Economy
Ailing Economy : NNPCL , CBN , others assure Nigerians of soonest recovery…As NASS holds critical session with stakeholders…Nigeria to be net exporter of petroleum in December

From Lateef Taiwo
Critical stakeholders of the Nation’s economy like the Nigerian National Petroleum Company Limited ( NNPCL) , the Central Bank of Nigeria ( CBN) and others , declared in Abuja on Monday that the ailing economy is getting revitalized based on emerging indicators.
Assurance on getting the economy from the woods soonest , was made during critical interactive session joint committees of the National Assembly on Finance had with the Ministers of Finance , Mr Wale Edun, Budget and National Planning , Senator Atiku Bagudu , Minister of State Petroleum , Senator Heineken Lokpobiri , the Group Executive Officer of NNPCL , Mela Kyari and the Governor of Central Bank of Nigeria , Mr Yemi Cardoso.
In his presentation , the Group Executive officer of NNPCL, informed the committee led by Senator Sani Musa ( APC Niger East ) that based on emerging indicators in the Energy and Gas sector , Nigeria will be net exporter of petroleum by December this year.
The indicators according to him , are the Portharcourt refinery that will start production early next month , which will be followed by the one in Warri months after , and Kaduna refinery latest by December this year .
He added that in few months time , oil production level for the country , will hit 2million barrels per day as all enablement towards that has already been put in place.
“Mr. Chairman and members of the Joint Committee. Let me just give confirmation that NNPCL and the oil and gas industry is very critical in bringing a turnaround in our current economic situation, and we understand the importance of this. We are taking every step that is practical for us to achieve this..
“We have already seen growth in our oil and gas production because of certain actions that Mr. President personally took, and also the very mere truth that we have also declared a war on production activities, and this is yielding the required results.
“The combination of these two has now seen us restoring production in our country, and we believe that, as the Honorable Minister has said, we will soon hit the target of 2 million barrels oil production per day.
” I’m aware that there are several comments in the public space around refining business and domestic production, including production that will come from the commissioned Dangote refinery.
“Yes, this country, as we have said, will be a net exporter of petroleum products by the end of this year..
“We’re very optimistic that by December , this country will be a net exporter. That means a combination of production coming from us, and also from Dangote refinery and other smaller producing companies that we know are in line to do this.
So I can confirm to you, Mr. Chairman, that by the end of the year, this country will be a net exporter of petroleum products.
“Specific to NNPC refinery. we have spoken to a number of your committees, that it is impossible to have the Kaduna refinery come to operation before December, it will get to December. Both Warri and Kaduna but that of Portharcourt , will commence production early August this year “, he said .
In his own submission , the CBN Governor represented by Deputy Governor ( Economic Policy ) Muhammad Sani Abdullahi , said the tripple challenges of rising inflation , foreign exchange rate fluctuations and food inflation , would take downward trend soonest as indicators to that effect are already emerging.
Earlier in his submission , the Minister of Budget and National Planning , Atiku Bagudu , said 2024 budget is already being implemented and that there is ongoing negotiation with Labour Leaders on Minimum wage to ensure that there is no further disruptions to economy .
In his remarks , the Chairman of the Committee , Senator Sani Musa appealed to Nigerians to persevere as government is working around the clock to stabilise the economy .
” Our critical interactive session with you as managers of the economy , is about economic growth. It’s about how we can get our policies to work. How we will support Nigerians.
” The National Assembly is very concerned because we are the representatives of the people. And we are obliged to ask what is happening. And this is the reason for the meeting .
” And dm we have heard from you . . At least you have given us preambles of the activities going on. On how our economy can get back to track.
“You are all aware of the obstructions our economy have had in the previous years. And it’s not going to be easy that overnight, in 365 days or in one year of the coming administration, things will change. It will be gradual.
“And I believe that Nigerians will persevere. This is the only time we can all come together as Nigerians to give His Excellency the President, all the needed support. In order to get us out of all the trouble we have been.
” The indicators are showing that the economy is doing well. The only thing is that things are a bit difficult because it’s not easy for an inflation that has gone up to go down like that. It takes time”, he said .
Economy
Nigerians to Pay More for Petrol as Fuel Prices Rise Nationwide

By: Fabian Apechihin
Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.
Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.
Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.
Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.
“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.
IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.
Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.
The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.
Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.
Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”
In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.
Economy
Tourism wearing a new face in Kwara: Commissioner

- Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin
Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.
The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.
The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).
According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.
“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.
The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.
She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.
She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.
“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.
The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.
In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.
Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.
She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.
Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.
End
Economy
FAAN Rolls Out Cashless Payment System at Lagos, Abuja Airports

By: Fabian Apechihin
The Federal Airports Authority of Nigeria (FAAN) has introduced a new contactless and cashless payment system, tagged Operation Go Cashless, in partnership with Paystack.
In a statement on Thursday, FAAN announced that the initiative will take effect from September 29, 2025, at Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.
“Effective September 29, 2025, all payments at FAAN revenue points, including airport access gates, car parks, and FAAN VIP and protocol lounges, will go cashless. This means we will be phasing out cash collection at these points,” the statement read.
According to FAAN, the new system will provide travellers and airport users with faster, more seamless services through a secure, contactless platform. The agency explained that the shift responds to rising demand for modern, transparent payment methods and aligns Nigeria’s airports with global digital standards.
FAAN added that reducing cash handling will enhance efficiency, strengthen revenue assurance, and improve customer experience. It also noted that the cashless policy will be gradually extended to other airports nationwide.
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