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February 12, 2025 Dangote Refinery Reduces Diesel Price from ₦1,075 to ₦1,020 Per Litre

Dangote Refinery Reduces Diesel Price from ₦1,075 to ₦1,020 Per Litre

The Dangote Petroleum Refinery and Petrochemicals has further reduced the price of its diesel, bringing it down to ₦1,020 per litre from the previous ₦1,075 per litre at the gantry.

In a statement, the $20 billion refinery emphasized that the price cut aligns with its commitment to easing the financial burden on Nigerians and supporting businesses. Since commencing diesel production in January 2024, the refinery has implemented multiple price reductions, lowering the cost from an initial ₦1,700 per litre to the current rate, offering much-needed relief to manufacturers and consumers.

Additionally, the refinery recently lowered its ex-depot price for petrol from ₦950 per litre to ₦890, citing market dynamics as the driving factor behind the adjustment.

Nigeria, Africa’s largest economy, has long struggled with energy challenges, as its state-owned refineries remained non-operational for decades until 2024. The country relied heavily on imported petroleum products, with the state-run Nigerian National Petroleum Company Limited (NNPCL) serving as the primary importer. The removal of fuel subsidies in May 2023 caused petrol prices to soar from around ₦200 per litre to over ₦1,000 per litre, leading to widespread hardship for citizens who depend on fuel for transportation and power generation due to unreliable electricity supply.

In December 2023, Aliko Dangote, Africa’s foremost industrialist, officially launched operations at his Lagos-based refinery, which currently processes 350,000 barrels per day. Despite initial regulatory hurdles, the facility aims to reach full production capacity of 650,000 barrels per day by the end of 2024. The refinery has already begun supplying diesel, aviation fuel, and petrol to Nigerian marketers.

Meanwhile, the NNPCL announced that, as of 2024, both the Port Harcourt and Warri refineries have resumed operations, with petrol loading and distribution back on track.

February 12, 2025 FG to Address Drop Box Suspension for US Visa Renewals – Reps Member

FG to Address Drop Box Suspension for US Visa Renewals – Reps Member

The Nigerian government is actively working to resolve the suspension of the drop box service for US visa renewals. Chairman of the House of Representatives Committee on Foreign Affairs, Oluwole Oke, assured that diplomatic efforts are underway to address the issue.

Speaking in an interview on Tuesday, Oke stated that he would engage with US officials in Washington after his meetings in New York. He emphasized that the drop box service, which previously allowed eligible applicants to renew their visas without in-person interviews, was a convenience extended by the US but not a guaranteed right.

Recently, reports surfaced that the US had discontinued the drop box option for Nigerian visa renewals, requiring all applicants to undergo in-person interviews. The change comes amid stricter immigration policies under the Trump administration, which has intensified efforts to deport undocumented migrants.

Oke downplayed the development, noting that Nigeria does not offer a similar service to Americans renewing their Nigerian visas. He highlighted the principle of diplomatic reciprocity, explaining that visa policies are at the discretion of each country. He also revealed that Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, had not received any official communication from the US regarding the suspension.

The lawmaker expressed confidence that Nigeria's significance on the global stage would ensure a favorable resolution. He also suggested that the Trump administration might reconsider its stance on immigration policies in response to international concerns.

As of 2015, approximately 376,000 Nigerians were living in the US, making Nigeria the largest source of African immigration to the country. The US remains a top destination for Nigerian professionals and students, with remittances from the diaspora contributing over $20 billion annually to Nigeria’s economy.

 

February 12, 2025 Reps Demand Suspension of Telecom Tariff Hike Amid Economic Hardship

Reps Demand Suspension of Telecom Tariff Hike Amid Economic Hardship

The House of Representatives has called for the immediate suspension of the recently approved 50% hike in telecom tariffs. This demand follows a motion of urgent national importance raised by Oboku Oforji during Tuesday’s plenary session.

In addition to rejecting the tariff increase, lawmakers expressed frustration over the poor service delivery by telecom operators. They insisted that any price adjustment should be contingent on significant improvements in service quality.

The House directed the Nigerian Communications Commission (NCC) and the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, to halt the tariff increase, citing the prevailing economic challenges faced by Nigerians.

Despite these concerns, telecom operators have begun implementing the new tariff regime, which had been previously approved by the NCC. Many subscribers took to social media to express their dismay over a noticeable 50% increase in the cost of calls, data, and text messages.

As of December 2023, Nigeria had over 224 million telecom subscribers, according to official data from the NCC. MTN leads the market with over 87 million subscribers, representing 38.79% of the total market share. Globacom and Airtel follow with 61 million subscribers each, while 9mobile has 13.9 million users.

Earlier in January, the NCC announced its approval of the 50% tariff increase, stating that the decision was necessary for industry sustainability. Reuben Muoka, a spokesperson for the NCC, explained that although some network operators had requested an increase of over 100%, the regulator settled for a lower adjustment after considering ongoing industry reforms.

The NCC justified the increase under Section 108 of the Nigerian Communications Act, 2003, which empowers the commission to regulate and approve telecom tariff rates.

The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had initially threatened industrial action in protest against the tariff hike. However, after last-minute negotiations with government representatives, the unions decided to suspend their planned demonstrations.

Nigerians are currently facing one of the worst economic crises in decades. The removal of fuel subsidies and the floating of the naira have triggered severe inflationary pressures, significantly increasing the cost of living.

Since taking office in May 2023, President Bola Tinubu has implemented these economic policies, leading to petrol prices soaring from under N200 per litre to over N1,100 in many areas. Simultaneously, the naira has depreciated drastically, falling from around N700/$ to approximately N1,600/$.

As food and commodity prices skyrocket, millions of Nigerians are struggling to cope with the worsening cost of living crisis. The telecom tariff hike has only added to the financial strain, prompting widespread calls for its immediate reversal.

The House of Representatives' intervention signals growing pressure on the government and regulatory bodies to reconsider policies that further burden citizens already grappling with economic hardship.

February 11, 2025 CBN Ends Free ATM Withdrawals for Non-Bank Customers

CBN Ends Free ATM Withdrawals for Non-Bank Customers

The Central Bank of Nigeria (CBN) has removed the three free monthly withdrawals previously granted to customers using other banks' ATMs.

In a circular dated February 10, 2025, the CBN instructed all financial institutions to enforce new ATM withdrawal charges starting March 1, 2025. This means customers will now pay for every withdrawal made from another bank’s ATM.

According to the circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the policy aims to accelerate the deployment of ATMs while ensuring that financial institutions apply appropriate charges.

Key Changes in the New ATM Charges:

  • No more free ATM withdrawals at other banks' ATMs.
  • Withdrawals at another bank’s ATM will now incur a charge of ₦100 per ₦20,000 withdrawal when using ATMs located within bank premises.
  • Withdrawals at off-site ATMs will attract a ₦100 charge per ₦20,000, plus an additional surcharge of up to ₦500, which will go to the ATM deployer.
  • International ATM withdrawals will be charged based on the exact rate set by the international acquirer.

The CBN cited rising costs and the need for efficiency in ATM operations as reasons for the new charges. The directive aligns with efforts to encourage cashless transactions and ensure better banking services.

This policy comes after the CBN recently fined nine banks a total of ₦1.35 billion for failing to ensure cash availability at ATMs during the festive season. Each bank was fined ₦150 million, with the penalty deducted directly from their CBN accounts.

With these new charges, customers who frequently use ATMs from other banks may need to adjust their banking habits to avoid additional costs.

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