Economy
Atiku’s Economic Blueprint Poor Version of Buhari’s Model—FG
By Modupe Gbadeyanka
The federal government has described the economic blueprint of the candidate of the opposition Peoples Democratic Party (PDP) in the 2023 presidential election, Mr Atiku Abubakar, as a “poor version” of the model of President Muhammadu Buhari.
Last week, Mr Atiku, a former Vice President of Nigeria, was in Lagos at an event to explain how he intends to handle the country’s economy if elected as President next year.
The event was organised by the Lagos Chamber of Commerce and Industry (LCCI) to provide a platform for candidates of the three major political parties in the race to explain their plans for the economy.
The former VP was the first to use the platform, followed by the former Governor of Anambra State and candidate of the Labour Party, Mr Peter Obi.
The candidate of the ruling All Progressives Congress (APC) and former Governor of Lagos State, Mr Bola Tinubu, is the next to honour the invitation extended to him to reel out his economic plans.
While addressing a news conference in Abuja on Thursday, the Minister of Information and Culture, Mr Lai Mohammed, said the current administration is implementing the content of Mr Atiku’s economic blueprint.
“Let me say, straight away, that the so-called blueprint is a crude attempt at copying all that the administration of President Muhammadu Buhari has done, especially in the areas of job creation, infrastructure financing, relationship with the private sector, rejuvenation of the power sector, poverty reduction, debt management and the overall management of the economy,” Mr Mohammed told reporters today.
“It is more shocking that an opposition that has condemned all that this administration has done would turn around to weave its so-called Economic Blueprint around the same things that are currently being done by the same administration,” he said.
According to the Minister, the plan by the former Vice President to rebuild infrastructure and reduce infrastructure deficit to boost the economy and wealth creation is what Mr Buhari has been doing since he was elected in 2015.
“Even our worst critics will agree that our record on infrastructure development is next to none in the history of this country. Across the country, we have constructed 8,352.94 kilometres of roads, rehabilitated 7,936.05 kilometres of roads, constructed 299 bridges, maintained 312 bridges and created 302,039 jobs in the process,” the Minister said.
According to him, before 2015, the road budget was N18.132 billion but increased to N260.082 billion in 2016; N274.252 billion in 2017, N356.773 billion in 2018, N223.255 billion in 2019, N227.963 billion in 2020 and N241.864 billion in 2021.
He further said the administration of Mr Buhari has given room for investors to thrive, giving rise to “an unprecedented number of projects, including the 650,000bpd Dangote Refinery, Dangote Fertilizer plant, Lekki Deep Sea Port, BUA Cement, the 5,000bpd Waltersmith Modular Refinery in Imo State; the 2,500bpd Duport Modular Refinery/Energy Park in Edo State; the 2,000bpd Atlantic Modular Refinery in Bayelsa State; the 12,000bpd Azikel Modular Refinery also in Bayelsa; and more.
He said in the area of power, the federal government under the Presidential Power Initiative, partnered with Siemens to deliver 7,000MW in the first phase, 11,000MW in the second phase and 25,000MW in the third phase.
“This will positively impact job creation, boost investor confidence, accelerate economic growth and reduce the cost of doing business. For those who may be in doubt, let me say that this project is a game changer. As you may have read, electricity equipment ordered under the project has started arriving in the country. When they are installed, there will be a major improvement in the supply of electricity across the country,” Mr Mohammed said.
By Adedapo Adesanya
Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.
An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.
Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.
Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.
This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.
The UAE could quickly add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.
The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.
Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.
The war in Yemen broke whatever was left of diplomatic patience.
President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.
The Idemitsu Maru, a Panama-flagged tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.
Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
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