Fidelity Bank Plc has donated essential firefighting and preventive equipment, including hoses and gasoline water pumps, to the Ikoyi Fire Service Station in Lagos.

In a statement on Monday, it was revealed that the donation was made under the Fidelity Helping Hands Programme by the True Serve team, reaffirming the bank’s commitment to the environment and community safety.

Through the FHHP, members of staff identify areas of critical community needs, raise funds, and then receive matching monetary support from the bank to execute the projects.

Commenting on the reason behind the donation, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, emphasised that the donation reflected the bank’s dedication to strengthening emergency response capabilities and promoting public safety within the communities it serves.

“Fidelity Bank remains committed to supporting initiatives that contribute to the protection of our environment, lives and property. We see community safety as a shared responsibility and continuously extend support to both corporate bodies and individuals.

“We believe that preventive measures are far more effective than reactionary responses. This donation is part of our efforts to drive sustainable practices by providing the necessary tools. Our goal is to ensure that people live meaningful, safe, and empowered lives,” he said.

In her comments, Lagos State Controller, Federal Fire Service and Controller of Fire, Funke Adebayo, commended Fidelity Bank for the timely support, while cautioning residents to exercise heightened vigilance during the festive period, especially with the dry weather conditions.

“We appreciate Fidelity Bank for this timely donation. We are in a harsh weather period where fire incidents can escalate quickly. Parents must educate and caution children against the use of fireworks during celebrations. Fire should never be treated carelessly,” Adebayo said.

She noted that the Fire Service has embarked on sensitisation visits to various corporate organisations, warning against unsafe practices that could lead to preventable fire outbreaks.

On his part, Area Commander of the Onikan Fire Station and Chief Superintendent of Fire, Michael Oswere, expressed appreciation to Fidelity Bank for supporting their operations. He encouraged families, business owners, and community members to prioritise fire safety at all times.

“Everyone has a role to play in preventing fire incidents at home and in the workplace. This support from Fidelity Bank will go a long way in enhancing our capacity to protect the community,” CSF Oswere added.

Fidelity Bank Plc is a full-fledged commercial deposit money bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and its United Kingdom subsidiary, FidBank UK Limited.

Seplat Energy Plc has completed the conversion of its operated onshore assets to the Petroleum Industry Act fiscal regime, replacing the former Petroleum Profit Tax framework, in a move expected to support improved profitability and operational efficiency.

The company disclosed in a notice filed on the Nigerian Exchange Limited on Tuesday that its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, concluded the conversion process after fulfilling all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission. The assets involved were previously held under Oil Mining Leases 4, 38, 41 and 53.

“The conversion relates to assets formerly held under OML’s 4, 38 & 41 and 53, which in the first nine months of 2025, averaged working interest production of 42,591 boepd, representing approximately 31% of the Company’s Total production.”

Seplat said the converted onshore assets recorded average working interest production of 42,591 barrels of oil equivalent per day in the first nine months of 2025, accounting for about 31 per cent of the company’s total production during the period.

With the issuance of new Petroleum Mining Lease and Petroleum Prospecting Licence numbers, operations under the Petroleum Industry Act are expected to commence from 1 January 2026, subject to regulatory guidance.

“Following the execution of the Conversion Contracts in February 2023 in compliance with the PIA, Seplat and its Joint Venture partners have now completed all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission. New Petroleum Mining Lease and Petroleum Prospecting License numbers have now been issued, and subject to the regulatory guidance, operations under the PIA are expected to commence from 1 January 2026,” the statement read.

The company noted that the conversion aligns with its strategy of driving increased investment, production growth and improved operational efficiency. The anticipated impact of the new fiscal regime was already incorporated into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.

Commenting on the development, Seplat’s Chief Executive Officer, Roger Brown, said the conversion of the onshore assets was delivered within the timeline earlier communicated to investors. He added that the new fiscal framework presents enhanced value creation opportunities and lays the foundation for improved profitability and cash flow margins in the company’s onshore business.

Seplat also reiterated its plan to complete the conversion of its offshore assets to the Petroleum Industry Act fiscal regime by 2027.

The Central Bank of Nigeria has taken its drive to attract increased capital inflows to the global stage, as the apex bank intensifies efforts to reposition the economy for stability and long-term growth. Under the leadership of Governor Olayemi Cardoso, the CBN is pursuing deliberate strategies aimed at restoring discipline, strengthening confidence and creating sustainable investment opportunities for both domestic and international investors.

At a recent engagement in Washington, D.C., Cardoso reassured global investors of Nigeria’s renewed commitment to macroeconomic stability, transparent markets and predictable policy direction. The message was clear: as investor confidence improves, the economy stands to benefit from stronger capital inflows, improved exchange rate stability and increased foreign reserves, all of which are critical to sustainable economic growth.

In the global marketplace, outcomes are rarely accidental. Success in attracting capital and achieving economic development is typically the result of long-term planning, clarity of purpose, and transparent engagement with investors. These were the core themes Cardoso conveyed to international investors at the just-concluded US–Nigeria Executive Business Roundtable in Washington, D.C.

At the forum, the CBN governor presented a confident, reform-oriented narrative of Nigeria’s economy, anchored on rules-based management, institutional credibility, and a willingness to make difficult but necessary policy choices. The engagement, convened by the US Chamber of Commerce’s US-Africa Business Centre, brought together senior US corporate executives, institutional investors, and policy influencers at a pivotal moment in Nigeria’s ongoing economic reset.

The high-level meeting was designed to strengthen commercial ties between the two countries and attract long-term capital into the Nigerian economy. For Cardoso, sustainable growth cannot be achieved without credibility. He reaffirmed Nigeria’s firm commitment to macroeconomic stability and predictable policy frameworks, stressing that the country is pursuing reforms anchored on transparency and discipline.

Addressing participants, according to information sourced from the bank, Cardoso told international investors that Nigeria remains committed to rules-based economic management, transparent markets, and consistent policies. He explained that the ongoing reforms are deliberately structured to rebuild confidence and provide clarity and certainty for investors navigating an increasingly volatile global environment.

According to him, the authorities are focused on laying a stable macroeconomic foundation capable of supporting sustainable, private sector–led growth. He noted that reforms in the foreign exchange market have been central to improving transparency and price discovery, while the adoption of orthodox monetary policy is helping to anchor expectations and manage macroeconomic risks.

Cardoso also highlighted the modernisation of Nigeria’s payment systems as a critical part of the country’s investment proposition. He noted that an efficient, secure, and inclusive payment infrastructure is essential for business expansion, innovation, and financial inclusion, all of which are key drivers of long-term growth.

The US–Nigeria Executive Business Roundtable brought together American and Nigerian corporate leaders, institutional investors, and policymakers to discuss Nigeria’s macroeconomic stabilisation efforts, regulatory clarity, and opportunities to scale bankable projects across priority sectors. Discussions focused on unlocking investments in infrastructure, energy, financial services, agriculture, and technology, while addressing investor concerns around policy consistency and the broader investment climate.

Reacting to the discussions, President of the US-Africa Business Centre at the US Chamber of Commerce, Ms Kendra Gaither, said global investors are increasingly drawn to markets that demonstrate discipline and credibility.

“What investors are responding to today is clarity, clear rules, credible reforms, and a seriousness of purpose. Nigeria’s message is increasingly one of discipline and opportunity, and that matters in a global economy actively seeking stability and predictability,” Gaither said.

Reforms take-off point

The CBN has embarked on a series of far-reaching reforms aimed at attracting foreign capital, achieving price stability, and stabilising the exchange rate. In 2023, the new administration, working with the apex bank, liberalised the foreign exchange market, ended central bank financing of fiscal deficits, and reformed fuel subsidies. These measures were complemented by efforts to strengthen revenue collection and tackle surging inflation.

Since the implementation of these reforms, Nigeria’s international reserves have grown, while access to foreign exchange through official channels has improved. The country also successfully returned to the international capital markets last December and has since received upgrades from rating agencies. In addition, a new domestic, privately owned refinery has begun repositioning Nigeria higher up the value chain within a fully deregulated downstream market.

CBN policies, including currency reforms, have helped attract investment inflows and reduced the need for heavy intervention in the domestic foreign exchange market. The unification of exchange rates and the clearance of over $7bn in foreign exchange backlogs have improved Nigeria’s investment outlook, with multilateral institutions such as the World Bank describing the measures as bold steps toward long-term economic sustainability.

Nigeria’s sovereign risk spread has also declined to its lowest level since January 2020, erasing the premium accumulated during the pandemic and subsequent economic strains. These developments reflect deliberate efforts by policymakers to restore confidence and sustain capital inflows into the economy.

As part of efforts to tame inflation and strengthen policy coordination, the CBN recently hosted the Monetary Policy Forum 2025, bringing together fiscal authorities, lawmakers, private sector representatives, development partners, experts, and academics. The forum, themed “Managing the Disinflation Process,” was aimed at improving monetary policy communication, fostering dialogue, and enhancing collaboration on key policy challenges.

At the forum, Cardoso said the apex bank’s priority is to sustain price stability, pursue a planned transition to an inflation-targeting framework, and implement strategies to restore purchasing power and ease economic hardship. He reaffirmed the CBN’s disciplined approach to monetary policy, noting that the goal is to ensure policy remains forward-looking, adaptive, and resilient.

“Managing disinflation amidst persistent shocks requires not only robust policies but also coordination between fiscal and monetary authorities to anchor expectations and maintain investor confidence. Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship,” Cardoso said.

The CBN has also moved to strengthen the banking sector by introducing new minimum capital requirements for banks, effective March 2026. The measure is designed to enhance resilience and position Nigeria’s banking industry to support the country’s ambition of building a $1tn economy. According to the apex bank, these reforms underscore its commitment to creating an enabling environment for inclusive and sustainable economic development.

However, Cardoso cautioned that achieving macroeconomic stability requires continuous vigilance and a proactive monetary policy stance. “As we shift from unorthodox to orthodox monetary policy, the CBN remains committed to restoring confidence, strengthening policy credibility, and remaining focused on its core mandate of price stability,” he said.

He added that a recent easing of monetary policy became necessary following a review of macroeconomic conditions. According to him, the Monetary Policy Committee’s decision to ease the policy stance was informed by improving inflation trends.

“The committee’s decision to lower the monetary policy rate was predicated on the sustained disinflation recorded in the past five months, projections of declining inflation for the rest of 2025, and the need to support economic recovery efforts,” Cardoso explained.

 

Investors’ interest

Global investors are increasingly showing interest in Nigerian assets as the impact of CBN reforms spreads across key sectors of the economy. This renewed appetite was evident in Nigeria’s recent return to the international debt market, with the successful issuance of a $2.25bn dual-tranche Eurobond.

The Eurobonds, maturing in 2036 and 2046, recorded the largest order book ever achieved by the country, underscoring strong investor confidence in Nigeria’s macroeconomic policies and fiscal management.

The 10-year, $1.25bn bond maturing in 2036 was priced at a coupon of 8.6308 per cent, while the 20-year, $1.10bn note due in 2046 carried a coupon of 9.1297 per cent.

According to the Debt Management Office, the transaction attracted orders exceeding $13bn, reflecting broad-based demand from investors across the United Kingdom, North America, Europe, Asia, and the Middle East.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the record subscription demonstrated global confidence in Nigeria’s macroeconomic outlook.

“This successful market access demonstrates the international community’s continued confidence in Nigeria’s reform trajectory and our commitment to sustainable, inclusive growth,” Edun said.

Director-General of the DMO, Patience Oniha, noted that the issuance attracted strong demand from a diverse mix of fund managers, insurance and pension funds, hedge funds, banks, and other financial institutions, highlighting Nigeria’s broad investor base across regions and asset classes.

“Nigeria’s ability to access the Eurobond market to raise long-term funding needed to support the growth agenda of President Tinubu is a major achievement for Nigeria and is consistent with the DMO’s objectives of supporting development and diversifying funding sources,” Oniha said.

Even before the Eurobond issuance, Nigeria’s investment profile had improved, drawing positive assessments from global analysts. Emre Akcakmak, portfolio manager at East Capital, said Nigeria appears to be regaining momentum as long-awaited economic reforms take hold.

Key measures, he noted, include improved currency liquidity, greater flexibility for investors to repatriate profits, and a more stable naira. “We feel the Central Bank of Nigeria will continue to stem any sharp appreciation of the naira to limit profit-taking from the fast-money community,” Akcakmak said.

Samir Gadio, head of Africa strategy at Standard Chartered Plc, also highlighted improving investor sentiment. “Portfolio inflows have likely been supported by improved confidence amid key structural reforms, better FX market functioning and moderating dollar-naira volatility, as well as the still-robust nominal yield buffer,” Gadio told Bloomberg. He added that Nigeria’s local market is viewed as less correlated with global risk conditions than more liquid emerging market peers.

Positive market reactions

Following the Eurobond issuance, the naira appreciated, while Nigeria’s external reserves climbed to a seven-year high of $46.07bn. The last time reserves were at a comparable level was August 24, 2018, when they stood at $46.09bn. The naira has also shown signs of stabilisation across different market segments.

In an emailed note to investors, Head of Investment Research at Comercio Partners Limited, Dr. Ifeanyi Uba, said investor appetite for Nigerian assets has been supported by ongoing reforms, including fuel subsidy removal and naira devaluation. He noted that while these measures have been economically painful, they have improved fiscal transparency and boosted market confidence.

“With emerging market governments issuing nearly $240bn in debt so far this year, surpassing even pandemic-era levels, Nigeria’s return underscores both the renewed investor hunt for yield and a sign that African frontier economies may once again diversify funding sources amid more favourable global conditions,” Uba said.

Analysts at Comercio Partners described the Eurobond issuance as a strong reaffirmation of investor confidence despite heightened global geopolitical tensions. They noted that while the inflows will bolster reserves, provide fiscal breathing room, and strengthen Nigeria’s ability to meet short-term obligations, the increased exposure to foreign currency debt also raises foreign exchange risks and interest burdens.

They added that as the CBN continues efforts to unify the FX market and clear outstanding backlogs—measures that have temporarily restored confidence—maintaining currency stability will be critical to sustaining recent gains.

Adebowale Funmi, head of research at Parthian Securities, said the Eurobond oversubscription of more than 400 per cent reflects strong investor confidence in Nigeria’s economic outlook. He attributed the renewed optimism to ongoing reforms and Nigeria’s recent removal from the Financial Action Task Force grey list, developments that have significantly improved the country’s credibility and perception in global markets.

Equities on the Nigerian Exchange continued their upward momentum in the holiday-shortened trading week, with market capitalisation rising by N578bn as renewed buying interest across key sectors lifted major indices.

At the close of the latest trading session, total market capitalisation stood at N97.8tn, reflecting sustained investor confidence despite fewer trading days during the week. The positive performance was driven largely by gains in banking, consumer goods, and premium stocks.

Trading activity improved significantly compared to the previous session, as a total of 677.43 million shares, valued at N20.78bn, were exchanged in 27,576 deals. This represented a 50 per cent increase in traded volume and a 60 per cent rise in turnover. However, the number of deals declined by 17 per cent, suggesting larger ticket transactions dominated market activity.

In all, 128 listed equities participated in trading, with market breadth closing positive as 29 stocks recorded price appreciation against 27 losers.

Aluminium Extrusion Industries topped the gainers’ chart, appreciating by 9.96 per cent to close at N14.90 per share. Austin Laz and Company followed closely with a gain of 9.81 per cent to N2.91, while Custodian and Allied Insurance rose by 9.69 per cent to N38.50. First HoldCo also posted strong gains, advancing by 9.35 per cent to close at N50.30.

On the losers’ side, Royal Exchange recorded the highest decline, shedding 7.22 per cent to close at N1.80 per share. Champion Breweries fell by 6.57 per cent to N15.65, while National Salt Company declined by 5.36 per cent to N105.05.

Sovereign Trust Insurance also ended the session lower, losing 5.28 per cent to close at N3.77.

VFD Group emerged as the most actively traded stock by volume, with 191.97 million shares exchanged during the session. This was followed by Guaranty Trust Holding Company, which recorded 63.45 million shares traded, Access Holdings with 49.77 million shares, and First HoldCo with 45.81 million shares.

In value terms, Guaranty Trust Holding Company led the market, with trades valued at N5.59bn. First HoldCo followed with transactions worth N2.25bn, while VFD Group recorded N2.07bn in value traded. Aradel Holdings and Zenith Bank also featured among the top value drivers of the session.

The Index rose by 895.04 points, or 0.59 per cent, to close at 153,354.11. This performance translated to a one-week gain of 2.61 per cent, a four-week gain of 6.67 per cent, and a year-to-date return of 48.99 per cent, underscoring the strength of the ongoing market rally.

Sectoral indices closed broadly positive. The Consumer Goods Index recorded one of the strongest performances, rising by 1.3 per cent and extending its year-to-date gain to 119.12 per cent. The Banking Index advanced by 1.23 per cent, bringing its year-to-date return to 36.55 per cent. The Premium Index rose by 0.61 per cent, while the Pension Index gained 0.57 per cent. The Top 30 Index and the Main Board Index also closed higher, reflecting broad-based market strength.

Market analysts attributed the sustained rally to continued bargain hunting, strong earnings expectations, and portfolio rebalancing ahead of year-end, particularly by institutional investors. They noted that despite the shortened trading week due to the holiday, investor sentiment remained upbeat, supported by robust liquidity and sector rotation into fundamentally strong stocks.

With equities maintaining positive momentum, market watchers expect trading to remain active in the near term, as investors position for dividend-paying stocks and assess macroeconomic developments ahead of the new year.

The Nigerian Exchange closed the first trading session of the week on a positive note, with investors gaining N257bn as buying interest in select stocks lifted key market indices.

At the close of trading, total market capitalisation rose to N97.2tn, reflecting renewed optimism despite a slowdown in trading activities. The benchmark NGX All-Share Index advanced by 401.69 points, or 0.26 per cent, to settle at 152,459.07 points, extending the market’s upward trend. The performance translated to a one-week gain of 2.02 per cent, a four-week gain of 6.16 per cent and a year-to-date return of 48.12 per cent.

Trading data showed that a total of 451.48 million shares valued at N13.00bn were exchanged in 33,290 deals. Compared with the previous trading day, market turnover declined by 22 per cent and volume dropped by 49 per cent, although the number of deals improved by 30 per cent, indicating sustained investor participation.

Market breadth closed positive, as 129 listed equities participated in trading, with thirty-four gainers outweighing twenty losers. Aluminium Extrusion Industries topped the gainers’ chart after its share price appreciated by 9.72 per cent to close at N13.55 per share. International Energy Insurance followed with a gain of 9.69 per cent, while MeCure Industries rose by 9.64 per cent and Royal Exchange added 9.60 per cent.

On the losers’ side, Custodian and Allied Insurance led the decline with a 10.00 per cent drop to close at N35.10 per share. Associated Bus Company also shed 10.00 per cent, while Prestige Assurance Company fell by 7.41 per cent and Guinea Insurance declined by 7.38 per cent.

Activity on the trading floor was driven by Tantalizers, which recorded the highest volume with 50.18 million shares exchanged. First HoldCo followed with 32.62 million shares, while Access Holdings traded 27.32 million shares, and Custodian and Allied Insurance recorded 22.10 million shares.

In terms of sectoral performance, most indices closed in positive territory. The Top 30 Index gained 0.27 per cent, the Industrial Index rose by 0.91 per cent, the Consumer Goods Index advanced by 0.50 per cent and the Main Board Index increased by 0.39 per cent. The Pension Index edged up by 0.01 per cent, while the Oil and Gas Index closed flat for the session.

Overall, analysts say the market’s positive close reflects continued selective buying by investors, particularly in industrial, consumer and insurance stocks, as sentiment remains upbeat in the equities market.

Despite an improvement in crude oil production, the Federal Government earned 63.49 per cent less than its projected oil revenue target in the first half of 2025, according to the second quarter Budget Performance Report released by the Budget Office on Monday.

The report showed that gross oil revenue of N9.32tn was recorded between January and June 2025, far below the N25.52tn pro-rated budget projection for the period. This translated into a N16.20tn shortfall, underscoring the persistent fragility of Nigeria’s oil-dependent fiscal structure.

Data from the report also indicated that average crude oil production stood at 1.68 million barrels per day, below the budget benchmark of 2.12mbpd, with significant revenue implications for the Federation Account.

However, output improved marginally compared with earlier periods, rising by 0.08mbpd from the 1.6mbpd recorded in the first quarter of 2025 and by 0.27mbpd above the 1.41mbpd produced in the corresponding period of 2024.

Despite missing its revenue target, the half-year performance marked a notable improvement year-on-year, as oil revenue increased by N2.78tn, or 42.59 per cent, compared with the actual half-year earnings recorded in 2024.

The report read, “Gross oil revenue amounting to N9.32tn was collected in the first half of 2025 as against N25.52tn prorate budget projection for the period. This denotes a decrease of N16.20tn (63.49 per cent) from the 2025 half-year budget estimate. It, however, reflects an increase of N2.78tn (42.59 per cent) from the actual half-year gross oil revenue performance reported in 2024.”

Crude oil has remained Nigeria’s single most important source of foreign exchange and public revenue for over five decades, accounting for about 80–90 per cent of export earnings and more than half of government revenue in most fiscal years.

Earnings from crude oil exports largely determine the country’s foreign exchange inflows, the strength of the naira, and the volume of funds available for distribution to the federal, state, and local governments through the Federation Account Allocation Committee.

These revenues are highly sensitive to international oil prices, production volumes, exchange rates, and fiscal terms, making government income vulnerable to external shocks.

Despite its dominance, Nigeria’s reliance on oil has exposed the economy to repeated fiscal stress during periods of price crashes or production disruptions. Challenges such as crude oil theft, pipeline vandalism, underinvestment, operational inefficiencies, and regulatory uncertainty have often constrained output and revenue performance, even when global oil prices are favourable.

A detailed breakdown of the figures revealed mixed outcomes across revenue lines. Concessional rentals surged to N24.82bn, exceeding the half-year projection of N2.06bn by N22.77bn (1,106.99 per cent), while miscellaneous oil revenue, including pipeline fees, rose to N29.73bn, beating its N11.72bn projection by N18.01bn (153.65 per cent).

In contrast, the major oil revenue streams significantly underperformed. Crude oil and gas sales generated N712.57bn, falling short of the N2.36tn target by N1.64tn (69.76 per cent). Petroleum Profit and Gas Taxes yielded N4.16tn, missing the projection of N15.69tn by N11.53tn (73.47 per cent).

Similarly, oil and gas royalties stood at N3.53tn, lower than the N6.86tn estimate by N3.33tn (48.54 per cent), while incidental oil revenue, including royalty recoveries and marginal field licences, came in at N438.90bn, undershooting its N591.76bn projection by N152.87bn (25.83 per cent).

The report also noted that gas flaring penalties and exchange gains, which had no half-year budget projections, contributed N267.25bn and N148.31bn, respectively, during the period under review.

According to the Budget Office, oil revenue performance in the second quarter of 2025 improved compared with 2024 levels, largely due to higher crude output and improved collection of petroleum profit tax and royalties. Non-oil revenues also posted gains, attributed mainly to inflationary pressures and increased economic activities.

On pricing, Nigeria’s crude averaged $74 per barrel in Q2 2025, representing a marginal decline of $0.98 per barrel (1.31 per cent) from Q1 2025 and a sharper drop of $10.76 per barrel (12.69 per cent) compared with the corresponding quarter of 2024. The figure was also $1 below the $75 per barrel benchmark set in the 2025 budget.

Although production improved from 1.6mbpd in Q1 2025 and 1.41mbpd in the same period of 2024, the report highlighted that Nigeria’s oil sector continues to face deep-seated challenges, including crude oil theft, pipeline vandalism, weak security, underinvestment in infrastructure, regulatory uncertainty, and limited domestic refining capacity.

In the second quarter alone, gross oil revenue stood at N4.77tn, representing a N7.99tn (62.62 per cent) shortfall from the N12.76tn quarterly projection. Nonetheless, this was N1.59tn (33.33 per cent) higher than the N3.18tn recorded in the corresponding quarter of 2024.

On the non-oil side, gross non-oil revenue of N4.46tn was recorded in Q2, reflecting an increase of N404.26bn (6.68 per cent) above estimates. After deductions, the net distributable revenue available to the three tiers of government stood at N9.85tn, representing a shortfall of N7.01tn (41.58 per cent).

The figures reinforce ongoing concerns about Nigeria’s fiscal vulnerability amid oil market volatility, production shortfalls, and structural weaknesses, despite reforms introduced under the Petroleum Industry Act.

The report added that Nigeria’s oil sector continues to grapple with deep-seated challenges, including persistent crude oil theft, pipeline vandalism, and inadequate security, which have contributed to production shortfalls and supply disruptions. It noted that underinvestment in modern technology and infrastructure, corruption and regulatory uncertainties, as well as the country’s heavy reliance on crude oil exports, have continued to expose public finances to market volatility.

Dangote Petroleum Refinery has announced the launch of a dedicated hotline for Nigerians to report any MRS Oil Nigeria Plc filling station selling Premium Motor Spirit (petrol) above the approved pump price of N739 per litre.

The firm also warned marketers against creating artificial scarcity, saying the refinery is supplying up to 50 million litres per day.

In a statement on Monday, the refinery said the initiative underscored its commitment to ensuring transparency, affordability, and consumer protection in the downstream petroleum market.

“The hotline number 0800123 5264 is now active nationwide, enabling consumers to promptly report violations and help maintain fair pricing across over 2,000 MRS stations. This measure follows the refinery’s recent commencement of nationwide PMS sales at N739 per litre—a strategic intervention aimed at stabilising fuel prices and easing the financial burden on Nigerians during the festive season,” the statement said.

The Dangote refinery emphasised its mission to deliver affordable, high-quality fuel while safeguarding national economic interests.

“We encourage Nigerians to avoid purchasing PMS at inflated prices when locally refined fuel is available at N739 per litre. Report any MRS station selling above this price by calling our hotline. Together, we can ensure that the benefits of this price reduction reach every consumer,” the statement read.

The refinery also reaffirmed its commitment to steady supply, backed by a guaranteed daily output of 50 million litres, and warned against attempts to create artificial scarcity or manipulate supply, urging regulatory authorities to remain vigilant and take decisive action against unpatriotic practices.

“By refining locally at scale, Dangote Refinery is reducing Nigeria’s dependence on imports, conserving foreign exchange, stabilising the naira, and strengthening energy security. This initiative represents a significant milestone in the country’s journey toward sustainable energy solutions and economic recovery,” it stated.

The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.

“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.