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Global oversupply leaves Nigerian crude unsold

Crude oilNigerian crude oil sellers are struggling to find buyers on the global market, even as the Dangote Petroleum Refinery recently cried out over the low supply of the feedstock locally.

According to a Reuters report on Thursday, West African crude oil sellers are struggling to find buyers for up to December 26- and January-loading cargoes due to stiff competition from plentiful and cheaper alternative supplies.

About 20 million barrels of Nigerian oil for December and January loading remained unsold by Thursday, according to two traders who spoke with Reuters.

This comes as the Dangote refinery recently said it was importing heavily from the United States, Ghana, and other African countries due to a lack of sufficient supply from local oil producers.

According to the Reuters report, the amount of unsold Nigerian and Angolan crude, analysts said, is a symptom of a wider oil market surplus. This drove selling on the international futures market, pushing Brent crude below $60 per barrel to its lowest level since May this week.

“The overhang of West African cargoes partly reflects the broader global crude supply surplus emerging in Q1,” said Victoria Grabenwoger of analytics firm Kpler.

It was reported that “approximately 20 million barrels of Nigerian oil for December and January loading remained unsold by Thursday, according to two traders, while Angola’s December-January programmes still had as many as five to six cargoes available.”

These cargoes have reportedly slowed the start of the trading cycle for February cargoes, even though Angola’s loading schedule and term nominations have already been released.

The report added that such a large amount of unsold oil is unusual, especially for the current month, given that the West African trade cycle is typically closer to two months ahead.

Estimates for both countries’ overhang were as high as 40 million barrels earlier this week. “Current market softness appears to be partly seasonal and partly due to shifting buying patterns in response to freight costs and alternative supply options,” said OilX analyst Francisco Gutierrez, adding that Angolan January trade is 20 per cent behind its long-term average pace because the world’s biggest commodities buyer, China, has switched to cheaper or nearer alternative grades.

Supplies from the Middle East are said to be displacing medium and heavy West African grades in Asia, as lowered official selling prices in January, and shorter voyages give those grades a competitive edge, the analysts were quoted as saying.

India’s oil imports from Russia have remained resilient despite tightening Western sanctions, displacing medium-heavy density West African crudes, while light- to medium-density West African grades are struggling to compete with supplies from Argentina and Brazil, two traders stated.

“Nigeria has also been left to market more oil because of reduced imports by Africa’s largest oil refinery, the 650,000-barrel-per-day Dangote plant, which will in January undergo maintenance,” Kpler’s Grabenwoger said.

However, during a media briefing on Sunday, the President of the Dangote Group, Alhaji Aliko Dangote, complained about low crude supply despite the domestic crude supply obligation under the Petroleum Industry Act. Dangote said the refinery had been importing crude oil from various countries in order not to run out of feedstock.

Asked if the naira-for-crude deal had solved his challenge of low crude supply, he retorted, “We are not getting enough crude still; that’s why we buy from Ghana, we buy from a few African countries, and we buy from the United States. The US has been one of our major suppliers. On average, we don’t buy less than 100 million barrels from the US. The US is also a major beneficiary of our refinery,” the billionaire businessman said.

There was friction between the Dangote refinery and the Nigerian Upstream Petroleum Regulatory Commission over the domestic crude supply obligation.

In June 2024, Dangote’s deputy, Devakumar Edwin, accused international oil companies of deliberately frustrating the refinery’s access to local crude by selling above the market prices, forcing it to import crude from the United States and other countries.

The refinery also accused the NUPRC of failing to enforce the domestic supply obligations. Although the NUPRC defended its actions, the dispute lingered until the Federal Government ordered the Nigerian National Petroleum Company Limited to sell crude to Dangote in naira.

The naira-for-crude deal, which began in October 2024, boosted local fuel supply, reduced queues and contributed to price cuts. Dangote subsequently slashed petrol prices from about N1,100 per litre to N875, and later to N739. However, he has said repeatedly that the refinery still depends on imported crude to keep its operations running.

admin by — December 19, 2025 in Business 0
FirstBank partners UNIBEN to expand digital banking

FirstBankThe Chief Executive Officer of First Bank of Nigeria, Olusegun Alebiosu, has said the bank’s Digital Xperience Centre is a step towards redefining how banking connects with education, technology, and the wider community.

He stated this at the launch of a Digital Xperience Centre, the ninth in the country, at the University of Benin recently. Alebiosu also allayed fears that the DXC, which he said is meant to improve customers’ experience, would lead to job losses.

He said the DXCs are gateways to a smarter, faster, and more personalised financial journey. The FirstBank boss said the centres are equipped with cutting-edge technology, as well as state-of-the-art self-service terminals designed to simplify transactions while ensuring top-tier security and efficiency.

He said the partnership with UNIBEN led to the creation of a hub where students, faculty, and community members can access FirstBank’s digital world. Alebiosu said the centre provides an elevated banking experience with speed and ease, designed to put the customer in control.

He said, “This digital experience centre set up by FirstBank is to take banking to the next step. It is virtually everything you see in a banking hall, and the same service. You can do everything from account opening, change of phone number, change of email, make complaints, and all others, cash withdrawal, and account statement. You can deposit money into your account.

“It will not lead to any loss of jobs. More and more people are accessing banking services, but banking platforms are not expanding as fast. This digital experience is to complement a branch. Instead of having crowds in a banking hall, frustration and complaints, people can come to the centre. It is for flexibility. The banking hall can close at 4 pm, but this one is a 24-hour operation.

“Students having examinations do not have to worry. They can come here at any time. They can be here at midnight. It is convenient and flexible. Our DXCs operate around the clock, including weekends, providing the convenience you need to bank anytime in just a few minutes.

“It embodies our commitment to Environmental, Social, and Governance principles, as it promotes financial inclusion, fosters digital literacy, and uses sustainable technology to empower underserved communities.”

The Vice-Chancellor of UNIBEN, Prof Edoba Omoregie, said the institution was pleased with the centre. He said, “We are excited and grateful to the bank. It is going to expand the scope of our staff and faculty. It will make our operations better. Ours is a big university, and the university is pleased with the bank for bringing it here.”

admin by — December 19, 2025 in Business 0
Petroleum regulators pledge reforms to unlock investments

SHIP OFFLOADINGPresident Bola Tinubu’s nominees for the leadership of Nigeria’s petroleum regulators on Thursday pledged sweeping reforms aimed at plugging value leakages, restoring discipline across the sector and unlocking fresh investments under the Petroleum Industry Act.

The nominee for the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, and her counterpart at the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Saidu Mohammed, made the commitments during their screening by the Senate at Room 117 shortly after plenary.

Both nominees told lawmakers that digitisation, strict contract enforcement, credible data management and accelerated gas development would be central to their leadership, as Nigeria seeks to reposition its oil and gas industry amid declining revenues and global energy transition pressures.

Eyesan, who is slated to head the upstream regulator, said weak data integration and heavy reliance on manual processes were costing the country enormous value in an industry that is rapidly becoming digital worldwide.

“We are still largely manual, while the world is moving at jet speed. Without digitisation and real-time data, you cannot truly understand what you are regulating, and you will continue to lose money,” she said, stressing that effective oversight depends on accurate numbers, asset integrity monitoring and transparent systems.

She told the committee that collaboration between regulators, operators and policymakers would be key to addressing long-standing bottlenecks in the upstream sector. “We must collaborate with stakeholders, identify our pain points, and address them collectively. That is how we move the needle forward,” Eyesan added.

The NUPRC nominee assured senators that she would fully deploy the Petroleum Industry Act as a regulatory tool to attract fresh investments and ensure Nigeria remains competitive in the global energy market, describing the law as a “valuable document” whose gains depend on proper implementation.

A graduate of Economics from the University of Benin, Eyesan spent nearly 33 years at the Nigerian National Petroleum Company Limited and its subsidiaries, retiring as Executive Vice President, Upstream.

She highlighted her role in resolving disputes with international partners, restoring investor confidence during divestment threats, and facilitating multi-billion-dollar deep offshore investments.

She also recalled signing Nigeria’s first non-associated gas development contract and contributing to an increase in crude oil production from about 1.3 million barrels per day to 1.8 million barrels per day during her tenure.

“Having worked as an operator and participated in resource development, I believe I have the competence to regulate the industry and ensure we maximise the enormous opportunities before us,” she told the committee.

On his part, Mohammed, the nominee for the midstream and downstream regulator, placed emphasis on restoring discipline to Nigeria’s gas and petroleum supply systems through strict enforcement of contracts and quality standards.

“Gas is not a favour; it is a commodity. It must be sold based on enforceable contracts from the producer to the transporter and the end-user,” he said, arguing that weak contractual frameworks had contributed to persistent gas shortages, particularly in the power sector.

He noted that uninterrupted gas supply to some power plants was only possible where contracts existed, and obligations were clearly defined, adding that enforcing the Gas Network Code would help stabilise the system and rebuild investor confidence.

Mohammed also warned against neglecting domestic refining and processing capacity, cautioning that failure to protect local value could see the sector suffer the same fate as Nigeria’s once-thriving textile industry.

While backing exports, he said domestic needs must come first to guarantee energy security. The NMDPRA nominee pledged to revive pipeline transportation of petroleum products, attract billions of dollars in investments for gas processing infrastructure, and strengthen quality assurance through in-house laboratory facilities.

“You cannot enforce quality if you do not have the capacity to test and certify products yourself,” he said. Born in Gombe in 1957, Mohammed is a chemical engineering graduate of Ahmadu Bello University, Zaria, with decades of experience across the oil and gas value chain.

He has served as Managing Director of the Nigerian Gas Company and Kaduna Refining and Petrochemical Company, as well as Group Executive Director and Chief Operating Officer, Gas and Power, at NNPC.

Reacting, the Chairman of the Senate Committee on Petroleum Resources (Downstream), Senator Sumaila Kawu, said the screening was taking place at a critical moment for the country, noting that boosting energy production and efficiency was central to Nigeria’s economic recovery.

He disclosed that further engagements with the nominees would continue into January to deepen legislative–regulatory collaboration. The Senate is expected to consider the committee’s report in the coming days and move towards confirming the nominees, a step that would mark a new phase in the regulation of Nigeria’s oil and gas industry under the Tinubu administration.

The nominations followed the resignation of the pioneer chief executives of both agencies, Gbenga Komolafe of the NUPRC and Farouk Ahmed of the NMDPRA, who were appointed in 2021 after the Petroleum Industry Act came into force.

admin by — December 19, 2025 in Business 0
W’Bank to approve $500m loan for Nigeria today

World-Bank

The World Bank is set to approve a $500m loan to Nigeria on Friday (today) as part of efforts to expand access to finance for micro, small and medium enterprises across the country.

The proposed facility, titled the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) Project, aims to mobilise private capital and promote innovative financial products for small businesses, according to information obtained from the World Bank.

Negotiations on the loan are ongoing, and approval by the World Bank Group’s board is expected on Friday. The approval, expected on December 19, 2025, will see the World Bank commit $500m to the project out of an estimated total cost of $2.39bn.

Of the World Bank financing, $400m will be provided by the International Bank for Reconstruction and Development, while $100m will come from the International Development Association.

The Federal Government will be the borrower under the arrangement, with the Development Bank of Nigeria serving as the implementing agency with overall responsibility for managing the funds. The remaining $1.89bn required for the project is expected to be provided by commercial lenders as unguaranteed financing.

According to the World Bank, the FINCLUDE project will leverage the platforms of the Development Bank of Nigeria and its subsidiary, Impact Credit Guarantee Limited, to deepen credit access for MSMEs.

“The proposed FINCLUDE Project leverages the platforms of the Development Bank of Nigeria and its subsidiary, the Impact Credit Guarantee Limited, to drive inclusive MSME finance,” a document from the World Bank read. “Through these catalytic institutions, the project will deploy a package of complementary, inclusive, and innovative instruments tailored to the diverse needs of MSMEs in Nigeria.”

The World Bank described DBN as “a partner well known to the World Bank with high implementation capacity and a proven track record in designing and executing complex, innovative projects,” noting that its role would be central to the success of the intervention.

The project is structured around three main components. These include the provision of inclusive and innovative MSME finance products, the de-risking and mobilisation of private capital through partial credit guarantees, and technical assistance aimed at modernising and digitising Nigeria’s MSME finance ecosystem.

Under the first component, the World Bank said the project would provide Tier 2 subordinated capital to eligible financial institutions and support the establishment of an MSME investment fund to deliver equity and long-term debt financing to small businesses. The bank said this approach would help “crowd-in private capital, test market innovations and promote financial sustainability” within the MSME segment.

Also, the project will offer targeted technical assistance to strengthen the capacity of financial institutions, improve regulatory oversight and modernise the MSME finance value chain linking DBN, lenders and entrepreneurs.

In its appraisal report, the World Bank highlighted Nigeria’s ongoing economic reforms, describing the country as being “in a critical transition.” It noted that the removal of fuel and foreign exchange subsidies, alongside the unification of exchange rates, had begun to stabilise the economy and restore investor confidence.

“These reforms have improved fiscal space, enhanced FX liquidity, and eased inflation to 18 per cent as of September 2025,” the report stated, adding that growth prospects were strengthening, with the International Monetary Fund projecting 3.9 per cent real GDP growth in 2025.

Despite these improvements, the World Bank warned that access to finance remained uneven, particularly for MSMEs, women and the agriculture sector. It noted that agriculture accounted for just over five per cent of total bank credit in 2024, while high interest rates and shallow credit penetration continued to constrain lending to smaller enterprises.

If approved on Friday, the FINCLUDE project will add to Nigeria’s growing portfolio of World Bank-supported programmes. As of June 30, 2025, Nigeria’s external debt stood at $46.98bn, according to the Debt Management Office.

The World Bank Group remains Nigeria’s largest single creditor, accounting for $19.39bn of the total, comprising $18.04bn from the IDA and $1.35bn from the IBRD. This represents 41.3 per cent of the country’s external debt, underscoring the bank’s dominant role in financing Nigeria’s development initiatives.

The PUNCH earlier reported that the World Bank loans to Nigeria between 2023 and 2025 are projected to reach $9.65bn by the end of this year as fresh approvals, ongoing negotiations, and disbursements gather pace across key sectors.

The amount covers International Bank for Reconstruction and Development and International Development Association loans only, according to an analysis of data on the bank’s website by The PUNCH. When grants are added, total World Bank support rises to about $9.77bn within the three-year window.

The International Bank for Reconstruction and Development provides loans on commercial or near-commercial terms to middle-income and creditworthy low-income countries, while the International Development Association offers highly concessional loans and grants to the world’s poorest nations.

The PUNCH also reported that Nigeria’s stock of World Bank International Development Association loans rose to $18.5bn, making it the largest IDA borrower in Africa and the third-biggest in the world.

Fresh data from the IDA’s unaudited financial statements for the third quarter of 2025 confirmed that the country has maintained the ranking it first attained in 2024, when it climbed to third place after overtaking India. The country was the fourth-largest borrower in 2023.

According to the report, Nigeria’s exposure increased from $17.1bn in September 2024 to $18.5bn in September 2025, representing a rise of $1.4bn or 8.2 per cent. The increase reflects the country’s heavier reliance on concessional financing to plug infrastructure gaps, stabilise its reform programme, and support social spending amid volatile oil earnings.

Economists warn that the rising loan pipeline, while potentially beneficial for long-term development, could deepen fiscal pressures if not matched with stronger domestic revenue mobilisation and prudent expenditure management.

Lagos-based economist, Adewale Abimbola, reacting to the rising World Bank commitments to Nigeria, said loans from multilateral institutions such as the World Bank are largely concessionary, with interest rates typically below market levels and longer repayment tenors.

He noted that the critical question is not whether Nigeria should be borrowing, but whether the loans are structured and deployed effectively. “If it’s concessionary and tied to viable projects with medium-term revenue prospects, I don’t think it’s a bad idea,” Abimbola explained. “Borrowing isn’t bad; what matters is utilisation.”

He stressed that the economic impact of such loans depends on how well they are channelled into projects that can generate sustainable growth, strengthen revenue, and improve public services over time.

admin by — December 19, 2025 in Business 0
Gombe PDP ex-guber candidate, Barde defects to ADC

Gombe State’s 2023 Peoples Democratic Party, PDP, gubernatorial candidate, Mohammad Barde, has formally joined the African Democratic Congress, ADC.

Barde, who came second in Gombe State’s 2023 governorship election behind Governor Inuwa Yahaya, said he joined the ADC as part of his preparations for the 2027 general elections.

In an interview after validating his ADC membership, Barde criticised the current state of insecurity and poor infrastructure in Gombe and across the country, asserting that the ADC is committed to addressing these challenges.

He expressed confidence in the party’s ability to bring positive change, highlighting its focus on inclusive leadership and equal opportunities for all.

Barde also outlined ADC’s plan to hold state congresses and a national convention in February 2026, urging members to participate in membership revalidation and mobilise new supporters ahead of the events.

admin by — December 18, 2025 in News 0
Ex-governor Bafarawa’s supporters defect from PDP to APC in Sokoto

Supporters of former Sokoto State governor, Alhaji Attahiru Bafarawa, under the banner of the Bafarawa Akida Movement, have formally defected from the Peoples Democratic Party, PDP, to the ruling All Progressives Congress, APC, in the state.

The decision was announced on Wednesday following a consultative meeting of elders and leaders of the movement from all 23 local government areas of Sokoto State.

Speaking after the meeting, the movement’s chairman, Prof. Hamza Maishanu, said the defection followed extensive consultations and reflected the collective decision of members.

He added that the elders resolved to support the administration of Governor Ahmed Aliyu, citing its performance and cordial relationship with Bafarawa.

Maishanu confirmed that the decision to join the APC was formal and would be followed by further consultations to complete necessary procedures.

He dismissed claims linking the move to 2027 elections or external political pressure.

Meanwhile, Bafarawa reiterated that he had quit active politics and had not personally joined the APC, but said he supported the decision of his followers.

admin by — December 18, 2025 in News 0
Lagos High Court announces 2025 Christmas vacation

The High Court of Lagos State has officially declared its 2025 Christmas vacation, with regular court sessions suspended from Wednesday, December 24, 2025, through Friday, January 2, 2026.

Court proceedings are scheduled to resume on Monday, January 5, 2026.

The vacation period was approved by the Chief Judge of Lagos State, Justice Kazeem Olanrewaju Alogba, under the authority of Order 49, Rules 4(c) and 5 of the High Court of Lagos State (Civil Procedure) Rules, 2019, which grants the Chief Judge power to determine court vacation dates and make provisions for urgent judicial matters.

This was communicated in a public notice issued by the Chief Registrar of the High Court, Mr. T. A. Elias, and dated November 26, 2025.

The notice confirms that the vacation period includes all dates between December 24, 2025, and January 2, 2026, in line with established court practice.

While regular hearings will be suspended during the Christmas break, the court clarified that urgent judicial matters will still be addressed.

Judges are authorised to hear and determine urgent applications relating to substantive cases already assigned to them.

For new urgent applications not connected to existing cases, a judge will be designated specifically to handle such matters during the vacation.

The notice also emphasised that any matter certified as urgent may be entertained during this period, provided it complies strictly with the requirements set out in Order 49, Rule 5 of the Lagos High Court (Civil Procedure) Rules, 2019.

admin by — December 18, 2025 in News 0
NNPCL sure of meeting 2.06mbpd target with PINL partnership

NNPCLAs Nigeria targets 2.06 million barrels per day crude oil production in 2026, the Nigeria National Petroleum Corporation Limited said it is building synergy with surveillance companies like Pipeline Infrastructure Nigeria Limited to achieve the feat.

NNPCL Head, Field Operations, Eastern Corridor, Project Monitoring Office, Akponime Omojevwhe, stated this at the PINL December meeting with stakeholders in Yenagoa, the Bayelsa State capital.

Omojevwhe said in a statement on Monday that the cordial partnership between the host communities and PINL has resulted in unhindered production on the Trans Niger Pipeline.

He revealed that the company’s projection for 2026 is 2.06 million barrels per day with a budgeted benchmark of 1.84 million barrels per day.

“Our projection for 2026 is 2.06mbpd while the budget is 1.84mbpd and with the kind of synergy we are seeing here in Bayelsa and other PINL coordinated areas, we can do it. If everybody comes together, it’s achievable and it’s realistic.”

Meanwhile, PINL promised to advocate for more development from government and international oil companies operating in the host communities of the TNP.

The surveillance company which operates on the eastern corridor of the TNP argued that siting development projects in host communities would help reduce the temptations of vandalism and oil theft by community people.

PINL General Manager, Community Relations and Stakeholder Engagement, Dr. Akpos Mezeh, said the decision to canvass for more development in the host communities followed several communities’ requests.

Mezeh said, “We have become one of the closest interfaces with the communities and those communities may not even understand that we don’t have the capacity to provide most of those things they are asking for, but for the fact that we have been able to create that platform to air their grievance. We have complaints of lack of basic amenities, so in 2026, we’ll advocate for more government attention in our communities.”

He said the meeting afforded the company the opportunity to review its progress in the fight against pipeline vandalism and crude oil theft, and also celebrate, fellowship and appreciate critical stakeholders, especially leaders of host communities for their support and commitment which he said have sustained the economic stability of the country.

The Chairman of Ijaw National Congress,  Central Zone, Chief Moses Theophilus, commended the company for its impactful services in the region on the outgoing year, noting that PINL’s services have greatly reduced vandalism, oil theft and environmental pollution in the area.

admin by — December 18, 2025 in News 0
Insecurity: FG, NLC to meet in January

The Nigeria Labour Congress and its affiliates on Wednesday protested nationwide against rising insecurity in the country.

The union had declared a nationwide protest for December 17, citing what it described as the country’s “degenerating security situation.”

In a notice issued to all state councils on December 10, after its National Executive Committee-in-session meeting on December 4, the union condemned the rampant activities of bandits and kidnappers across the country.

It singled out the November 17 abduction of female students from a boarding school in Kebbi State and expressed outrage over the withdrawal of security personnel from the school shortly before the incident.

The union directed all its affiliates and state councils to “fully mobilise” workers and civil society for the protest.

In last-minute efforts to halt the protest, President Bola Tinubu, on Tuesday night, met with the NLC leadership and some state governors, led by the Imo State Governor, Hope Uzodimma.

The President of NLC, Joe Ajaero, told journalists on Wednesday that the leadership of the Congress would meet with the President again by January to address the issue of financial insecurity of Nigerian workers.

Ajaero said that the engagement the Labour had with the Federal Government was aimed at cancelling the planned protest, adding that the workers who were poorly paid and inadequately fed were more likely to face deeper challenges.

“The action continued this morning (Wednesday). We are rounding off now. We will take back whatever we discussed with them to our members.

“The attitude of meeting on the day or eve of any action is not rocket science.

“However, Mr President was emphatic that the issue of insecurity will be a thing of the past very soon. He said he’s taking extra steps to take care of it.

“We equally talked about financial insecurity because a worker who is not well fed and not well paid will have even more problems than those who are well fed and well paid.

“Mr President said he has put Nigeria on the map of prosperity, and we agreed that we’re going to meet in January to look at some grey areas where we need to touch.

“It will equally translate into the prosperity of the working people of Nigeria,” he said.

On whether the protest had been cancelled, Ajaero said: “We are going back to our members now, and then we will get back to them.

“But today (Wednesday) is gone, and our action is not an indefinite one. It’s a protest. The issue of suspension is not there because the action was taken off this morning,” Ajaero said.

Uzodimma, who is Chairman of the Progressives Governors’ Forum, said the President’s intervention played a key role in resolving the matter, adding that a channel had been opened for increased communication with Labour.

“President Bola Tinubu met last night with the leadership of NLC. They discussed issues of the Nigerian economy, workers’ welfare, ongoing reforms, national security and other developments in the country, and all of them agreed.

“National unity is very critical, and our national interest is also very important. And the march towards economic prosperity by the president is a welcome idea.

“At the end of the meeting, we also discovered that there is a need for regular engagements with the Nigeria Labour Congress.

“For now, both the government and labour are on the same page to ensure that Nigeria is better protected, and more investments in the areas of security should be encouraged.”

The governor expressed appreciation to Tinubu for the way he came out to explain to the labour leaders his programmes and activities for improved security arrangements in the country.

“We are also very grateful to the NLC for the maturity they exhibited; for the interest they also displayed for national security and better security for Nigerians and the welfare of Nigerian workers,” he said.

On Wednesday, workers gathered across states and the Federal Capital Territory in obedience to the directive of the NLC leadership to protest against insecurity.

Demonstrations in Lagos, Abuja, Anambra and some other parts of the country underscored how fear, violence and restricted movement have become part of daily life for millions of Nigerians.

In Abuja, the workers converged on the NLC national secretariat, with security personnel, including police, civil defence, and officials from the Department of State Services, deployed to ensure orderliness.

Ajaero, addressing the workers, said the planned protest remained firm and was intended to draw attention to the country’s worsening insecurity.

“The protest is to help this country – to call attention to the effect of insecurity,” he said.

He warned that insecurity was affecting Nigeria’s economy and discouraging investors.

Ajaero also highlighted the human cost, noting that workers and their families were often victims of kidnappings.

“Many workers are being kidnapped daily. People are killed. In Kebbi, a teacher was killed. Children of workers are kidnapped. The government must act to find the perpetrators,” he said.

Ajaero described banditry and kidnappings for ransom as alien to Nigerian values and called for a national response to end the trend.

He also suggested the idea of an “insecurity allowance” to support workers who are kidnapped and often need to raise money for ransom.

“This protest is our way of telling Nigerians and the international community that insecurity must stop.

“This is not the culture of Nigerians, and we must condemn it and strengthen the hands of those in authority to make sure it does not continue,” he said.

In Lagos, the march started at 9:10 am from the historic Ikeja Under Bridge and concluded at the Lagos State House of Assembly in Alausa.

Workers in union colours and civil society activists waved Nigeria Labour Congress flags and chanted labour songs and freedom anthems.

They criticised escalating banditry, kidnappings and violent crime, saying insecurity has eroded both safety and freedom of movement across the country.

At the forefront of the march were the chairperson of the NLC Lagos chapter, Funmi Sessi, and human rights lawyer and Labour Ambassador, Femi Falana (SAN).

admin by — December 18, 2025 in News 0
Fresh storm brews over new tax law

The Presidency, on Wednesday, rejected calls for the suspension of President Bola Tinubu’s recently-signed tax reform laws, insisting the legislation was “unstoppable” and would take effect from January 1, 2026.

This was as opposition figures warned the policy could deepen hardship and trigger severe social and economic consequences.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, in an interview with The PUNCH said the reforms had already been passed by the National Assembly and endorsed by the President, faulting critics for raising objections late.

“The law has been passed by the National Assembly. It has been endorsed by the President. And some people are just waking up when they should have made known their objections long time ago,” Onanuga said.

So This Happened (EP 357) reviews: FG arraigns Stella Oduah over alleged N5bn fraud

“The law is unstoppable. By January 1, 2026 by the grace of God, the implementation will begin. And there is nothing to fear. This development will harmonise most of our multiple taxes and it also excludes the low-income workers from being taxed,” he added.

Onanuga described the reforms as “revolutionary,” arguing that the new regime would enhance tax revenue for the benefit of Nigerians, while dismissing calls for suspension as inconsistent with “right-thinking Nigerians.”

He said, “But some people are saying that it should be implemented? You can see that they are not on the same page with right-thinking Nigerians.

“It is a revolutionary law that will enhance our tax revenue with the benefits of all nigerians. For them to say we should not implement, it’s too late to raise objection. The law as it stnds today is unstoppable.

It is already being implemented anyways.”

His response came as the National Opposition Movement demanded the immediate suspension of the tax plan’s implementation, warning that forcing it through would worsen the living conditions of Nigerians.

Addressing a press conference on Wednesday at the Yar’Adua Centre, Abuja, the NOM spokesperson, Chille Igbawua, said Nigerians were already struggling with poverty, unemployment and rising living costs, insisting the new tax regime would be punitive.

The NOM, a coalition of citizens drawn from various opposition parties, said it monitors policies affecting Nigeria’s security, economy and overall prosperity under the Tinubu administration, while advocating national liberation and transformation.

President Tinubu recently signed four major tax reform bills into law, marking what the government has described as the most significant overhaul of Nigeria’s tax system in decades.

The laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act and the Joint Revenue Board (Establishment) Act, all operating under a single authority, the Nigeria Revenue Service.

The reforms are designed to simplify tax compliance, expand the tax base, eliminate overlapping taxes and modernise revenue collection across federal, state and local governments.

The laws are scheduled to take effect on January 1, 2026, following a six-month transition period for public education and system alignment.

However, the reforms have continued to attract mixed reactions nationwide.

Reacting, Igbawua described the planned implementation as “shocking” and “punitive,” arguing that Nigerians are already struggling to meet basic needs.

“This new tax plan must not take off now. Its implementation must be suspended immediately. This is not tax reform; it is a weapon fashioned against the economic wellbeing and social security of suffering Nigerians,” he said.

“You cannot tax hunger. You cannot tax poverty. And you cannot tax people into prosperity. Since coming to office, President Tinubu has shown that his priorities are not with ordinary Nigerians but with a few oligarchs tied to his economic and political interests.”

He warned that the country risked multidimensional failure under the current policies, threatening democracy, security and human development in West Africa.

According to him, the combination of fuel subsidy removal, naira depreciation, food inflation and rising electricity tariffs has pushed households and small businesses to the brink.

“What the government is rolling out in January is not a tax reform; it is an assault on the livelihood of ordinary Nigerians,” he said, alleging that low-income earners and the unemployed would be disproportionately affected.

The group further accused the administration of tolerating high-level corruption while placing additional burdens on citizens, likening the tax drive to what it described as the “reckless” removal of fuel subsidies.

The NOM demanded the suspension of the tax take-off date, nationwide consultations involving labour unions, civil society groups, small and medium-scale enterprises and state governments, as well as social protection guarantees tied to any reform.

Other members of the movement include activist Aisha Yesufu, former Minister of Youths and Sports Solomon Dalung, former Director-General of the PDP Governors Forum, CID Maduabum, and Dr Sam Amadi.

Meanwhile, a group of lawmakers in the House of Representatives on Wednesday alleged that the tax reform laws passed by the National Assembly and signed by the President were altered after passage, raising questions about the legality of the versions currently in circulation.

The lawmakers claimed that provisions contained in the gazetted copies did not receive legislative approval and were therefore constitutionally defective.

Raising the issue under a matter of privilege during plenary, a Sokoto lawmaker, Abdussamad Dasuki, drew the House’s attention to what he described as discrepancies between the harmonised versions passed by both chambers and the gazetted copies released by the Federal Government.

A report compiled by the concerned lawmakers alleged that the changes went beyond clerical or editorial corrections.

According to the document, substantive provisions were allegedly inserted, deleted or modified after passage, including the removal of oversight and accountability mechanisms approved by parliament.

The report further claimed that new coercive and fiscal powers—such as arrest powers, garnishment without court orders and compulsory dollar-based computations—were introduced without legislative approval.

“These changes cannot be classified as clerical or editorial corrections,” the report stated, warning that the alterations undermine legislative supremacy and expose the country to legal uncertainty and investor risk.

The lawmakers argued that Sections 4 and 58 of the 1999 Constitution vest law-making powers exclusively in the National Assembly, stressing that the executive has no authority to alter bills after passage.

Speaking on the floor, Dasuki said, “What was passed by this House is not what has been gazetted. I was here, I voted, and what is before Nigerians today is completely different.”

He called on the House leadership to revisit the original versions passed by the National Assembly and demanded that all relevant documents be brought before the Committee of the Whole for review.

Responding, Speaker of the House, Tajudeen Abbas, assured members that the leadership would investigate the allegations and take appropriate action in the national interest.

The disputed laws form part of President Tinubu’s broader economic reform agenda aimed at boosting revenue, widening the tax base and reducing reliance on borrowing amid rising debt-servicing costs.

However, the controversy has raised fresh concerns over legislative oversight, the integrity of the law-making process and the legal implications for the implementation of the new tax regime scheduled to commence in January 2026.

admin by — December 18, 2025 in News 0