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Naira-for-crude oil deal will continue, says FG

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The Federal Government says the naira-for-crude oil deal will continue after the first phase ended on March 31.

The ministry of finance announced on Monday, after a meeting between the technical sub-committee on the crude and refined product sales in naira initiative, Wale Edun, minister of finance, and Zacch Adedeji, the chairman of the committee and the executive chairman of the Federal Inland Revenue Service (FIRS).

Also at the meeting are representatives of Dangote Petroleum Refinery and Dapo Segun, the chief financial officer of Nigerian National Petroleum Company (NNPC) Limited, the coordinator of NNPC refineries; management of NNPC Trading; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Senior officials from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representatives of the African Export-Import Bank (Afreximbank), and the secretary of the committee, Hauwa Ibrahim, were also at the meeting.

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“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC),” the ministry said.

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time.”

The ministry said the issues are being actively addressed through coordinated efforts among all parties.

“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the ministry said.

The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.

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On March 10, TheCable reported that the NNPC had halted the naira-for-crude deal until 2030, as the government-owned company has forward-sold all its crude oil.

Nine days later, the Dangote refinery said it had temporarily halted the sale of petroleum products in naira.

The refinery said the decision to halt sales in naira was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.

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Tinubu retains Shettima as running mate for 2027

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Vice-President Kashim Shettima on Friday met with President Bola Tinubu at the State House in Abuja shortly after he was retained as the All Progressives Congress (APC) vice-presidential candidate for the 2027 election.

Shettima reportedly visited the president to express appreciation for retaining him as his running mate for the 2027 presidential election.

Shettima’s retention ended weeks of speculation over whether the vice-president would remain on the APC ticket for the next general election.

The party’s decision to retain the Tinubu-Shettima ticket means it will head into the 2027 election with the same presidential team that secured victory in the 2023 poll.

Earlier on Friday, Sunday Dare, special adviser to the president on public communications and orientation, announced that Tinubu had submitted his presidential nomination form to the APC national working committee (NWC).

In a post on his X handle, Dare said Tinubu emerged as the party’s sole presidential candidate for the 2027 election.

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“President Bola Ahmed Tinubu has submitted his nomination form to the APC NWC as our sole presidential candidate for 2027.  He has retained Vice President Kashim Shettima as his running mate,” Dare wrote.

Tinubu and Shettima’s nomination forms were presented to Nentawe Yilwatda, APC national chairman, by Ibrahim Masari, the president’s special adviser on political and other matters, at the Continental Hotel in Abuja.

The ceremony was attended by Hope Uzodimma, governor of Imo and chairman of the Progressive Governors’ Forum, APC governors, members of the party’s national working committee (NWC), the APC caucus in the national assembly, members of the federal executive council (FEC), and other party leaders and stakeholders.

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Good morning! Nigerian Newspapers Headlines: How 44 abducted Oyo pupils, teachers were rescued – Army

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1. The Nigerian Army has revealed how troops, working with other security agencies, rescued pupils and teachers abducted by suspected Ansaru terrorists in Oriire Local Government Area of Oyo State after 56 days in captivity. The Army said the victims regained their freedom following an intelligence-led operation that lasted for more than a month and targeted the kidnappers’ network and hideouts in the Old Oyo National Park and other parts of the country.

According to a statement issued hours after the rescue on Friday by the Acting Deputy Director, 2 Division Army Public Relations, Lt. Col. Danjuma Danjuma, the operation involved troops of the Nigerian Army led by the General Officer Commanding 2 Division, Maj. Gen. Chinedu Nnebeife

2. Tokyo police have arrested a 53-year-old Nigerian, Nwadiukwu Ikenna, on suspicion of persistent touting in the Japanese capital’s Kabukicho nightlife district. According to the Tokyo Metropolitan Police Department on Friday, Ikenna allegedly approached a passer-by and grabbed the individual by the left hand on a street in the district during the early hours of Thursday, July 9, 2026

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3. Minister of Aviation and Aerospace Development, Mr Festus Keyamo, SAN, has demanded a public apology from the Nigerian Democratic Congress, NDC Presidential Candidate, Peter Obi, over claims that his vehicle was unfairly clamped at the Nnamdi Azikiwe International Airport, Abuja. The Minister while clarifying the incident insisted that CCTV footage belied Obi’s allegations of political persecution.

4. A Federal High Court in Abuja has again rescheduled its planned judgment in the suit by the Economic and Financial Crimes Commission, EFCC for the final forfeiture of about 57 properties allegedly acquired unlawfully by a former Attorney General of the Federation (AGF), Abubakar Malami (SAN), to July 15. Justice Joyce Abdulmalik had earlier fixed the judgment for July 6 after taking final arguments and submissions from lawyers for the parties in the case.

5. Governor Siminalayi Fubara of Rivers on Friday presented the 2026 appropriation bill of N1.85 trillion to the Rivers State House of Assembly. The bill, tagged ”Budget of Resilience for Growth and Development.” Fubara said that the proposed total operating revenue for 2026 was projected to increase by 24.49 per cent over the 2025 adjusted budget projections.

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6. Three Mexican nationals and seven other suspects have been remanded in prison by a Federal High Court in Lagos. The defendants, including a 63-year-old alleged drug baron, Anochili Innocent, were arraigned before Justice Musa Kakaki on Friday on an 11-count charge bordering on conspiracy, unlawful production and possession of methamphetamine valued at N480bn, operation of a drug trafficking organisation and unlawful possession of precursor chemicals.

7. Troops of Operation Hadin Kai, in the early hours of Friday, repelled an attempted infiltration by Islamic State of West Africa Province terrorists into three communities near Maiduguri, the Borno State capital. The acting Media Information Officer of the Joint Task Force North East, Operation Hadin Kai, Capt. Muhammad Goni, said in a statement that the affected communities were Muna Garage, Shuwari Village and the Ajilari Cross area.

8. The Federal High Court in Abuja on Thursday affirmed the powers of the Federal Competition and Consumer Protection Commission to investigate consumer complaints over airline ticket pricing, ruling that the commission’s authority to conduct investigations is distinct from its statutory power to regulate or fix prices.

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9. The Enugu Zonal Directorate of the Economic and Financial Crimes Commission has arraigned the Group Managing Director of Brass Engineering and Construction Nigeria Limited, Egwuche Gladys, for alleged abuse of office and embezzlement of public funds to the tune of $600,000 (N827 million). This was disclosed in a statement posted by the EFCC on its X page on Friday, adding that Gladys was arraigned alongside the firm on a 12-count charge before Justice F. O. Giwa-Ogunbanjo of the Federal High Court at Independence Layout, Enugu State

10. President Bola Tinubu has expressed joy over the successful rescue of the pupils and teachers abducted from Oriire community in Ogbomoso, Oyo State. Tinubu commended the military, the Department of State Services, DSS and the Nigeria Police for securing the victims’ release after 56 days in captivity. The commendation is in a statement issued by the Presidential Spokesperson, Mr Bayo Onanuga, on Friday in Abuja.

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Ogbomoso pupils, teachers rescue a big relief to Nigeria – Tinubu

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President Bola Tinubu on Friday evening said the rescue of the abducted pupils and teachers from schools in Oriire LGA of Oyo state has brought relief to the entire nation.

The president’s special adviser on information and strategy, Bayo Onanuga, said in a statement that Tinubu “expressed profound joy” over the successful rescue of the victims.

Onanuga said the president commended the military, the Department of State Services (DSS), and the police “for working round the clock in the last 56 days to secure the release of the abducted children and their teachers without any collateral damage and for arresting eight of the abductors and neutralising others.”

Onanuga said Tinubu also expressed regret over the suffering endured by the children, their teachers, their families, and the nation since the abduction.

The president praised the Oyo state government for working closely with the federal government throughout the rescue operation and urged the state to strengthen security around schools.

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“I am profoundly happy that our security forces successfully rescued the abducted pupils and teachers from Orire, Ogbomoso in Oyo State today after a military, police and intelligence-driven operation that neutralised some of the terrorists that perpetrated the evil act and the arrest of eight of them,” the statement reads.

“This successful military operation has ended the siege and standoff of over 50 days and has brought relief to the entire nation and the affected families in particular. 

“On behalf of the country, I express my gratitude to the officers and men of our armed forces, the intelligence agencies and the police for the safe rescue of the children and their teachers.

“My government will get justice for these children and their teachers and for the family of Mr Oyedokun, who the terrorists gruesomely murdered.

“I must commend the government of Oyo State for working cooperatively with us in bringing this unfortunate incident to a successful end.”

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The president also directed emergency agencies to work with the Oyo state government to provide the rescued children and teachers with all necessary medical care and relief support.

According to reports, the pupils and their teachers were rescued during a joint operation involving personnel of the Nigerian Army and the police, backed by intelligence from the DSS.

A security source said at least nine of the bandits were killed during the operation, while eight were arrested and are in the custody of the DSS.

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