos-based research and investment firm stated in its report.

A stronger external reserve position is seen as a positive for the naira, with the firm projecting the local currency to stay within the N1,550.00 — N1,635.00 per dollar range through the end of 2025.

So far this year, Nigeria’s FX reserves have dropped by over $3.5 billion as the central bank settled around $2 billion in external obligations and continued to inject dollars into the market to sustain liquidity and stabilize the naira amid global challenges.

CardinalStone Research analysts noted that external pressures—including instability in the Middle East and new tariffs introduced by US President Donald Trump—have driven $22.83 billion in FX outflows, as investors pivot to US Treasuries and Gold.

This situation has prompted the central bank to implement a “discretionary FX framework”, resulting in the sale of $4.72 billion to counteract market distortions.

The report highlighted that the CBN’s average monthly FX intervention stood at $786.58 million, significantly below the pre-COVID average of $2.30 billion and the post-COVID level of $1.38 billion, both of which were previously used to support the naira despite broader macroeconomic weaknesses.

To control inflation, attract foreign investment, and boost the naira’s value, monetary authorities have maintained key interest rates for two consecutive sessions after increasing lending rates by a total of 875 basis points to 27.5 percent.

The analysts foresee an additional 50 to 100 basis point adjustment before the year concludes, potentially easing the burden on businesses affected by high borrowing costs.

The combination of tighter monetary policy, improved FX reserves, and more effective FX management is gradually restoring investor confidence, which had declined during previous episodes of currency instability.

Nonetheless, the forecast remains vulnerable to shifts in global oil prices, the level of portfolio investments, and how quickly fiscal consolidation efforts advance. Disruptions in these areas could negatively affect both reserves and currency stability.

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BIG STORY

“JAPA”: Canada Increases Minimum Proof Of Funds To N17m For Immigrants

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Foreign nationals aiming to migrate to Canada through the Express Entry system will now need to meet a higher minimum financial requirement, following a recent update from Immigration, Refugees and Citizenship Canada (IRCC).

Based on the new guidelines effective from July 7, 2025, a single applicant is now required to show access to at least CAD $15,263 (about N17 million), an increase from the previous CAD $14,690. For a family of two, the new minimum required amount rises to CAD $19,001 (N21.2m).

This update in the financial threshold is part of IRCC’s annual review of settlement fund requirements, calculated at 50% of the low-income cut-off figures determined by Statistics Canada.

These funds are meant to prove that applicants can financially support themselves and their families after arriving in Canada.

Applicants must provide official letters from their financial institutions, printed on the bank’s letterhead. For those applying with a spouse, funds in joint accounts may be combined.

To stay eligible in the Express Entry pool, candidates must update their proof of funds in their profile no later than July 28, 2025. This update will not affect the original submission date and time of the profile, meaning it will not impact tie-breaker situations.

Proof of funds remains a mandatory requirement under both the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, it is not required for applicants under the Canadian Experience Class or for those already authorized to work in Canada with a valid job offer, even under other Express Entry categories.

Submitting an Express Entry profile is only the initial step and does not guarantee permanent residency. IRCC continues to invite the highest-ranking candidates from the pool approximately every two weeks, using the Comprehensive Ranking System (CRS) to assess and rank applications.

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UK Introduces eVisas For Nigerian Study, Work Visa Applicants

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The British High Commission in Abuja announced on Wednesday a new change in the United Kingdom’s immigration process for Nigerians applying for study and work visas.

Effective from 15 July 2025, most applicants in these categories will start receiving digital eVisas instead of the traditional visa stickers in their passports, according to a statement from the BHC.

The new policy applies only to applications submitted on or after 15 July 2025. Those who apply before that date will still follow the current process, which involves submitting a passport at a Visa Application Centre and receiving a vignette.

The statement reads, “From 15 July 2025, most individuals applying to enter the UK on study or work-related visas will no longer receive a physical visa sticker (vignette) in their passport. Instead, successful applicants will be issued an eVisa, a secure, online record of their immigration status. This change marks a major step in the UK Government’s transition to a modern, digital immigration system. This change applies only to study or work visa applications submitted on or after 15 July 2025. Applicants who apply before 15 July will continue with the current process, including leaving their passport at the Visa Application Centre and receiving a vignette. Visit visa applications will continue to receive the visa vignette sticker for the time being.”

Applicants are still required to visit a Visa Application Centre to provide biometric data.

Once approved, applicants will receive an email from UK Visas and Immigration with the decision and instructions for creating a UKVI account to access their eVisa.

The statement continues, “Despite the removal of the vignette for study or work visas, all applicants must still attend a Visa Application Centre to provide their biometric information as part of the visa processing procedure. Once a decision is made on their visa application, applicants will receive an email from UK Visas and Immigration with the outcome and instructions to create a UKVI account, to access their eVisa.”

Chargé d’Affaires at the British High Commission in Abuja, Gill Obe, stated, “We’re making it easier and faster for Nigerians to travel to the UK. From 15 July 2025, most people applying for study or work visas will get a digital eVisa instead of a visa sticker in their passport. This is a further big step to a fully digital UK immigration system, making the process more secure, more efficient, and more convenient for students, professionals, and families.”

She explained that not all applicants would be affected immediately.

“However, if you’re applying as a dependant, like a spouse or child, of someone who is studying or working in the UK or if you are applying for a visitor visa, you’ll still receive a visa vignette sticker in your passport for the time being,” she said.

The High Commission clarified that eVisas have already replaced Biometric Residence Permits for individuals granted leave for more than six months. Those with a UKVI account can use the “View and Prove” service to share their immigration status with third parties, such as employers or landlords in England.

To obtain an eVisa, applicants must apply online via the official UK government website (gov.uk), attend a Visa Application Centre to provide biometrics, take their passport home the same day if no vignette is required, and follow instructions in the decision letter, including creating and linking a UKVI account if needed.

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