Economy
Inspection Failure Caused Dirty Fuel Imports, FG Admits

The scarcity of Premium Motor Spirit, popularly called petrol, which has lingered for about two weeks, is not due to the absence of products but inspection failure, the Federal Government stated on Sunday.
It disclosed this as queues by motorists persisted in various filling stations in Abuja and neighbouring states of Nasarawa and Niger, as well as in other locations across the country.
This came as the Minister of State for Petroleum Resources, Chief Timipre Sylva, expressed regrets over the importation of adulterated petrol into Nigeria and its attendant adverse impact nationwide.
In a statement issued in Abuja by his Senior Adviser, Media and Communications, Horatius Egua, the minister said inspection failure caused the scarcity of petrol in Nigeria, as he sympathised with Nigerians on behalf of the Federal Government.
“This is regrettable, and the Federal Government sympathises with the citizenry over the unforeseen hardship, occasioned by the inevitable scarcity.
“Let me once again appeal to Nigerians to be patient with the government in finding lasting solutions to the crisis.”
Sylva appreciated the Nigerian National Petroleum Company Limited for showing concern to the plight of Nigerians by coming forward with an apology.
“This is unprecedented and shows that we on the government side are not afraid to take responsibility,” he stated. He further noted that the Midstream and Downstream Petroleum Regulatory Authority had been out on the streets to ensure that the situation normalised quickly, adding that the government was beginning to see the fruits of these efforts.
Sylva said, “This is a time that calls for collective action to save a situation that was not foreseen. It is not a time to trade blames as is customary in Nigeria.
“It is therefore not a time to query anyone but a time to come together to salvage the plight of the average Nigerian.
“After the storm settles there will be time enough to investigate and get to the bottom, so that this does not repeat itself.”
Meanwhile, the Coalition of Concerned Northern Forum has asked the Federal Government to sack the top management staff of the NNPC over the lingering fuel scarcity within 72 hours
The group said this in a statement jointly signed by the Chairman, Mallam Ibrahim Bature; and the spokesperson, Abdulsalam Kazeem, in Kaduna on Sunday.
The group warned that the failure of the government to act would lead to mass protest.
The Punch
Economy
CBN Reviews ATM Fees, Imposes N100-600 Charges for N20k Withdrawal

The Central Bank of Nigeria (CBN) has imposed a withdrawal charge of between N100 and N600 for every N20,000 worth of interbank ATM withdrawals.
The new policy eliminates the three free monthly withdrawals that customers enjoy on interbank ATM withdrawals.
According to a CBN circular, FPR/DIR/GEN/CIR/001/002 with title, ‘Review of Automated Teller Machine Transaction Fee,’ dated February 10, 2025, the new fees would take effect March 1, 2025.
The apex bank said: “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide)”.
The CBN said customers withdrawing at the ATM of their financial institution in Nigeria would not be charged.
“Withdrawal from another institution’s ATM in Nigeria (Not-On-Us): On-site ATMs (within bank premises): A fee of N100 per N20,000 withdrawal will apply,” the apex bank further directed.
For Off-site ATMs (outside bank premises), the apex bank said a charge of N100 plus a surcharge of not more than N500 for every N20,000 withdrawal would be applicable.
It said that international withdrawals would be based on the exact amount imposed by the international acquirer.
The CBN added: “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.
“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”
Economy
NNPCL Shuts Warri Refinery, Cites ‘Routine Maintenance’ As Reason

The Nigeria National Petroleum Company Limited (NNPCL), on Friday, disclosed that the recently re-streamed Warri refinery has been shut down for routine maintenance, and would be back soon.
The company, through a statement by its Chief Communications Officer, Mr. Olufemi Soneye, clarified that there was no explosion at the Warri Refining and Petrochemical Company (WRPC), describing any report suggesting otherwise as “completely false”.
Soneye said: “On January 25, 2025, operations at WRPC Area 1 were intentionally curtailed to carry out necessary intervention works on select equipment, including field instruments that were impacting sustainable and steady operations.
“These intervention works are essential to ensure the production of on-specification finished and intermediate products, particularly Automotive Gas Oil (AGO) and Kerosene (Kero).
“The routine maintenance is progressing as planned, and Area 1 will be back in operation within the next few days. Despite ongoing interventions, over the past 11 days, AGO loading has been maintained at an average of eight trucks per day, with a sufficient supply available to sustain ongoing truck load-out operations.
“NNPC Ltd remains committed to ensuring uninterrupted product supply and appreciates the patience and cooperation of all stakeholders as it completes these essential maintenance activities”.
The 125,000 barrels per day refinery was re-steamed just before the new year after over 10 years in comatose with NNPC saying it was operating at 60 percent capacity.
The Federal Executive Council, in August 2021, approved the contract for the rehabilitation of the Warri and Kaduna refineries at the sum of $1.48 billion.
Business
Budgit: Akwa Ibom Most Creditworthy State in Nigeria

Akwa Ibom State has been identified as Nigeria’s most creditworthy state. This is attributed to its strong fiscal position, allowing it to sustain its debt obligations and borrow further.
The verdict was delivered by Budgit, a Nigerian civic organisation that examines state and national budgets and applies technology for citizen engagement with a view at institutional improvement, in its State of the States Report 2024 Edition themed “Moving Healthcare Delivery from suboptimal to optimal”
According to Budgit, Akwa Ibom came tops in the States Performance on Index C, scoring 0.227. The report declared that states who score high are determined “by their debt-to-revenue ratio, and personnel cost to revenue ratio”.
“In contrast, states that rank lower on Index C need to check their appetite for the acquisition of more debt as they appear to be either above or very close to solvency for debt-to-revenue ratio, foreign debt to total debt, debt service-to-revenue ratio, and personnel cost to revenue ratio.
“The lower ranking states may need to rapidly adopt Public-Private Partnership (PPP) models in delivering public goods due to their relatively poorer credit worthiness.
“The state (Akwa Ibom) owing to its relatively low foreign debt to total debt ratio, ranked the most debt-sustainable state among the 36 states”
For Governor Umo Eno of Akwa Ibom State who has not borrowed any funds either domestic or foreign since assumption of office, this report further validates the government’s position on prudent management of state resources for the greater good of the people.
In the same report, Budgit indicated that regarding health expenditure, the state allocated funds for purchasing health and medical equipment, construction and provision of hospitals and health centres, purchasing drugs, renovating and building new primary healthcare centres and boosting health training.
It then stated “Overall, Akwa Ibom is working towards enhancing its healthcare system having spent about N1billion on primary healthcare and medical equipment. Still, there may be opportunities to increase investment in the sector to fully meet the population’s healthcare needs”
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