Economy
Commencement of Dangote Refinery Marks Return to Industrialisation—FG
By Adedapo Adesanya
The federal government says the commencement of petroleum lifting from the Dangote Petroleum Refinery and Petrochemicals marks a return to industrialisation and local refining in Nigeria.
This announcement came on Sunday as a fleet of trucks from the Nigerian National Petroleum Company (NNPC) Limited began transporting Premium Motor Spirit, commonly known as petrol, from the world’s largest single-train refinery, located in the Ibeju-Lekki area of Lagos State.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who led the government delegation, described the event as epoch-making and a renewal of Nigerians’ hope in industrialisation and local refining.
“This is the resumption of Nigeria’s march toward industrialisation. It represents a return to what we once had—local refining and local supply of petroleum products in the Nigerian market. It has been decades since we last achieved this, but we have it today,” he said.
The Minister, who was accompanied by the Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee on naira-based crude sales to local refineries, Mr Zacch Adedeji, also stated that the initiative will ensure energy self-sufficiency and security in Nigeria.
He explained that the product’s availability to Nigerians will end perennial scarcity and long queues and noted that this aligns with President Bola Tinubu’s vision of adding value to raw materials before they leave the country.
“Today, you have taken an important step towards energy self-sufficiency in Nigeria. We have advanced toward energy security and the implementation of the government’s policy of boosting domestic investment. It is President Tinubu’s vision that no raw material should leave Nigeria’s shores without some form of value being added. Commendation is due to His Excellency, Bola Ahmed Tinubu, who facilitated the supply of crude to local refineries in naira by ensuring that NNPC provides crude to these refineries,” he added.
Mr Edun lauded the President of Dangote Industries Limited, Aliko Dangote, and his team for restoring Nigeria’s status as a producer of refined products, nearly three decades after the country ceased local refining.
He praised Mr Dangote for his patriotism and for exemplifying the can-do spirit of Nigeria, despite scepticism from many quarters about the feasibility of establishing a refinery.
“We congratulate Dangote, Africa’s foremost businessman and industrialist, and arguably one of the top investors in the world, on this day of triumph and success. They said it couldn’t be done, that we could not produce PMS from this facility, but today we are all witnesses to the commencement of PMS loading here.
This refinery is producing PMS that is. sufficient for the entire Nigerian market, with a surplus for export. We call on other domestic refiners to not only supply the local market but also to change the narrative by producing petroleum products for the sub-region and beyond. This will generate additional foreign exchange revenue for the betterment of the economy. We are thrilled that this day has arrived,” he said.
The finance minister also praised the quality of the refinery’s products, noting that the facility’s global competitiveness enables it to export its products and sets a benchmark for Nigerian companies to compete favourably on the international stage.
He also commended the technical sub-committee on naira-based crude sales to local refineries for finalising all formalities, ensuring a smooth supply of crude to local refineries. The Minister added that President Tinubu is also focusing on enhancing food security.
By Aduragbemi Omiyale
The series 1 of the N10 billion Commercial Paper (CP) issuance of Legend Internet Plc recorded an oversubscription of 19.7 per cent from investors.
This reaffirmed the strong confidence in the company’s financial stability and growth trajectory.
The exercise is a critical component of Legend Internet’s N10 billion multi-layered financing programme, designed to support its medium- to long-term growth.
Proceeds are expected to be used for broadband infrastructure expansion to deepen nationwide penetration, optimise the organisation’s working capital for operational efficiency, strategic acquisitions that will strengthen its market position and accelerate service innovation.
The telecommunications firm sees the acceptance of the debt instruments as a response to its performance, credit profile, and disciplined operational structure, noting it also reflects continued trust in its ability to execute on its strategic vision for nationwide digital infrastructure expansion.
“The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It demonstrates the market’s belief in our financial integrity, operational strength, and long-term vision for digital infrastructure growth. This support fuels our commitment to building a more connected, competitive, and digitally enabled Nigeria.
“This milestone is not just a financing event; it is a strategic enabler of our expansion plans, working capital needs, and future acquisitions. We extend our sincere appreciation to our investors, advisers, and market partners whose confidence continues to propel Legend Internet forward,” the chief executive of Legend Internet, Ms Aisha Abdulaziz, commented.
Also commenting, the Chief Financial Officer of Legend Internet, Mr Chris Pitan, said, “This achievement is powered by our disciplined financing framework, which enables us to scale sustainably, innovate continuously, and consistently meet the evolving needs of our customers.
“We remain committed to building a future where every connection drives opportunity, productivity, and growth for communities across Nigeria.”
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
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