FG Announces 30-Day Petrol Discount at NNPC Stations

The Federal Government has announced a 30-day discount on petrol dispensed by the Nigerian National Petroleum Company Limited (NNPC) as part of measures to ease pressure from rising fuel and transportation costs.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the measure on Thursday during a press briefing on fuel prices and subsidy-related issues in Abuja.

Oyedele said the discount would initially run for 30 days, with public transport operators across the country receiving priority under the arrangement.

He stressed that the measure should not be interpreted as a return to the petrol subsidy regime.

According to the minister, the government would instead make petrol available through NNPC at cost during the period.

“We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance with priority for public transporters nationwide. So, it’s not a subsidy, government is just saying we sell to you at cost,” Oyedele said.

The announcement comes amid continued pressure from rising petrol prices and transportation costs, which have affected households, workers and businesses across the country.

Public transporters to receive priority

The Federal Government said public transport operators would be prioritised under the 30-day arrangement.

The move is expected to provide some relief to transport operators whose businesses are directly affected by changes in petrol prices and, in turn, to commuters who depend on public transportation.

The government has not yet provided all the operational details of how the priority arrangement will work or the exact discount that individual motorists and transport operators will receive.

The announcement is separate from the NNPC Retail ₦66-per-litre Independence Day promotion, which ran from October 1 to October 7 through the NNPC Fuel App.

FG insists measure is not a subsidy

Oyedele’s clarification comes against the background of renewed debate over petrol pricing and calls for the government to intervene as fuel costs continue to affect the wider economy.

The minister maintained that the latest arrangement does not restore a blanket petrol subsidy.

Instead, the government intends to use NNPC’s retail network to provide petrol at cost for the initial 30-day period.

The Federal Government is also considering other measures aimed at reducing volatility in petrol prices and limiting the effect of global crude oil prices and exchange-rate movements on domestic fuel costs.

One of the measures announced by the minister is a proposed ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol. The government says the proposal is intended to smooth price movements rather than permanently fix petrol prices.

The proposed ceiling would be reviewed periodically, with the government saying the objective is to prevent sharp swings in petrol prices caused by movements in international crude prices and foreign exchange.

Broader measures planned

The 30-day NNPC discount forms part of a wider package of measures being considered by the Federal Government to reduce pressure from fuel and transportation costs.

The government is also working on arrangements for forward crude sales to domestic refineries, which would provide refiners with greater certainty over crude supply and potentially reduce exposure to fluctuations in international crude prices.

The government has further highlighted the expansion of Compressed Natural Gas as an alternative energy source for transportation.

Oyedele said the government was seeking a combination of immediate interventions and longer-term measures to reduce the impact of energy-price volatility on Nigerians.

The Federal Government’s latest petrol intervention is therefore being presented as a temporary cost-relief measure, rather than a reversal of the fuel subsidy reforms introduced in 2023.

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The Federal Government has commenced the payment of ₦18 billion in outstanding severance benefits to 2,700 former workers of the defunct Nigeria Airways, more than two decades after the national carrier was liquidated.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Friday during a press briefing at the Federal Ministry of Finance in Abuja.

Oyedele said 2,100 former workers in batches one to seven had already received their payments, while another 600 beneficiaries in batches eight and nine had been cleared for payment.

“Altogether, this represents N18bn in benefits for 2,700 former workers,” the minister said.

Some Beneficiaries Died While Waiting

Oyedele said the prolonged delay had affected many former Nigeria Airways workers, with some growing old while waiting for their entitlements and others dying before receiving them.

“For more than two decades, following the liquidation of Nigeria Airways, many former employees have waited for their outstanding severance benefits,” he said.

“Some have grown old waiting. Some have sadly passed away, leaving their families to pursue what was legitimately due to them.”

The minister said the payment followed a directive from President Bola Tinubu to resolve the long-standing obligation.

He acknowledged that the settlement could not fully compensate beneficiaries for more than 20 years of waiting but said the government had chosen to address the inherited liability rather than allow it to remain unresolved.

Government Conducts Verification

According to Oyedele, the payment process followed extensive verification, including biometric capture and validation of beneficiaries’ personal and banking information.

He said the measures were introduced to prevent fraudulent claims and ensure that payments reached legitimate beneficiaries.

The government will also conduct further verification in cases involving outdated information, incorrect bank details and beneficiaries who have died.

For deceased beneficiaries, Oyedele said payments would be made to their documented next of kin or estates after the necessary legal processes are completed.

No Inflation Adjustment

Responding to questions about whether the benefits had been adjusted to reflect inflation over the more than two-decade period, Oyedele said the government was paying the amounts documented and verified.

He acknowledged that inflation had significantly reduced the value of the money over the years but said there was no provision for inflation adjustments under the settlement.

The minister also said the payments were being made in batches so that verified beneficiaries would not have to wait for all outstanding claims to be completed.

The benefits, he added, covered different categories of former Nigeria Airways employees, without distinction between junior and senior workers.

FG Pays Over 12,000 Indigenous Contractors

Oyedele further disclosed that the Federal Government had paid outstanding obligations to more than 12,000 indigenous contractors as part of efforts to clear accumulated debts.

He said the government initially prioritised smaller contractors owed ₦50 million or less before extending payments to verified claims of up to ₦100 million.

Larger claims running into billions of naira, he explained, could be addressed separately through negotiations and instruments such as promissory notes.

The minister said the approach was designed to support small businesses that depend on government payments to meet salaries and other immediate financial obligations.

He also warned contractors against paying commissions or inducements to government officials to facilitate payment of verified claims, describing such demands as illegal.

FG Moves to Prevent New Accumulated Debts

Oyedele said the government was working to prevent another accumulation of unpaid obligations by making budgets more realistic and ensuring that capital expenditure commitments were backed by identifiable sources of funding.

“We will do our best to ensure that the accumulated obligations of the past do not repeat themselves,” he said.

The minister apologised to former Nigeria Airways workers for the prolonged delay, stressing that the payments represented their legitimate entitlements and were not favours from the government.

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The Federal Government has explained how it shared N15.8 trillion in savings from fuel subsidy removal over the past three years.

Finance Minister Taiwo Oyedele gave the figures at a press conference on Wednesday. He explained how the subsidy reform affected government finances and the Federation Account.

According to Oyedele, the government saved N15.8 trillion after removing the fuel subsidy. The Federal Government, states and local governments shared the funds.

The Federal Government received N5.43 trillion from the savings. State governments received N6.52 trillion, while local governments received N3.88 trillion.

Oyedele said the savings did not create one large cash reserve for the Federal Government. Instead, the reform reduced the cost of maintaining the fuel subsidy.

Government Records Additional Revenue

The finance minister also disclosed other financial gains from the reforms.

The government generated N3.12 trillion in additional revenue during the period. It also recorded N11.85 trillion in additional borrowing.

Together, these sources gave the Federal Government about N20.4 trillion in additional resources.

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However, government spending also increased during the same period. Oyedele said the Federal Government spent about N30.64 trillion on additional expenditures.

The figures show that subsidy removal did not leave the government with a large surplus. Instead, the reform helped reduce the pressure on government finances.

Oyedele said the government would have needed more borrowing without the savings from subsidy removal.

Where the Government Spent the Money

The government directed the additional spending towards several areas.

Wage adjustments accounted for N9.39 trillion. The government also spent N9.37 trillion on external debt servicing.

Infrastructure received N6.47 trillion during the period. The government also spent N3.14 trillion on electricity subsidies.

These figures show the scale of the demands on Nigeria’s public finances. The government must fund wages, debt payments, infrastructure and other public services at the same time.

Impact on Housing and Infrastructure

The figures also matter to Nigeria’s housing and construction sectors.

Government revenue plays an important role in infrastructure development. Roads, electricity, water supply and other public services support housing projects and urban growth.

Higher public spending on infrastructure can improve access to new housing areas. It can also support the growth of real estate markets when better roads and public services connect new developments to major cities.

However, rising costs remain a major concern for the construction industry. Higher energy, transport and material costs can increase the cost of building homes.

Developers also face higher financing costs when interest rates and other economic pressures rise. These factors can make affordable housing more difficult for many Nigerians to access.

Tinubu’s Economic Reforms

President Bola Ahmed Tinubu announced the removal of the petrol subsidy in May 2023. His administration also liberalised the foreign exchange market in June 2023.

Both reforms changed the cost of fuel and the value of the naira. Petrol prices rose sharply after the subsidy ended, while the naira experienced major fluctuations.

The reforms have since affected households, businesses and government finances.

The latest figures provide more detail on the financial impact of the subsidy decision. They also show how the government has used additional resources while managing rising spending needs.

For Nigeria’s housing and infrastructure sectors, the allocation of public funds remains important. Government investment can support infrastructure that makes housing development possible.

At the same time, the government must balance infrastructure needs with debt payments, wages and other financial obligations.

The N15.8 trillion breakdown therefore offers a clearer picture of the fiscal impact of fuel subsidy removal. It also highlights the financial pressures facing the government as it funds infrastructure and other public needs.

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The Federal Government has dismissed claims that it spent more than ₦8 trillion outside the approved 2026 budget, describing the allegations as inaccurate and based on a misinterpretation of the International Monetary Fund’s (IMF) 2026 Article IV Consultation Report. Officials insisted that all government expenditures were made within Nigeria’s constitutional and legal framework.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the Federal Government does not operate a “shadow budget” and has not spent public funds outside legislative approval. He explained that all federal expenditures are backed by Appropriation Acts, Supplementary Appropriation Acts, or other statutory authorisations approved by the National Assembly.

According to the minister, some of the figures referenced in public discussions relate to statutory transfers, multi-year capital projects, debt servicing obligations, and other legally authorised expenditures that may be presented differently under international fiscal reporting standards. He stressed that these accounting classifications should not be interpreted as evidence of unlawful or undisclosed spending.

Oyedele further clarified that the IMF’s observations were focused on improving the comprehensiveness and presentation of Nigeria’s fiscal reporting rather than alleging illegal spending or financial misconduct. He added that the government is implementing reforms to harmonise budget reporting and strengthen transparency in public financial management.

The Federal Government reaffirmed its commitment to prudent fiscal management, accountability, and compliance with constitutional provisions governing public finance. Officials also urged the public to rely on verified information when assessing fiscal reports and budget implementation

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Nigeria needs more taxpayers, not higher taxes, according to Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, who said expanding the country’s tax base is essential to generating sustainable revenue and supporting long-term development.

Oyedele stated that Nigeria’s tax challenge is not necessarily low tax rates but the relatively small number of individuals and businesses that comply with tax obligations. He stressed the importance of ensuring that those who should pay taxes are brought into the tax net while promoting fairness and efficiency in tax administration.

According to him, the country cannot continue to depend heavily on borrowing to finance critical sectors such as infrastructure, education, healthcare, security, and social protection. He noted that building a sustainable fiscal system requires a broader tax base capable of generating stable and predictable revenue.

Oyedele explained that effective tax reforms should encourage economic growth, reduce inequality, protect vulnerable groups, and improve productivity. He added that a well-functioning tax system could significantly accelerate national development and improve public service delivery.

The comments come amid the implementation of ongoing tax reforms designed to simplify Nigeria’s tax framework, improve compliance, and make the system more competitive and equitable. Recent reforms also introduced relief measures and exemptions for low-income earners and small businesses while seeking to reduce the country’s reliance on debt-financed development.

Economic experts say broadening the tax net through increased compliance and formalisation of economic activities could improve government revenue without placing additional burdens on existing taxpayers.

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The Federal Government has launched the official website, toll-free call centre and digital case management portal for the Office of the Tax Ombud in a move aimed at strengthening transparency, fairness and trust within Nigeria’s tax administration system.

Speaking during the unveiling ceremony in Abuja on Monday, Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele said the initiative forms part of broader fiscal reforms designed to simplify tax administration and improve taxpayer confidence.

According to him, a modern tax system should not focus solely on revenue generation but also ensure fairness, accountability and accessible dispute resolution processes.

He noted that disagreements are inevitable within any tax system but stressed that citizens must have confidence that complaints and disputes will be handled fairly and efficiently.

“The modern tax system must be built not only on efficient revenue collection, but also on fairness, accountability, transparency and trust,” he said.

Oyedele explained that the establishment of the Office of the Tax Ombud aligns with ongoing reforms intended to reduce arbitrary tax practices, protect taxpayer rights and encourage voluntary compliance.

He described the newly introduced digital platforms as the beginning of a new era in Nigeria’s tax administration where taxpayers are treated as partners in national development.

“With these few words, but with great excitement for the journey ahead, I hereby unveil the official website of the Office of the Tax Ombud, alongside the toll-free centre and case management portal,” he stated.

Speaking at the event, Chief Executive Officer of the Office of the Tax Ombud, John Nwabueze, said the institution was established under the Joint Revenue Board of Nigeria Establishment Act 2025 to provide an independent and impartial channel for resolving taxpayer complaints.

According to him, the office will serve as a bridge between taxpayers and revenue authorities through conciliation, stakeholder engagement and alternative dispute resolution mechanisms aimed at reducing lengthy legal battles.

Nwabueze added that the digital platforms would allow taxpayers to file complaints online, monitor case progress in real time, obtain tax guidance and interact directly with trained support personnel through the newly launched call centre.

“Today is more than a technology launch. It is a renewed public service architecture designed around accessibility, responsiveness and public confidence,” he said.

He also praised the administration of Bola Tinubu for pushing institutional reforms and commended Oyedele for driving the initiative.

Also speaking at the event, Mohammed Idris stressed the need for increased public awareness regarding the Office of the Tax Ombud and the government’s broader economic reform agenda.

He argued that many Nigerians still do not fully understand the objectives of ongoing reforms under the current administration.

“At a time President Bola Tinubu has embarked on enormous reforms to reposition the country, it is important for citizens to understand what these reforms mean and the direction we are heading,” he said.

Idris further stated that recent economic indicators suggest early signs of improvement, citing revenue growth, inflation trends and rising investor interest.

He pledged continued support through public enlightenment campaigns aimed at improving understanding of government reforms and the work of the Tax Ombud.

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The Federal Government has ruled out any return to fuel subsidies or the introduction of price controls, reinforcing its commitment to market-driven economic policies.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Tuesday in Paris, stating that subsidy regimes distort the economy and will not be reinstated.

“We will not bring back subsidies because they create distortions in the economy, and we will not introduce price controls because we believe in markets while ensuring that regulation is responsible so that no supplier, trader, or manufacturer takes advantage of the Nigerian people,” he said.

Focus on Regulation, Not Price Control

Oyedele explained that while the government supports market-based pricing, regulatory oversight will remain in place to prevent exploitation across the supply chain.

He added that global developments, including tensions involving Iran, present both risks and opportunities for Nigeria, particularly in attracting energy investments and boosting revenue under current pricing conditions.

Inflation and Economic Context

Nigeria has experienced sustained inflationary pressure since the removal of petrol subsidy in May 2023. Data from the National Bureau of Statistics shows that headline inflation rose from 22.41 per cent in May 2023 to 34.19 per cent by June 2024, driven largely by increases in fuel, food, and transportation costs.

Tinubu Links Policy to FX Stability

Earlier, President Bola Ahmed Tinubu told investors that the removal of fuel subsidy has contributed to stabilising Nigeria’s foreign exchange market.

“Subsidy that was a burden to the entire country was removed, and ever since we have achieved FX stability,” he said in a statement released by his aide.

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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has initiated engagement with local contractors to resolve outstanding federal government obligations, signalling a renewed push to restore confidence in public sector financing.

At a high-level meeting held in Abuja, the minister assured contractors that verified debts would be settled through a fair, transparent, and structured process aligned with ongoing economic reforms.

Focus on Transparency and Accountability

According to a statement from the ministry’s spokesperson, Efe Ovuakporie, the meeting brought together representatives of the All-Indigenous Contractors Association of Nigeria to address long-standing payment delays tied to capital projects.

Oyedele emphasised that resolving these obligations is critical not only for contractors but also for broader economic stability.

“Resolving these obligations is important not just for contractors, but for confidence in government, job creation, business continuity, and overall economic stability,” he said.

Addressing Longstanding Payment Delays

The engagement focused on reconciling outstanding claims, improving accountability, and developing a credible framework for payment.

The minister acknowledged contractors’ concerns over delayed payments, contract variations, and the impact of fiscal reforms on project execution. He noted that the government is working with relevant institutions to verify claims and implement a sustainable payment structure.

Balancing Fiscal Discipline and Obligations

Oyedele stressed that while the government remains committed to economic reforms, it will also ensure that legitimate obligations are honoured responsibly.

“The government recognises the critical role local contractors play in infrastructure development and economic growth. We are determined to resolve all outstanding issues through structured engagement within the framework of fiscal responsibility,” he added.

Contractors Express Optimism

Representatives of the contractors welcomed the initiative, describing it as a step toward resolving a prolonged impasse with the government. They expressed optimism that the dialogue would translate into practical solutions and pledged continued cooperation to ensure timely delivery of infrastructure projects.

Key Officials Present

The meeting was attended by senior government officials, including the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi; Permanent Secretary (Special Duties), Mohammed Sanusi Danjuma; and the Accountant-General of the Federation, Shamseldeen Ogunjimi, alongside directors from relevant departments.

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Taiwo Oyedele has officially assumed office as Nigeria’s Minister of Finance and Coordinating Minister of the Economy, following a formal handover by his predecessor, Wale Edun.

The transition, which took place on Thursday evening, was confirmed in a statement issued by the Ministry’s Head of Information and Public Relations, Efe Ovuakporie. The handover was completed within the timeline set by President Bola Ahmed Tinubu.

In his inaugural address, Oyedele pledged to build on existing economic reforms while focusing on delivering measurable outcomes across critical sectors of the economy. He emphasised the importance of fiscal discipline, transparency, and improved service delivery as key priorities of his administration.

The new minister also expressed readiness to collaborate closely with the ministry’s management and staff to strengthen policy implementation and drive economic stability.

Oyedele commended Edun for his role in advancing Nigeria’s reform agenda, acknowledging his contributions to fiscal restructuring and macroeconomic coordination. He also thanked President Tinubu for the confidence reposed in him.

Senior officials in the ministry, including Permanent Secretary Raymond Omachi and Permanent Secretary (Special Duties) Mohammed Danjuma, assured the minister of full institutional support in executing government policies.

During Edun’s tenure, the ministry implemented several fiscal reforms aimed at boosting revenue generation, improving inter-agency coordination, and supporting broader economic transformation. However, the period was also marked by challenges, including funding constraints affecting ministries, departments, and agencies, as well as unresolved financial obligations to pensioners and contractors.

The leadership transition comes at a critical time as the federal government seeks to stabilise the economy amid inflationary pressures, debt servicing concerns, and ongoing structural reforms.

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Nigeria’s tax reform programme is beginning to yield early results, with more than 100 million Nigerians now captured in the tax system, signalling a major shift in compliance and revenue mobilisation.

The disclosure was made by the Minister of State for Finance, Taiwo Oyedele, who said the reforms are already transforming how individuals and businesses engage with the country’s tax framework.

According to him, the number of registered taxpayers has surged from fewer than 10 million before the reforms to over 100 million, reflecting what he described as growing confidence in the new system.

The impact is also being felt within the business space, as thousands of informal enterprises are now seeking formal registration daily with the Corporate Affairs Commission, a trend seen as a significant step toward broadening the tax base.

Oyedele explained that the reforms were designed to reduce the burden on low-income earners and small businesses while encouraging voluntary compliance. Measures introduced include tax exemptions for small companies, higher income thresholds for individuals, and the removal of taxes on essential needs such as food, healthcare, education, transportation, and rent.

He noted that these policy adjustments are helping to reposition the tax system as more inclusive and growth-oriented, particularly for micro, small, and medium enterprises that previously operated outside the formal economy.

The minister also highlighted the introduction of a Tax Ombud system aimed at protecting taxpayers and ensuring fairness, adding that this has contributed to improved trust in the system.

Despite the early gains, Oyedele acknowledged that the reform process is still evolving and may require adjustments over time to address emerging gaps.

He stressed that continuous stakeholder engagement would be critical in refining the laws through periodic updates, particularly via finance legislation.

Addressing recent reports suggesting he admitted errors in the reforms, Oyedele dismissed the claims as misleading, stating that his comments had been taken out of context.

He clarified that while no reform is perfect, ongoing improvements should not be misconstrued as evidence of failure, noting that the legislative process has already been concluded and the laws formally gazetted.

Oyedele urged Nigerians to rely on verified information from official sources to avoid confusion, warning that misinterpretation of policy statements could undermine public understanding of the reforms.

Analysts say the rapid expansion of the tax net and increased business formalisation could significantly boost government revenue in the long term, while also reducing reliance on oil earnings.

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