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Global Crude Price Drop, Naira-for-crude to Lower Fuel Cost – PETROAN

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says the recent drop in global crude oil prices has sparked hopes of a
corresponding reduction in petrol prices in Nigeria

Dr Billy Gillis-Harry, National President, PETROAN, while reacting to recent development in the oil and gas sector lauded the Federal Government’s decision to continue the Naira-for-Crude policy.

The Global Crude Oil is trading between 61 and 63 dollars currently.

Brent crude futures were down three cents, or 0.05 per cent, at 63.30 dollars a barrel by 0827 GMT while U.

S. West Texas Intermediate crude futures were up two cents, or 0.03 per cent, at 60.09 dollars.

Brent and WTI are poised to register weekly declines of 3.5 per cent and three per cent respectively, having both lost about 11 per cent last week.

Brent dipped below 60 dollars a barrel at one point this week for its lowest since February 2021.

However, Gillis-Harry said the core reason for the global crude oil price drop was the weakening global demand due to economic slowdowns in major economies.

This, he said coupled with increased production from non-OPEC countries, leading to a supply glut in the market.

“This expectation is based on the understanding that local refineries will be able to produce petroleum products at a lower cost, which will then be reflected in the prices charged to
consumers.

“Additionally, President Donald Trump’s recent policy of imposing reciprocal tariffs has also contributed to the decline in crude oil prices, as it has dampened global economic growth and led to a recession, further depressing oil prices.

“As the global crude oil price continues to fluctuate, PETROAN is optimistic that the Naira-for-crude policy will help to insulate the Nigerian economy from the volatility of the global market,” he said.

The Federal Government, through its Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative, announced on Wednesday that the initiative would continue indefinitely.

The move aims to sustain local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

Gillis-Harry said with the Naira-for-Crude policy in place, the benefits of lower global crude prices would be passed on to consumers, leading to more affordable fuel prices.

“By reducing the country’s dependence on foreign exchange and promoting local refining, the policy is expected to lead to greater stability in the downstream sector and more affordable fuel prices for consumers.

“With the Federal Executive Council’s directive to fully implement the policy, PETROAN is hopeful that the benefits of lower global crude prices will soon be felt by Nigerian consumers.

“The policy’s objectives include: Boosting Local Refining Capacity: Enhancing domestic refining and investment in infrastructure: Improving Energy Security: Strengthening Nigeria’s energy independence and reducing reliance on foreign exchange.

“It includes Stabilising Foreign Exchange Market: Decreasing dollar demand in domestic petroleum transactions,” he said.

He thanked all the Ministry of Petroleum Resources, agencies and stakeholders for championing roundtable talks aimed at ensuring petroleum products affordability and price
stability in Nigeria. (NAN)

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Former Delta Governor Uduaghan Dies at 70

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From Francis Sadhere, Delta

Former Governor of Delta State, Dr. Emmanuel Eweta Uduaghan, has died.

Uduaghan, who governed the state from 2007 to 2015, reportedly passed away in the morning of Monday, October 19, 2026.

His death was announced in a statement signed by Toju Anire Uduaghan on behalf of the family, which described his passing as a devastating loss to the family, Delta State and Nigeria.

The family said the former governor was a beloved father, brother, uncle and patriarch whose life and service touched many people across the state and the country.

“His passing has left us devastated. Words can hardly express the depth of our sorrow at the loss of a man who meant so much to our family and whose life and service touched countless others across Delta State and Nigeria,” the statement said.

Uduaghan held several key positions in the Delta State Government before becoming governor. He served as Commissioner for Health from 1999 to 2003 and Secretary to the State Government from 2003 to 2007.

He subsequently emerged as governor in 2007 and remained in office until 2015, during which the family said he demonstrated commitment to the human and infrastructural development of the state.

The family described his death as a profound loss, noting that he was a source of strength, a father figure and a respected elder whose memories and legacy would remain cherished.

“We are grateful to Almighty God for his life, his service, and the legacy he leaves behind,” the statement added.

The family prayed for the repose of his soul and divine comfort for relatives, friends, associates, former colleagues and others mourning his death.

“Your memory will forever remain in our hearts, and your legacy will endure in the lives of those you touched,” the family said in its farewell message.

Uduaghan’s death marks the loss of a former leader who occupied prominent positions in Delta State’s political and administrative history.

The family concluded its announcement with a prayer for his peaceful repose, saying, “May your gentle soul rest in perfect peace. Amen.”

The statement was signed by Toju Anire Uduaghan on behalf of the family.

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Customs Opens Review for Disqualified Recruits, Flags 397 Applicants

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By Tambaya Julius, Abuja

The Nigeria Customs Service (NCS) has opened a review process for applicants disqualified during its recent recruitment screening, following complaints from candidates who made the shortlist but were denied entry into the training college.

The Comptroller-General of Customs, Bashir Adewale Adeniyi, ordered a case-by-case review after meeting with some of the affected applicants, according to a statement by the Service.

The NCS disclosed that 397 applicants were flagged during the screening over issues relating to substance abuse, physical fitness, medical records, age and submitted documents.

It clarified that the substance-abuse category excluded cigarette and alcohol use. Some other applicants were disqualified over irregularities discovered in their selection process.

The Service explained that making the final shortlist did not guarantee enlistment, as candidates were required to pass several stages of screening, including document verification, physical fitness and endurance tests, medical examinations, age checks and drug screening.

Affected applicants have been asked to submit their details and complaints to helpdesk@customs.gov.ng for assessment. Those seeking a review will undergo fresh screening, the Service said.

It added that the review would not automatically qualify any applicant for admission into the training college, stressing that all candidates must meet the prescribed recruitment requirements.

The NCS also warned that applicants found to have engaged in criminal conduct, including certificate fraud, could be referred to the appropriate authorities for investigation and prosecution.

The Service urged aggrieved candidates to use the designated email address to submit their complaints, saying the review was intended to address genuine concerns while preserving the credibility of the recruitment exercise.

It maintained that recruitment standards would not be compromised, given the Customs Service’s responsibilities for border protection, revenue collection, national security and public safety.

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World Bank Tasks FG, States on Sustainable Cash Transfers

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By Tambaya Julius, Abuja

The World Bank has urged the Federal Government and state governments to establish a sustainable social protection system, warning that Nigeria’s N658.9bn cash transfer programme needs wider coverage, adequate payments and regular disbursements to provide meaningful relief to vulnerable households.

As of September 2026, the Federal Government had disbursed N658.

9bn to 10.46 million poor and vulnerable households through direct cash transfers, using biometric and digital verification to identify beneficiaries and deliver payments.

The bank, however, said the programme must move beyond emergency interventions to a reliable system backed by regular government funding.

The recommendation was contained in its latest Nigeria Development Update, titled ‘Beyond the Federal Purse: How Higher Revenues Shaped State Priorities’.

According to the report, the effectiveness of cash transfers depends on the number of households reached, the value of payments and how consistently beneficiaries receive them.

The bank called for dedicated budget allocations at both federal and state levels, with increased funding from domestic resources to ensure continuity and reduce dependence on temporary interventions.

It also stressed the need for stronger coordination between the two tiers of government to improve the delivery and monitoring of social assistance programmes.

The report said a predictable, adequately funded social protection system would help vulnerable Nigerians cope with economic pressures and improve household welfare.

Mean while, President Bola Tinubu has received the United Nations’ proposed 2027 budget, valued at about $14 billion, from Nigeria’s Permanent Representative to the global body, Jimoh Ibrahim, who described the presentation as a historic milestone for the country, which is chairing the UN General Assembly’s Fifth Committee on Administrative and Budgetary Matters for the first time in 66 years.

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