Business News
Lokpobiri Pledges Completion of N68.5bn NUPRC `BARREL’ building
The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, said he will ensure the completion of ongoing construction of the N68.5 billion Nigerian Upstream Petroleum Regulatory Commission (NUPRC) `BARREL’ building without hitches.
The Minister made this known on Thursday, while meeting with the management and staff of the NUPRC at its temporary headquarters in Abuja.
The News Agency of Nigeria (NAN) reports that the meeting preceded Lokpobiri’s visit to the proposed NUPRC’s Headquarters complex site, called “THE BARREL”, located in the Central Business District, Abuja.
Lokpobiri said he would intervene to resolve challenges hampering the building construction, adding that he had already discussed with the Central Bank of Nigeria (CBN) on how to address its forex challenges, hence there should be a follow up.
“The commission is so important that you need to work in the best condition. To be able to optimise productivity; you need to be in the best environment.
“I am very sad that you are still in the temporary site. The survival of the oil industry depends on what you do; That is why I am interested in ensuring that we complete the building.
“The challenges you have will be mine. Yesterday, I was with the CBN Acting Governor, you need to follow up so that your income that you earn in dollars will be in the domiciliary account for you to expend, instead of converting to Naira,’’ he said.
He expressed satisfaction with the success being recorded by the commission by surpassing its financial projection, the steady progress and completion level recorded at the construction of its permanent site.
“I have been briefed by the contractor handling the project and they raised few concerns. We are going to work towards addressing those concerns,’’ he added.
Mr Gbenga Komolafe, Commission Chief Executive (CCE) who received the Minister, said its regulatory focus was to increase the oil and gas reserve in the nation which stood at 37 billion barrel of oil and 208 TCF of gas.
“We are focused on increasing that through our regulatory approach and of course stepping up the transparency of hydrocarbon account which is very dear to our hearts. So we are pursuing that through strategies and regulations we are putting in place.
“There is a provision in the Petroleum Industry Act (PIA) that ensures the bye-in of the host community for inclusiveness in a manner that will encourage peaceful operation of the oil companies
“This is because without peace in the host community we cannot attain the set production target and revenue target for the nation. The commission is doing everything possible to step up effective implementation of that provision of PIA,’’ he said.
Komolafe said in view of this, it had ensured setting up of 82 host community development trust to serve as platform for implementation of that provision in the PIA to ensure peace.
He said it had made concerted effort to ensure reduction in the unit cost per barrel of oil targeted at ensuring that Nigerian upstream industry remained attractive to investors.
“We are equally in alignment with the global footprint in energy transition, ensuring decarbonisation in alignment with the nation’s net zero carbon emission commitment,’’ he added.
According to him, the commission, with a dedicated workforce of 933 staff nationwide, is being operated from five regional offices and four field offices.
In terms of revenue generation, he stated that as at July, it has already surpassed 50 per cent of its revenue generation, adding that since the last three years, it had remained so due to the hard work of the entire workforce.
Speaking on the ‘BARREL’ project, the CCE said the project (11th floor completion level) which was executed in 2021 and to be completed on Aug. 29, 2024, had its mode of payment through 65 per cent forex and 35 per cent local component.
Dr Taofik Popoola, Manager, Principal Artec Limited and the building’s design consultant, while speaking on the work status, said its installation and mobilisation recorded 100 per
cent, planning and design, 95 per cent, construction 96 per cent and procurement 48 per cent.
He listed challenges facing the construction to include inflation, COVID 19 pandemic effect, increase in prices of material, Naira devaluation (per dollar/N978 currently) and the Russian-Ukraine crisis.
“Naira to dollar was N385 at the time the contract was signed, it increased to N750 and now at N978.
“All these are unfortunately having negative effects on the procurement process, cost of project and time scheduling.’’ he said.
Mr Luis Sousa, Project manager, Julius Berger Nigeria Plc, further explained that due to COVID-19 and the Russia-Ukraine Crises, supply chain of some materials was affected especially in the area of steel supply because Ukraine is the major producer of steel components. (NAN)
Business News
Budget Office Defends Tax Reform Acts, Seeks Due Process
By Tony Obiechina, Abuja
The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.
In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.
According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.
However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.
The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.
On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.
The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.
At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.
From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.
To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.
Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.
“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.
The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.
The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.
Business News
Tinubu Congratulates Dangote on World Bank Appointment
By Jennifer Enuma, Abuja
President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.
In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.
The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.
Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.
“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.
The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.
The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.
Business Analysis
Nigeria Customs Generates over N1.75trn Revenue in 2025
By Joel Oladele, Abuja
The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.
The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.
According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.
“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.
I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.
The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.
Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.
“I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.
“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024, where we collected N1,347,705,251,658.31.
“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.
In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.
He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.
“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.
Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.
Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.
Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.
“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.


