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African Economy
The federal government is set to activate a policy that will shake up the petroleum sector
President Bola Ahmed Tinubu
The Federal Government of Nigeria is set to roll out a new policy aimed at transforming the nation’s petroleum sector, in what experts are calling a potential game-changer for the industry. According to sources within the Ministry of Petroleum Resources, the policy—expected to be announced in the coming weeks—will address long-standing challenges in fuel subsidy management, pricing regulations, and private sector participation.

This move comes amid growing pressure on the Tinubu-led administration to stabilize the oil and gas industry, which remains Nigeria’s economic backbone. The sector has faced persistent issues such as fuel scarcity, lack of investment, poor infrastructure, and inconsistent pricing regimes. The new policy, officials say, is designed to correct systemic inefficiencies, boost transparency, and attract much-needed investment.

Nigerian billionaires to lose oil wells as FG activates revocation policy

Although full details of the policy have not been officially released, insiders hint that it may involve the implementation of full deregulation of the downstream sector, including the complete removal of fuel subsidies. The Nigerian government has long struggled with the cost of fuel subsidies, which experts estimate consume trillions of naira annually—money that could otherwise be used for development projects.

“We are moving towards a system that allows market forces to drive pricing, while still ensuring consumer protection and strategic regulation,” a senior official revealed. “The goal is to stabilize the market, end hoarding, and encourage the establishment of modular refineries and private participation.”

Industry stakeholders are watching closely, with both hope and skepticism. Some fear that removing subsidies without a strong social welfare framework could worsen the cost of living for ordinary Nigerians. However, others argue that a restructured and liberalized sector will encourage competition, improve supply chains, and eventually drive down prices.

Oil marketers and depot owners have welcomed the planned reforms, noting that a deregulated sector would help them plan better and ensure consistent availability of petroleum products across the country. The Nigerian National Petroleum Company Limited (NNPCL) is also expected to play a new strategic role under the policy.

Analysts say the success of this bold step will depend on the government’s ability to communicate clearly, manage public expectations, and ensure that the policy is implemented fairly and transparently.

As anticipation builds, many agree that the coming shake-up may finally set the Nigerian petroleum industry on a path to long-term sustainability and growth.
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Iran detains 19 individuals for purported connections to Israel and their online activities
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Torty news
China s Ambassador to the United Nations has accused Israel of crossing yet another red line with its strikes on Iran
China has issued a robust condemnation of Israel's recent military actions against Iran, cautioning that these actions signify a significant violation of Iran's sovereignty and a concerning escalation of regional instability.In a statement aired by China's state-run CCTV, Beijing's UN envoy Fu Cong expressed profound concern regarding Israel's alleged targeting of critical Iranian infrastructure, including nuclear facilities."Israel has once again crossed a red line," Fu asserted, accusing Tel Aviv of infringing upon Iran's sovereignty, jeopardizing its security, and neglecting its territorial integrity. He described the strikes as a "clear violation of international law" and cautioned that they could further undermine peace initiatives in the region.Fu underscored the reported assaults on nuclear sites as particularly perilous, indicating that such actions pose threats not only to Iran but also to global stability. "The targeting of nuclear facilities is profoundly alarming. This is yet another red line that must not be overlooked," he stressed.While China has consistently called for all parties to exercise restraint amid the ongoing tensions between Iran and Israel, Fu's statements represent one of the most vigorous denunciations from Beijing regarding Israeli military actions in recent history, highlighting China's increasing discomfort with the rising hostilities."China firmly opposes the escalation of this conflict and urges all parties to act responsibly," Fu added. "The world cannot bear the repercussions of ongoing aggression and retaliation."His remarks arise amidst growing international apprehension that the persistent cycle of attacks between Israel and Iran could escalate into a wider regional conflict, potentially involving major global powers and further destabilizing the Middle East.China, which maintains diplomatic relations with both countries, has positioned itself as a neutral entity advocating for de-escalation. In recent years, Beijing has enhanced its diplomatic involvement in the Middle East, including mediation efforts between conflicting states.
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African Economy
Two banks have met N500bn recapitalisation target
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love and romance
My marriage With Mrs Modupe Owa
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